Marina Advisory Commission

MAC 9.13.2021 Master Page 1 of 54 M A R I N A A DV I S O RY C OMMITTEE September 13, 2021  MAC 9.13.2021 Master Page 2 of 54 Marina Advisory Committee September 13, 2021 at 6:00 p.m. Committee Members Ken Hulett, Chairman J.J. Jones, Vice-Chairman Steve Hucke Ryan Bradley Curtis Adams Due to COVID-19, there will be NO physical meeting location per WA Proclamation 20-28. To listen to the live meeting, please call (623)404-9000, Meeting ID: 540 416 2643 (NOTE: Audio Only, No Comments - For Comments, Email csublet@oakharbor.org) 1. Public Comment 2. Review of the July 7, 2021, meeting notes 3. Marina Dredge Bond Rate Increase – Discussion 4. Marina Dredging– Discussion 5. General Marina Update 6. Marina Advisory Committee Comments 7. Next Meeting – October 4, 2021 8. Adjourn  MAC 9.13.2021 Master Page 3 of 54 REVIEW OF M EETING N OTES F RO M J U LY 7 , 2 0 2 1  MAC 9.13.2021 Master Page 4 of 54 City of Oak Harbor July 7, 2021 Marina Advisory Committee 6:00 p.m. Regular Meeting Agenda Virtual Meeting Roll Call: Mr. K. Hulett __X__ Mr. J. Jones ____ Mr. S. Hucke __X__ Mr. Ryan Bradley_ X____ Open Position____ Staff: Chris Sublet, Blaine Oborn & David Goldman Public: None 1. Public Comment: • None 2. Review of the June 7, 2021, Meeting Minutes: • Approved, as written. 1. Marina Dredge Bond Refinancing – Discussion & Recommendation Mr. Hulett introduced the agenda item and Mr. Goldman presented three options for refinancing the bond. He explained that interest rates are very low right now and that the marina may save a lot of money by refinancing the bond. The options are: • Option A: Level Savings – 10 Year. This would reduce the amount of the annual payments to provide a savings each year. • Option B: Consistent Payments – 10 Year. This would keep the payments at the current level and shorten the final maturity, realizing nearly all savings in year ten. • Option C: Accelerated Payments – 5 Year. This would increase the payments for the first five years to pay off the debt in half the time. This provides the greatest level of interest savings over the life of the loan. Mr. Goldman also explained the savings to marina for each option and said that option C represented the most savings to the marina. Mr. Goldman concluded by explaining that although option C was the best option for the marina, it would increase the dredge fee by approximately 90%. Discussion The MAC discussed the options and how they would affect the current $1.03 dredge fee. They also discussed how it makes more sense to lower the interest rate and pay the bond off quicker. The MAC also discussed how paying the bond off quicker will benefit the next dredge project. Action A motion was made to recommend that the City move forward with option C. The motion passed by a 2-1 vote (Mr. Hulett and Mr. Bradley – for. Mr. Hucke - abstained). 3. General Update • Mr. Sublet gave an update on the crab opener, 4th of July, WIFI and fire main repair.  MAC 9.13.2021 Master Page 5 of 54 4. MAC Comments • Mr. Hulett asked if staff knew anything about the boat anchored in the bay. • Staff said that they have not contacted the owner. 5. Executive Session - per RCW 42.30.110(1) (b) : “(b) To consider the selection of a site or the acquisition of real estate by lease or purchase when public knowledge regarding such consideration would cause a likelihood of increased price;” 6. Next regular meeting— September 13, 2021 7. Adjourn  MAC 9.13.2021 Master Page 6 of 54 M A R I N A D R E D G E B O N D R AT E INCREASE Discussion  MAC 9.13.2021 Master Page 7 of 54 City of Oak Harbor Oak Harbor Marina Memo To: Marina Advisory Committee From: Chris Sublet, Harbormaster CC: Date: 09/13/2021 Re: Marina Dredge Bond Rate Increase – Discussion At the July 5, 20021 Marina Advisory Committee (MAC) meeting the MAC was presented with three options for refinancing the dredge bond. The three options were: A. Level Savings – 10 Year. This would reduce the amount of the annual payments to provide a savings each year. B. Consistent Payments – 10 Year. This would keep the payments at the current level and shorten the final maturity, realizing nearly all savings in year ten. C. Accelerated Payments – 5 Year. This would increase the payments for the first five years to pay off the debt in half the time. This provides the greatest level of interest savings over the life of the loan. The MAC made a formal recommendation to adopt option C. At the July 13, 2021, City Council meeting, Staff presented the Dredge Bond refinance options (attachment A), to the City Council. The City Council discussed the options and determined that they needed more information before they could make a decision. At the July 28, 2021, City Council Workshop, the options were again presented (attachments B & C), and the City Council adopted option C. The next step in the process is to determine the appropriate rates for the dredge fee to fund the new dredge payments. The options are: A. Do nothing and pay the fees out of the marina reserves. a. This option will ultimately deplete the marina reserves. b. It is likely that a significant rate increase will be needed in the future to build the reserves back up. B. Increase the dredge fee to $2.16 to completely pay for the dredge bond fees. a. This option will not utilize any of the marina reserves. 