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Meeting Minutes for:
Finance Committee Meeting
Yuma International Airport, Conference Room
Monday, April 09, 2018 at 12:00 PM
Call to Order:
The Yuma County Airport Authority, Inc. (YCAA) Finance Committee Meeting of the Board of Directors was called to order at 12:00PM on April 9, 2018 in the Yuma International Airport Conference Room, 2191 E. 32nd Street, Suite 218, Yuma, Arizona 85365. The Presiding officer was Eric Saltzer, Chairman.
YCAA FINANCE COMMITTEE MEMBERS PRESENT WERE:
Eric Saltzer Chairman and Treasurer
Albert Gardner, 1st Vice President
Linda Morgan, 2nd Vice President (exited the meeting at 12:43PM)
YCAA FINANCE COMMITTEE MEMBERS ABSENT WERE:
None
ALSO PRESENT WERE:
Ronald Rice, President
Gladys Brown, Airport Director
Gerald Hinkle, Jr., Chief Financial Officer
Andrea Lopez, Executive Assistant
Ken Scott, ASN Volunteer
REGULAR AGENDA
1) Finance Committee discussion and possible recommendation on the 6 month financial performance of the YCAA.
Mr. Hinkle explained the Authorities half way point in its fiscal year is in March. He presented a financial budget comparison for the first six months of FY18. While a number of sales and contingent based revenues have yet to come in for the March, a realistic picture of the status of the airports finances is accomplished by estimating these items. He explained staff was able to collect fuel flowage and restaurant revenues ahead of schedule but landing fees and rent car concessions have been estimated.
The Committee engaged in a discussion related to the financial results presented.
2) Finance Committee discussion and possible recommendation on the status of terminal parking lot improvements and review of the generated revenues.
Ms. Brown presented detailed information to the Committee on the status of improvements made and the related costs which are being funded through the Authorities capital reserves. After a discussion of investments made and revenues generated, additional investments were discussed.
A number of investments over and above the Board of Directors original $350,000 authorization were discussed including $55,000 of expenditures that were immediately being considered. After a discussion about the condition of the parking lot and the necessity of improving the landscaping which has not been improved since the lot’s original construction, the Committee recommended that the Board of Directors consider an additional $100,000 be authorized for the project. This authorization would increase the total investment from $350,000 to $450,000 and continue the previously established $75,000 annual repayment until all funds expended are returned to Capital Reserves.
3) Finance Committee discussion and possible recommendation on the status of renovations made to the TSA “Bag Room” to accommodate new baggage screening equipment provided by the Department of
Homeland Security.
Ms. Brown described the recent renovations to the TSA Baggage Screening room to accommodate the installation of state of the art x-ray equipment provided and operated by the TSA. After a discussion of the project, the equipment and its ability to speed baggage processing and free up TSA personnel for other tasks, Ms. Brown explained how the renovations were funded out of the FY18 Capital Outlay budget. This renovation which cost a total of $66,059, has been described as an immediate success with the time necessary to process checked baggage being reduced significantly.
4) Finance Committee discussion and possible recommendation on the performance of the airport restaurant.
Ms. Brown presented detailed information related to the successful transition of the airport restaurant to Brewers Sports Bar and Restaurant. The Committee discussed the tenant’s ability to generate considerably more revenue than previous tenants as well as challenges faced with such an increase in activity.
5) Finance Committee discussion and possible recommendation on the proposed 5 year Airport Capital Improvement Program planning for FY 2019 – 2023.
Ms. Brown presented the FY 2019 Yuma International Airport Capital Improvement Plan (ACIP) to be submitted to the FAA and ADOT. She also briefed the committee on the ACIP Project list for FY 2019-2023 (ADOT 2020-2024), 10 year 2019-2029 ACIP Planning, and FY 2020 Rolle Airfield ACIP to be submitted to ADOT.
The consensus of the Committee was to recommend staff move forward with presenting the ACIP both the FAA and ADOT as required.
ADJOURNMENT
There being no further business before the Board the meeting adjourned at 1:19PM.
// Approved //
Eric Saltzer
Treasurer Yuma County Airport Authority; Finance Committee Chairman | |
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