Baseball Stadium Authority

Meeting Minutes for Norwich Baseball Stadium Authority Wednesday, February 14, 2018 (6:00 p.m.) City Hall, Norwich • Call to Order by Assistant Chairperson, Gary Schnip, GS (6:00 p.m.) NBSA Members Present: Gary Carignan; GC; Tom Cummings; TC, Sean Ryan, SR, Matthew Fortin, MF, Fred Phelps, FP Members Absent: Michael Jewell, MJ, Bob Demars, BD, Robert Reed RR Others Present: CT Tigers Representative – Dave Schermerhorn; DS • Review of January 10, 2018 NBSA meeting minutes: Motion made by TC to accept meeting minutes as presented, seconded by MF, passed unanimously (6-0). Minutes from January 10, 2018 meeting changed to reflect unanimous vote is 9-0 instead of 8-0 • Public Comment: None • Chairman’s Report/Correspondence: MJ absent no report. Hudson valley Renegades, Wappinger falls, NY GM has expressed interest in seeing city and Tigers lease. GS received an email from City Manager’s Assistant Jackie trying to setup a meeting; more to follow in coming months. • Budget Committee – a. Sandy’s report. Budget approved. Payment received $70,000 next payment due April 25th. Motion made by TC to accept budget as presented, seconded by SR, passed unanimously (6-0). • Stadium update: see Operations Committee report a. Conversations with Musco lighting to budget LED lights in the field. b. GS & TC met with City Manager initial discussions about bond and meeting with Tigers. Nothing definitive was decided. • Organization report: DS says sales season in full swing. • Old Business: none • New Business: none • Adjournment: Motion made by TC, 2nd by GC to adjourn the meeting. Motion passed unanimously (6-0) at 6:15 p.m. Next meeting: March 14, 2018 at 6:00 p.m. to be held at City Hall. Submitted by Gary Carignan  Stadium Financials January 2018 REVENUES for the month of January 2018 were $4,939.71 in comparison to prior year January 2017 $5,591.20. This is a $651.49 decrease consisting of a decrease from Utility Reimbursement of $621.06, and a decrease in Interest Income of $30.43. EXPENSES for the month of January 2018 were $23,915.33 in comparison to prior year January 2017 $20,614.13. This is an increase of $3,301.20 consisting of a decrease to Lighting of $621.06, an increase in Stadium Repairs of $4,439.68, and a decrease to Depreciation of $517.42. NET LOSS for January 2018 was $18,975.62 compared to NET LOSS for January 2017 of $15,022.93. This is after depreciation of $14,160.94 in 2018 and $14,678.36 in 2017. CASH BALANCE for January 2018 was ($29,290.33) in comparison to prior month December 2017 ($24,502.79). This is a decrease of $4,787.54. This is due to an increase in accounts receivable of $4,939.71, an increase in accounts payable of $4,966.85 and the monthly net loss of $4,814.68 excluding non-cash depreciation expense. NOTE: A payment was received from the CT Tigers on 2/2/18 in the amount of $70,000.00 which consisted of $17,993.10 for police and fire and $52,006.90 for the Stadium Authority. The cash balance as of 2/9/18 is $13,706.86