1  MAC 9.13.2021 Master Page 8 of 54 b. This option may put a financial burden on some tenants and force them to leave the marina. C. Incrementally increase the dredge fee to $2.16 over the next 4 years. a. As per slide 11 of attachment B b. Will utilize some of the marina reserves. c. This option may result in some tenants leaving the marina. Staff is providing this information to the Marina Advisory Committee as an introduction to the topic. This may be an action item at the October meeting. Please contact Chris Sublet at 360.279.4576 if you have any questions. Attachments A. Bond Financing July 13, 2021, City Council Meeting Presentation B. Finance Bond Financing July 28, 2021, City Council Workshop Presentation C. Marina Bond Financing July 28, 2021, City Council Workshop Presentation ⚫ Page 2 Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 9 of 54 ORDINANCE NO. 1931 REFUNDING 2011 LTGO MARINA BOND City Council Meeting 7/13/2021  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 10 of 54 BACKGROUND  The City issued its 2011 Bonds for Marina dredging in the amount of $2,570,000.  The remaining balance is $1,480,000 and the average coupon of the outstanding bonds is 4.31%.  Average annual debt payment is approx. $183,956.  The bond is now callable, meaning that the City can either pay off or refinance the bond to a lower rate of interest.  Per the City Debt Policy, a net present value savings of 5% of greater would be needed in order to refinance the debt.  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 11 of 54 PREVIOUS INPUT May 1, 2021 – Marina Advisory Board recommended refinancing debt. May 24, 2021 – City Council Workshop recommended bringing options back to Council to consider. July 7, 2021 – Marina Advisory Board recommendations (to be discussed in this presentation).  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 12 of 54 REFINANCE OPTIONS We asked banks to bid on 3 options. All options shown are callable. A. Level Savings – 10 Year. This would reduce the amount of the annual payments to provide a savings each year. B. Consistent Payments – 10 Year. This would keep the payments at the current level and shorten the final maturity, realizing nearly all savings in year ten. C. Accelerated Payments – 5 Year. This would increase the payments for the first five years to pay off the debt in half the time. This provides the greatest level of interest savings over the life of the loan. Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 13 of 54 RECOMMENDED ACTION Option A The Commerce Bank Key Government Finance, Inc. Proposed Interest Rate 1.43% 1.47% Est. NPV Savings ($) $149,805 $146,593 Est. NPV Savings (%) 10.12% 9.90% Est. Annual Savings $17,125 $16,789 Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 14 of 54 RECOMMENDED ACTION Option B The Commerce Bank Key Government Finance, Inc. Proposed Interest Rate 1.39% 1.42% Est. NPV Savings ($) $153,025 $150,609 Est. NPV Savings (%) 10.34% 10.18% Est. Savings (2030) $172,865 $170,631 Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 15 of 54 RECOMMENDED ACTION Option C BB&T (Truist Bank) US Bank Proposed Interest Rate 0.89% 0.90% Est. NPV Savings ($) $194,041 $193,207 Est. NPV Savings (%) 13.11% 13.05% Est. Annual Additional $157,177 $157,272 Payment (2021-2025) Est. Annual Savings $183,956 $183,956 (2026-2030)  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 16 of 54 SUMMARY Most Competitive per Option Option A Option B Option C Bank The Commerce The Commerce BB&T (Truist Bank) Bank Bank Est. NPV $149,805 $153,025 $194,041 Savings ($) Est. NPV 10.12% 10.34% 13.11% Savings (%) Features Annual Savings of Final Year Savings Increased cost first 5 years, $17,125 of $172,865 Final 5-year savings $183,956 per year  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 17 of 54 JULY 7, 2021 MARINA COMMITTEE  Feedback from the committee:  Voted to recommend Option C in order to pay off the debt earlier to position the Marina for a future dredging bond.  Additional costs could be funded by increasing the dredging fee, use of fund balance or phased in using a combination of both.  The current 2021 beginning unencumbered fund balance is estimated at $1.2 Million.  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 18 of 54 JULY 7, 2021 MARINA COMMITTEE  The current dredging fee of $1.03 per lineal foot per month generates approx. $143,000 annually.  To generate the additional approx. of $157,000 needed for Option C would require an additional $1.13 per lineal foot on the dredging fee for a total of $2.16 per lineal foot.  For the typical 26-foot boat, this would increase the dredging fee from $26.78 to $56.16 per month.  