03/04/2025

Meeting Minutes for:
Finance Committee Meeting
Yuma International Airport, Conference Room
Tuesday, March 04, 2025 at 01:00 PM

    Call to Order:
    The Yuma County Airport Authority, Inc. (YCAA) Finance Committee Meeting of the Board of Directors was called to order at 1:00PM on March 4, 2025, in the Yuma International Airport Conference Room, 2191 E. 32nd Street, Suite 218, Yuma, Arizona 85365. The Presiding officer was Stanley Gourley, Chairman.

    YCAA FINANCE COMMITTEE MEMBERS PRESENT WERE:
    Stanley Gourley, Chairman and YCAA Treasurer
    Eric Saltzer, Director

    YCAA FINANCE COMMITTEE MEMBERS ABSENT WERE:
    Dean Hager, 1st Vice President

    ALSO PRESENT WERE:
    Bill Craft, President
    Ken Scott, Director
    Gladys Brown, Airport Director
    Gerald Hinkle, Jr., Chief Financial Officer
    Silvia Gunderman, 1st Bank Yuma

    CALL TO THE PUBLIC
    There were no Public Comments.

    REGULAR AGENDA
    1) Finance Committee discussion and overview of FY25 Year to Date Budget through January of 2025.

    Ms. Brown, Airport Director, went over the latest YTD FY25 Budget presentation through January 2025 in some detail. The Committee discussed several items of interest and received clarification from airport staff. Ms. Brown reminded the Committee that the presentation provided will mirror that to be provided to the Board of Director at the March regular meeting.

    2) Finance Committee discussion and overview of the YCAA’s Capital Reserves.

    After an overview of the status of the YCAA’s Capital Reserves was provided by Junior Hinkle, Chief Financial Officer, Ms. Brown, Airport Director, went into some detail regarding recent transactions authorized as “Off-Budget”, as well as providing valuable insight into her intentions regarding airport investments and vehicle fleet management.

    3) Finance Committee discussion on Intergovernmental Service Agreement (IGSA).

    Ms. Brown, Airport Director, provided an update on the status of the Intergovernmental Service Agreement (IGSA) with YPG including a look ahead at future projects under consideration and expected revenue streams throughout the remainder of FY25.

    4) Finance Committee discussion and possible recommendation related to YCAA long-term debt.

    Ms. Brown, Airport Director, provided information regarding the YCAA’s remaining long-term debt, and revisit direction from the Finance Committee to examine the possibility of retiring all or part of Note #1713 ahead of its scheduled reset of the existing 3% interest rate to market rates in July of 2025.

    A discussion ensued as to the wide range of options available, including taking no action. Staff were instructed to prepare a summary of financial considerations based on a number of options to assist with developing a recommendation at a future meeting of the Committee.

    1st Bank Yuma holds the YCAA’s only remaining Note Payable. Silvia Gunderson, of 1st Bank Yuma provided the Committee with valuable insight on the existing terms and conditions of the Note and pledged assistance in developing the financial aspects of various options for the next meeting.

    The Committee decided to meet again next month to address this topic once more before making a recommendation to the Board of Directors.

    5) Finance Committee discussion and possible recommendation on the recent acquisition of 1st Bank Yuma by AZ One Credit Union and to receive guidance on whether to continue the YCAA’s existing relationship or consider exploring options with other banks represented in our community.

    Mr. Hinkle, Chief Financial officer provided a summary of its relationship with 1st Bank Yuma which began in 2007. Mr. Hinkle continued by providing insight on to the process used to establish banking relationships in the past and emphasized how all banks represented in Yuma County were asked to participate.

    After describing 1st Bank Yuma’s acquisition by a much larger Phoenix based credit union called One AZ, he deferred to Silvia Gunderman of 1st Bank Yuma to address it in some detail. The Committee learned during this discussion that many aspects of the banks existing relationship with the YCAA would remain unchanged but was uncertain about whether or not One AZ Credit Union would be able to issue Tax-Free Municipal Debt to the YCAA as it had in the past.

    The Committee left the issue of whether the Authority should reach out to our community to evaluate other banking institutions and consider a change in our banking relationship for a future meeting when more information is available, including the likelihood of the determination being tied to a decision on the possible retirement of long-term debt described in the previous agenda item.

    CALL TO THE PUBLIC
    There were no Public Comments.

    ADJOURNMENT
    There being no further business before the Committee, the meeting adjourned at 2:43PM.



    // Approved //
    Stanley Gourley
    Treasurer, Yuma County Airport Authority; Finance Committee Chairman
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