* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. NOT MY FAULT. [00:00:01] THE AGENDA FOR OUR MEETING STARTS . OKAY. THE MICROPHONE, UH, THE MARINE ADVISORY COMMISSION FINANCE COMMITTEE JULY 10TH, 20 IS CALLED ORDER AT 1:46 PM MAYBE HAVE A CALL PLEASE AND COMMISSIONERS, CAN YOU TURN ON YOUR MICROPHONE OR SPEAK? YES MA'AM. ON. THANK YOU. COMMISSIONER BLAIR. COMMISSIONER CAGER. HERE. COMMISSIONER MCCRAE. HERE. COMMISSIONER ZA. COMMISSIONER YOU HAVEOR. THANK YOU. UM, MOVING TO THE REGULAR AGENDA, THE FIRST ITEM IS A RECOMMENDATION TO APPROVE THE MINUTES OF THE COMMITTEE MEETING ON THURSDAY 2025. ANY MEMBER OF THE PUBLIC WOULD COMMENT. COMMISSIONER, I'LL APPROVE, UH, MOVE THAT WE, UH, MOVE TO APPROVE. WE HAVE A MOTION. DO WE HAVE A SECOND? SECONDED MEMBERS. ALL THOSE IN FAVOR? AYE. AYE. ALL THOSE AGAINST MOTION. CARRIE, THE NEXT ITEM ON THE REGULAR AGENDA IS A RECOMMENDATION TO RECEIVE BY MARINE EURO QUARTERLY EXPENDITURE AND REVENUE FINANCIAL. MADAM CHAIR, I MOVE THAT WE APPROVE, COMMENT WE TO APPROVE AND THEN SHE CAN GO INTO IT. OKAY. APPROVE. UM, SO I DON'T SEE MEMBER I QUARTERLY. QUARTERLY EXPENDITURE REVENUE FINANCE REPORT. MA'AM. GOOD AFTERNOON. THIS IS THE FISCAL YEAR 25 THIRD QUARTER FINANCIAL. I JUST PACKET. THE FIRST PAGE IS WHAT WE FOCUS ON TODAY. IT'S PRETTY MUCH SUMMARY PAGE. ALL OF THE SUBSEQUENT PAGES ARE INDIVIDUAL FINANCIAL REPORTS THAT WERE RAN THAT FEED INTO SUMMARY PAGE DATA. SO QUICK OVERVIEW IS PRETTY SELF EXPLANATORY, BUT THE FIRST THREE COLUMNS ARE THE FISCAL YEAR ACTUALS FOR THE PAST THREE YEARS. BUT LIKE BLUE COLUMN, UH, IS THE FISCAL YEAR, YEAR TO DATE ACTUALS AS OF JULY 7TH AND THE LAST COLUMN IS THE FISCAL YEAR. THIS IS OUR COURT WHERE WE BELIEVE THE INFORMATION I HAVE AT THIS POINT END UP AT THE END OF THE FISCAL NINE. OKAY. SO BASICALLY WE OF THE WORKSHEET WITH GROSS REVENUES AND WE'RE GONNA FOCUS ON THE LIGHTNING FISCAL YEAR 25 YEAR TO DATE. SO FOR ALL THREE SPLIT REVENUE, A TOTAL OF 2021, 6,006 13 OF SWIFT REVENUE COLLECTED, PARENTAL AND CONCESSIONS, IT WAS 1.1 MILLION. OTHER REVENUE YOU MIGHT NOTICE A SLIGHTLY BIT ABOVE THE PAST IT'S 96 MILLION 2 98 50, THAT MOST OF THAT, UH, 94 MILLION OF THAT IS FROM THE PROCEEDS FROM THE THOUSAND 15 MARINA REVENUE, UH, FOR A TOTAL GROSS REVENUE OF 54. NOW WE'LL JUST MOVE ON TO THE NEXT SECTION, WHICH ARE EXPENSES. THE EXPENSES FOR MAINTENANCE ARE 3.5 MILLION PARTS AND REC OPERATIONS, 4.7 MILLION, MARINE SAFETY, 2.7 MILLION. MARINE PATROL, 2.2 MILLION. AND