Updated 05/07/08
MINUTES OF THE
FLORIDA INLAND NAVIGATION DISTRICT
Finance and Budget Committee Meeting
Indian River Plantation
Marriott Hotel
555 N.E. Ocean Boulevard
Stuart,
ITEM 1. Call
to Order.
Chair
Bray called the meeting to order at
ITEM 2. Roll
Call.
Assistant
Executive Director Mark Crosley called the roll and Chair Bray, Commissioner Mesiano, Commissioner Padera, and Commissioner
Sansom were present. Mr. Crosley stated
that a quorum was present.
ITEM 3. Financial
Statements for January 2008.
Mr.
Roach presented the District’s Financial Statements for January of 2008. He referred to the District’s SBA Fund “B” account
and stated that, at the time the agenda was printed, the unrealized loss was
$58,808.19 but as of yesterday’s statement the loss is $82,000.00. He stated that also it turns out, Pool “A”
had some investments with Bear/Sterns which are on credit watch. He stated that because this situation continues
to deteriorate the District will be withdrawing all available funds soon.
Mr.
Roach referred to the Corps Escrow account in the amount of $9.4 million and
stated that account will be reduced to $4.8 million to pay for the
Mr.
Roach referred to the District’s closed out and new Certificate of Deposits and
reviewed their terms and interest rates.
Mr.
Roach stated that the District has received $22 million of our projected
revenue of $32 million as of
Commissioner Mesiano made a motion to recommend
approval, to the full Board, of the financial statements for January of 2008. The motion was seconded by Commissioner Sansom. Chair Bray asked for any further discussion,
hearing none, a vote was taken and the motion passed.
ITEM 4. January
2008 Expenditure and Project Status Report.
Mr.
Roach presented the District’s Expenditure and Project Status Report for January
of 2008. He stated the District’s
contracted expenditures are $44 million.
He stated that, in addition, we have put the Jupiter Inlet project under
contract in the amount of $2.2 million.
He stated that the construction of District site SL-2 will be put under
contract in the amount of $1.2 million shortly.
He asked for questions and there were none.
ITEM 5. Delegation
of Authority Report.
Chair
Bray briefly presented a report on the Executive Director’s Delegation of
Authority actions and stated that there were five actions that the Executive
Director has made from February 4th through March 7, 2008. He asked for questions and there were none.
ITEM 6. Additional
Agenda Items or Staff Comments.
Chair
Bray asked if there were any additional staff comments or agenda items. There were none.
ITEM 7. Additional
Commissioners Comments.
Chair
Bray asked if there were any additional Commissioner comments or agenda
items.
Commissioner
Mesiano commented on the amount of interest that the District lost with extra
funds in the Corps escrow account instead of a higher interest account.
ITEM 8. Adjournment.
Chair Bray stated that hearing no further business the meeting was adjourned at 8:40 a.m.
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