04/09/2024

DRAFT Meeting Minutes for:
April Board Meeting
Yuma International Airport, Conference Room
Tuesday, April 09, 2024 at 04:00 PM

    Call to Order:
    The Yuma County Airport Authority, Inc. (YCAA) Regular Meeting of the Board of Directors was called to order at 4:00PM on April 9, 2024, in the Yuma International Airport Conference Room, 2191 E. 32nd Street, Suite 218, Yuma, Arizona 85365. The Presiding officer was Bill Craft, President.

    YCAA DIRECTORS PRESENT WERE:
    Bill Craft, President
    Russell Jones, 2nd Vice President
    Stanley Gourley, Treasurer
    Juan Guzman, Secretary
    Reetika Dhawan, Director
    William Fox, Director
    Albert Gardner, Director
    Ken Scott, Director
    Jenny Torres, Director
    Dr. Brian Cullen, Director

    YCAA DIRECTORS ABSENT WERE:
    Dean Hager, 1st Vice President

    ALSO PRESENT WERE:
    Gladys Brown, Airport Director
    Gerald Hinkle, Jr., Chief Financial Officer
    Andrea Lopez, Executive Assistant
    Gabby Reyes, Finance and HR Specialist
    Greg McShane, MCAS Operations Officer
    Silvia Gunderman, 1st Bank Yuma
    Ryan Hart, Million Air Yuma
    Jay Parke, Walker and Armstrong, CPA’s

    CALL TO THE PUBLIC
    There were no Public Comments.

    APPROVAL OF MINUTES
    Mr. Craft, the YCAA President, called for a motion to approve the minutes of the March 12, 2024 Regular Board Meeting. Mr. Jones so moved. Mr. Scott seconded the motion. Motion passed unanimously.

    Votes in Favor:
    Mr. Craft
    Mr. Jones
    Mr. Gourley
    Mr. Guzman
    Ms. Dhawan
    Mr. Fox
    Mr. Gardner
    Mr. Scott
    Ms. Torres
    Dr. Cullen

    Votes Opposed: None

    REGULAR AGENDA
    1) Discussion and possible action to accept the FY23 Independent Audit Report performed and prepared by Walker & Armstrong.

    Ms. Brown, Airport Director, briefed the Board on the Authority’s requirement to have an independent annual financial audit.

    Mr. Hinkle, the Authority’s Chief Financial Officer then introduced Mr. Parke of Walker and Armstrong, CPA’s who provided the Directors with a brief overview of the FY23 independent audit process, the financial statements and the examination that was performed. Mr. Parke expressed the cooperation his office received during the examination and described its results as having found no instances of non-compliance, no weaknesses in the Authority’s internal control system and expressed his assurance that the financial statements prepared by Airport staff did in fact represent fairly the financial condition of the Authority, also known as a “clean” audit opinion.

    Mr. Craft, the YCAA President, called for a motion to accept the FY23 Independent Audit Report from Walker & Armstrong as presented. Mr. Gourley so moved. Mr. Jones seconded the motion. Motion passed unanimously.

    Votes in Favor:
    Mr. Craft
    Mr. Jones
    Mr. Gourley
    Mr. Guzman
    Ms. Dhawan
    Mr. Fox
    Mr. Gardner
    Mr. Scott
    Ms. Torres
    Dr. Cullen

    Votes Opposed: None

    2) Monthly report by Chief Financial Officer on current financial status.

    Mr. Hinkle, Chief Financial Officer, briefed the Board on our current financial status. Mr. Hinkle also provided an update on operations by the airport’s Rent Car Agencies, Airport’s Parking Lot and Brewers restaurant.

    3) Discussion and possible action to establish a Revolving Line of Credit in the amount of $1,500,000 with 1st Bank Yuma.

    Mr. Hinkle, Chief Financial Officer, explained the YCAA received an offer from 1st Bank Yuma for an LOC in the amount of $1,500,000 which would be secured by the $2 Million 36-Month Certificate of Deposit, referred to as a “CD Secured Business Purpose Loan” that contains the following terms:

    - Maximum Amount: $1,500,000
    - Rate: Fixed at 3% over the CD rate or 6.93%
    - Payments: Interest due monthly, principal due upon maturity of the CD (2/28/2027)
    - Term: Matures on February 28, 2027
    - Collateral: $2 Million CD Held by 1st Bank Yuma
    - Fee: $150

    Mr. Hinkle pointed out to the Board that the actual amount available under the terms is limited to 95% of the balance in the 36-month CD used as collateral. As an example, Mr. Hinkle told the Board that if the YCAA pulled $1 Million from the CD, the amount available under the line of credit would be reduced to 95% of the $1 Million remaining balance or $950,000.

    Mr. Craft, the YCAA President, called for a motion to authorize the YCAA President, Airport Director or their designated representative to sign all necessary documents to establish a revolving line of credit with 1st Bank Yuma in the amount of $1,500,000 in accordance with the terms offered contingent upon final review and approval by Airport Staff and Airport Legal Counsel followed by closing line of credit #50601712. Mr. Jones so moved. Mr. Scott seconded the motion. Motion passed unanimously.

    Votes in Favor:
    Mr. Craft
    Mr. Jones
    Mr. Gourley
    Mr. Guzman
    Ms. Dhawan
    Mr. Fox
    Mr. Gardner
    Mr. Scott
    Ms. Torres
    Dr. Cullen

    Votes Opposed: None

    MILITARY LIAISON
    Greg McShane, MCAS Operations Officer, provided updates at MCAS Yuma.

    4) Presentation and update regarding current construction projects, associated contracts, grant status, general aviation, marketing efforts, terminal improvements, aviation conferences, meetings, and items of interest with the city and county or other federal or state agencies. This will include, but is not limited to, additional information, FAA and ADOT grant updates, an overview of projects underway, airport operations, Rolle Airfield, airline recruitment and retention efforts, general aviation, future events, and other Airport business.

    Ms. Brown, the Airport Director, provided a presentation on A2 Sign Replacement update, Fence Line Clean Up update, United Way Airport Counter update, Capital Outlay Projects update to include ICE scrubber Floor Machine update, “Tripple S” Airport Property Fencing update, Airport Property North of CBP OAM Facilities Fencing update, Terminal Landscaping to assist with pedestrian crossing update, American Airlines load capacities update, marketing and community outreach over the past month to include social media.

    ADJOURNMENT
    There being no further business before the Board the meeting adjourned at 4:56PM.



    Juan Guzman
    Secretary, Yuma County Airport Authority; Public Relations Committee Chairman


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