WE HAVE OTHER EXPENSES, WHICH IS THE OTHER SIDE OF THE THOUSAND REVENUE REFUNDING. IT'S THE COST. SO MOST OF THAT IS BECAUSE OF THE REFUNDING ASSOCIATED COSTS. UM, 99, ACTUALLY 99 MILLION OF THAT IS OF THAT IS FOR ASSOCIATED COSTS. UM, THAT BRINGS US DOWN TO TOTAL EXPENSES OF US NET REVENUE 5 87 64. OKAY, SO [00:05:01] WE ARE GONNA HOP OVER TO THE LAST COLUMN, WHICH IS OUR FORECAST. THIS POINT, WE STILL HAVE THREE MONTHS LEFT IN THE FISCAL YEAR. SO THE NUMBERS ARE STILL MOVING AND MONEY'S STILL BEING SPENT AND RECEIVED. UH, BUT WE'LL JUST START WITH THE INFORMATION WE THINK HAVE, WE'LL END UP WE'LL. JUST LIKE I PREVIOUS COLLEGE GROSS REVENUES FOR SWIFT REVENUES FOR ALL THREE MARINAS. WE BELIEVE THAT WE'LL END UP AT 28.1 MILLION, UH, RETAILS AND CONCESSIONS $1.8 MILLION AND THE OTHER REVENUE TOTAL 97 MILLION FOR A TOTAL GROSS REVENUE OF 26,000,009 SIX. MOVING ON THE NEXT SECTION OF EXPENSES, WE BELIEVE MAINTENANCE WILL END UP AT 4.7 MILLION PARTS AND REC OPERATIONS WILL END UP AT 6.3. MARINE SAFETY WILL END UP AT 3.5 MILLION. MARINE PATROL 2.9 MILLION. THE OTHER EXPENSES WILL END UP AT 1 MILLION. THERE WILL ALSO BE A CAPITAL IMPROVEMENT PROJECT FISCAL YEAR, YEAR 25 FOR THE MARINE MAINTENANCE DOCK REPLACEMENT PROJECT. THAT WILL BE 1.1 MILLION. UH, TOTAL EXPENSES WILL HIT LEAVING US WITH REVENUES OF 8 MILLION FROM THOSE PAY OUR 5 2 963. THAT WILL GIVE US A DEBT SERVICE COVERAGE RATIO OF 1.18 AND NET REVENUE AFTER THE PAYMENT WILL BE 1.3 MILLION. NOW HERE I PUT A NOTE DOWN HERE AT THE BOTTOM, BUT OUR GOAL RATIO 1.25, THE REASON AT THIS POINT WHY OUR RATIO IS FORECASTED TO BE ONE POINT 18 IS BECAUSE AT SOME POINT FINANCIAL MANAGEMENT IS GONNA COME IN AND THEY'RE GOING TO ADJUST THE COST OF THE, UM, 2015 REMAIN, UH, REVENUE REFUND BONDS. THEY WILL, THAT ARE ASSOCIATED WITH IT, THEY'RE GONNA ADJUST AND REMOVE SOME OF THE COSTS. SO THAT WILL IN FACT RAISE OUR DEBT SERVICE COVERAGE RATIO TO AT LEAST MEET OUR GOAL RATIO MORE IN LINE PREVIOUS YEARS. AND IT'LL ALSO GRANT US MORE THAT OF BEING MORE IN LINE WITH PREVIOUS YEARS. ARE YOU BEING QUESTIONED? YES. . SO ONE NUMBER THAT DOES STRIKE ME AS SLIGHTLY DIFFERENT. SO LET'S GO BACK TO THE NET REVENUE ROW AND WE HAVE FISCAL YEAR 25, RIGHT? YES. THAT SEEMS TO BE RATHER LESS THIS TIME OF YEAR THAN WHAT MIGHT BE NEXT. ACTUAL. PREVIOUS, YES. THAT'S, I'M SORRY. THAT IS BECAUSE OF THE 99. THE OTHER EXPENSES, THEY'RE CUTTING INTO IT WHEN FINANCIAL IT'LL OKAY. AS WELL AS WHAT IS EXPECTED