Finance Committee Minutes 1/12/2023

| Finance Committee Meeting Notices, Agendas & Minutes

Windham Solid Waste Management District (WSWMD)

Brattleboro, Vermont

Finance Committee Meeting

Via ZOOM and In-Person

Approved Minutes of January 12, 2023

 

Committee Members Present: Committee Chair-Merrill Mundell, Wilmington; Michelle Cherrier, Dummerston; Kevin Hughes, Westminster

 

Additional Board Members Present: None

 

Committee Members Absent: Patrick Moreland, Brattleboro; James Damato, Readsboro Alternate

 

WSWMD Staff Present: Robert Spencer, Executive Director; John Fay, Programs Manager; Vicki Hayes. Finance & Office Manager; Anita Grant, Administrative & Operations Assistant/District Clerk

 

Others Present: None

 

Merrill called the meeting to order at 6:13PM

 

  1. Changes and/or Additions to the Agenda: None

 

  1. Approval of Minutes- November 2022:

 

Michelle made the motion to accept minutes as written, Merrill seconded, one abstention and the

 motion was carried.

 

  1. Approval of Check Register- December 2022:

A discussion centered around check # 29599 to Power Plan (United Forestry) in the amount of $27,809.31. Bob explained that it was to replace the transmission in the older backhoe (410 G) after it was decided to fix the old one versus replacing the equipment for over $135,000. Both machines are vital to the daily operations of the transfer station.

 

Michelle made the motion to accept the Check Register from December 2022, Merrill seconded, and the motion was carried.

 

  1. Approval of Financial Statement- December 2022:
  • Vicki indicated that the month finished with a $32,212.09 surplus, down from the previous month due to slower revenue at the transfer station (a $10,000 reduction in collected tip fees) and increased expenses due to fixing the old backhoe for $27,809.31 and repairs to the shop truck.
  • On a good note, the sale of recycled materials was up due to increased OCC loads going out with the Christmas rush and a slight off-season increase in compost sales.
  • Merrill asked about Salaries & Benefits being above budget, Vicki explained that the USDA Grant that pays for Alex Lacy (USDA Temp Employee) was included in that line, but not part of the actual budget.

 

Michelle made the motion to recommend the Board of Supervisors approve the financials for December 2022, Kevin seconded, and the motion was carried.

 

  1. Consider Reduction of Allowance For Bad Debts:
  • Vicki explained that a recommendation was made by our auditor Tyler Kimberly, from Mudget Jennett & Krogh-Wisner, that the Allowance for Doubtful Accounts be reduced from $10,000 to $5,000.
  • A question was asked regarding bad debts vs. doubtful accounts and Vicki explained that it is basically a balance sheet adjustment, showing a realistic value of the Accounts Receivable (AR) if ever the District had to liquidate its assets.
  • Since the District has lowered its outstanding AR accounts from approximately $35,000 accounts to $15,000 accounts, the auditor felt it was being understated on the balance sheet.

 

Kevin made the motion to recommend to the Board of Supervisors approve the Reduction of the Allowance for Doubtful Accounts from $10,000 to $5,000. Michelle seconded, and the motion was carried.

  

  1. Executive Session (if needed): None

 

  1. Other Business: None

 

  1. Next Meeting: Thursday, March 9, 2023 @6 PM

 

  1. Adjournment: Merril  adjourned the meeting at 6:42 PM

 

Minutes prepared by:

 

 

 

Anita Grant

Administrative & Operations Assistant/District Clerk