FOR, UM, ALRIGHT. IS THE 1.350 STAY IN OUR ACCOUNT? IS THAT WHAT THAT'S YES, THAT'S WHAT WE COLLECT. YES. THAT'S WHAT WE COLLECT EVERY YEAR. IT GOES INTO OUR, UH, OUR ACCOUNT. YES. TIDELANDS OR MARINE, IT GOES INTO THE MARINE SEVEN. SEVEN. SO RIGHT NOW THE MARINE FUND IS A SUB FUND OF THE TIDELANDS, RIGHT? UH, THAT MONEY DOES STAY IN THE MARINA FUND. OKAY. BUT JUST REMEMBER THAT WITH THE REFINANCE, THE STIPULATION THAT IT CAN ONLY BE SPENT IN THE MARINA FUND HAS BEEN REMOVED. RIGHT NOW IT COULD BE SPENT ENTITLEMENT FUND THROUGH, UH, THE BLESSING OF THE CITY COUNCIL, CORRECT? CORRECT. FOR TI FUNDS, NOT FOR ANYTHING ELSE THOUGH. NOT WITHIN THE CONTINUOUS TITLE. OH, THE TITLE. RIGHT THERE, THERE ARE CONDITIONS , [00:10:02] YOU KNOW, I I I JUST HAVE, I HAVE ONE QUESTION AND I KNOW WE, YOU MAY BE REVIEWING THAT LATER ON THE FINES THAT WE GIVE OUT, PARKING FINES, UH, FISHING FINES AT A THOUSAND DOLLARS. UH, I WAS PRETTY IMPRESSED THE YEAR THAT IT WAS A THOUSAND DOLLARS A TICKET. UH, WHEN THEY'RE GIVEN A TICKET FOR THAT, WHERE DO THOSE DOLLARS GO TO? DOES IT GO TO THE CITY GENERAL FUND? I MEAN, SHOULDN'T IT STAY IN THE MARINE OR THE TIDELANDS FUND? UH, CITATION DOLLARS TEND TO STAY WITH THE DEPARTMENT THAT ISSUES THE CITATION. BUT IT GOES INTO, SO IF A CITATION IN THIS AREA, UH, CITATIONS IN THE TIDELANDS STAY IN THE S FUND. OKAY. OR CITATIONS IN THE UPLANDS OR GENERAL FUNDS STAND? THE GENERAL FUND. OKAY. BUT ANYTHING THAT'S DONE IN OUR MARINAS, ANYTHING THAT'S DONE IN OUR PARKING LOTS, THE, THE FISHING ON THE DOCKS, THAT'S A LOT OF MONEY WHEN, WHEN YOU THINK ABOUT IT AND YOU, THEY'VE BEEN VERY PROACTIVE ON IT, WHICH IS GOOD TO SEE. BUT I LOOK AT THE, THE FINES GENERATED, NOT THAT I'M A TICKET GUY, I'M REALLY NOT A TICKET GUY, BUT WHEN YOU START LOOKING AT, UH, WHAT PEOPLE ARE DOING AND GOING UN TICKETED, UH, IT'S A LOT OF REST, A LOT OF LOSS OF REVENUE THAT COULD BE COMING RIGHT BACK INTO US AND I'LL LOOK DEEPER INTO THAT. BUT MY CURRENT UNDERSTANDING IS THE SIDING DEPARTMENT GENERATES THAT REVENUE. OKAY. THANK YOU. UM, I HAVE ANOTHER QUESTION. IT HAS TO DO WITH TOTAL REVENUE, WHICH IS THE DOWN AND JUST ONCE AGAIN, I'M LOOKING AT THE DISPARITY BETWEEN, LET'S SAY WHERE WE ARE THIS YEAR WITH YEAR TO DATE, 21 MILLION VERSUS WHAT YOU ANTICIPATE OR WHAT IS ANTICIPATED FOR THE FISCAL YEAR, WHICH IS 8 MILLION. SO WE'RE GONNA MAKE ANOTHER 7 MILLION. THAT'S WHAT IT'S SCORE AS. BECAUSE I HAVE TO REMEMBER THE FISCAL YEAR 24 WAS A CERTAIN, IT WAS 70 PERCENTAGE. SO IT BE THAT PLUS 2% TO RIGHT NOW AND WHAT WE EXPECT TO BE BY THE END OF SEPTEMBER. SO WE, WE GENERATE ALMOST 2.5 MILLION A MONTH. RIGHT. RIGHT. REVENUE ROUGH. THAT HELPS. THANK YOU. OKAY. UM, ANY OTHER QUESTIONS OR COMMENTS? NO, MA'AM. UM, DO WE HAVE A MOTION TO SO MOVED. ALL THOSE IN FAVOR? AYE. AYE. THE AND THE MOTION CARRIES. THE NEXT ITEM ON THE AGENDA IS PUBLIC COMMENT. THANK YOU FOR SHOW US SOME MONEY. THE NEXT ITEM ON THE AGENDA IS PUBLIC COMMENT, THE OPPORTUNITY TO ADDRESS THES UH, FINANCE COMMITTEE ON NON ITEMS AND EACH LIMITED THREE MINUTES TO MAKE THE, BY THE COMMENT, AM I ALLOWED TO MAKE A COMMENT JUST ON THE FINANCES SO WE HAVE IT ON RECORD? NOPE. SORRY. SORRY. ANY MEMBER OF THE PUBLIC WISHES MAKE A PUBLIC COMMENT ON A NON NONE ON, NOW I CAN DO IT. UH, I WOULD ANY MEMBER OF THE FINANCE COMMITTEE HAVE ANY ANNOUNCEMENTS? UH, MADAM CHAIR, I WOULD, I WOULD JUST LIKE TO SEE IN OUR, UH, NEXT MEETING TO HAVE THAT LOOKED AT ON WHAT WE'RE RECEIVING, UH, REGARDING THE FINES AND THE TICKET THAT WE DO, UH, THROUGHOUT THE MARINA. THAT'S FROM THE FISHERMEN, UM, THAT'S FROM PARKING FINES, THAT'S FROM YOU NAME IT. ANYTHING THAT WE CAN GATHER DOLLARS FROM, UH, IT'D BE NICE TO SEE THAT ON A LINE OR A LINE ITEM THAT WE REVIEWED SAYING, HEY, WE MADE THIS LAST MONTH. NOW WE'D HAVE TO DECIDE WHERE IT GOES. AND THAT'S, I'M SURE TODD WOULD BE ABLE TO LET US KNOW WHERE IT GOES. UH, BUT I'D LIKE TO SEE THE NUMBERS JUST, I MEAN, IF WE ONLY HAVE TWO FISHERMEN THAT WE'RE FINED IN A MONTH, UM, EVERY TIME I GO DOWN , EVERY TIME I GO DOWN AND LOOK AT THE DOCKS, I'M SEEING PEOPLE FISHING. UM, SO, AND THAT JUST SHOWS, YOU KNOW, OKAY, HOW MANY PEOPLE ARE FINDING, NOT THAT WE WANT PEOPLE [00:15:01] TO GO OUT AND, WHAT DO YOU CALL IT? QUOTA DON'T NEED QUOTAS. UH, WE'VE ALREADY SEEN THAT. UH, BUT I THINK IT WOULD BE GOOD FOR THE PUBLIC AND FOR THE FINANCE COMMITTEE TO KNOW MORE OF WHAT WE MAKE, UH, IN REGARDS TO, UH, THOSE TWO ISSUES. SO THAT WOULD BE IN THE REVENUE COLUMN? YES, MA'AM. OKAY. SO NOTED. UM, WOULD THERE BE THREE ZERO STAFF OR MR. LELAND, YOU MIGHT HAVE ANY OTHER COMMENTS REGARDING FOR THE COMMITTEE? UH, I DO NOT HAVE ANY AT THIS TIME. ALRIGHT. SEEING, RECOGNIZING, NO OTHER COMMENTS? UM, I DO WE HAVE A MOTION TO ADJOURN? SO MOVED, MA'AM. WE'LL SEE YOU AT OUR, NO, UH, WE'LL SEE YOU AT OUR NEXT MEETING IN OCTOBER AND WITH THAT EXCEPTION ADJOURNED AT 2:02 PM THANK YOU. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.