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 19 of 54 JULY 7, 2021 MARINA COMMITTEE Phasing Scenario Dredging Fee per Lineal Foot (l.f.) Additional Fund Rate per funds Balanced l.f. 26 l.f. Generated Used Current 1.03 $ 26.78 $ - $ 157,000 Year 1 1.31 34.13 39,250 117,750 Year 2 1.60 41.47 78,500 78,500 Year 3 1.88 48.82 117,750 39,250 Year 4 2.16 $ 56.16 $ 157,000 $ -  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 20 of 54 JULY 7, 2021 MARINA COMMITTEE Future Dredging Debt Issue  The annual debt service on a $4.5M future 20 -year bond issue at 3% would be approx. $300,000.  The current dredging fee (1.03 per l.f.) generates $143,000 annually.  The additional dredging fee needed for Option C (1.13 per l.f.) would generate $157,000 annually.  Together, this would generate sufficient funds to cover a future dredging debt issue meeting the above criteria.  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 21 of 54 DIRECTION  Provide direction to staff on which option to pursue.  If Option C is chosen, Marina fee changes are not required to be adopted tonight. Option A Option B Option C Bank The Commerce The Commerce BB&T (Truist Bank) Bank Bank Est. NPV $149,805 $153,025 $194,041 Savings ($) Est. NPV 10.12% 10.34% 13.11% Savings (%) Features Annual Savings of Final Year Savings Increased cost first 5 years, $17,125 of $172,865 Final 5-year savings $183,956 per year  Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 22 of 54 DIRECTION AND ADOPTION  Provide direction to staff on which option to pursue.  Move to adopt Ordinance No. 1931 providing for the issuance of a limited tax general obligation refunding bond in the principal amount of not to exceed $1,570,000 to provide funds to refund the City’s outstanding Limited Tax General Obligation Bonds, 2011 (the “2011 Bonds”) and to pay costs of issuing the bond; fixing or setting parameters with respect to certain terms and covenants of the bond; and appointing the City’s designated representative to approve the final terms of the bond.  ? Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 23 of 54 THANK YOU Attach A - Bond ORD 1931 MAC 9.13.2021 Master Page 24 of 54 Attach B - Bond Workshop MAC 9.13.2021 Master Page 25 of 54 REFUNDING 2011 LTGO MARINA BOND City Council Workshop 7/28/2021  Attach B - Bond Workshop MAC 9.13.2021 Master Page 26 of 54 REFINANCE OPTIONS We asked banks to bid on 3 options. All options shown are callable. A. Level Savings – 10 Year. This would reduce the amount of the annual payments to provide a savings each year. B. Consistent Payments – 10 Year. This would keep the payments at the current level and shorten the final maturity, realizing nearly all savings in year ten. C. Accelerated Payments – 5 Year. This would increase the payments for the first five years to pay off the debt in half the time. This provides the greatest level of interest savings over the life of the loan.  Attach B - Bond Workshop MAC 9.13.2021 Master Page 27 of 54 SUMMARY Most Competitive per Option Option A Option B Option C* Bank The Commerce The Commerce The Commerce Bank Bank Bank Est. NPV $149,805 $153,025 $194,041 Savings ($) Est. NPV 10.12% 10.34% 13.11% Savings (%) Features Annual Savings of Final Year Savings Increased cost first 5 years, $17,125 of $172,865 Final 5-year savings $183,956 per year * Updated Bid  Attach B - Bond Workshop MAC 9.13.2021 Master Page 28 of 54 MARINA OVERVIEW Chris Sublet to provide overview  Attach B - Bond Workshop MAC 9.13.2021 Master Page 29 of 54 MARINA BACKGROUND  420 slips  Covered and uncovered slips  Slips range from 24’ – 70’  Average size of boat in the marina is 32’  Dredged every 10-15 years  Last dredging was in 2010 ▪ Only half of the marina was dredged  Attach B - Bond Workshop MAC 9.13.2021 Master Page 30 of 54 DREDGE FEE  Implemented in 2010  Originally $1 .15 per foot ▪ Was reduced to $1.03 per foot due to marina not being fully dredged.  Par t of line items that make up moorage bill ▪ Moorage – (slip or boat, whichever is greater) ▪ State Leasehold Tax – (12.84%) ▪ Dredge Fee – ($1.03 per foot) ▪ State Leasehold Tax - (12.84%) ▪ Environmental Compliance – ($7.97)  Set for 20 year s ▪ Approximately 10 years left  Only charged to moorage tenants  Attach B - Bond Workshop MAC 9.13.2021 Master Page 31 of 54 DREDGE FEE  Was very controversial when originally implemented.  Approximately 25% - 30% of permanent tenants left. ▪ About half came back.  Not too much of an issue now.  Attach B - Bond Workshop MAC 9.13.2021 Master Page 32 of 54 MARINA ADVISORY COMMITTEE  The Marina Advisory Committee ▪ Recommended Option C based on dredging need. ▪ The MAC has made dredging a priority. ▪ Will be focusing ef forts starting in September 2021 . ▪ They were concerned about having to get a second bond for new dredging. ▪ They felt that the increase in the dredge fee was worth it to start the dredging sooner. ▪ It takes approximately 1.5 – 2 years to actually dredge once the project is approved by the City Council. ▪ Permits are typically cause the delays.  Attach B - Bond Workshop MAC 9.13.2021 Master Page 33 of 54 MARINA RATES  Marina Rates Based on average of: ▪ Cap Sante ▪ Anacortes Marina ▪ La Conner Marina ▪ Everett ▪ Des Moines  Target 80% of the average for same size slips. ▪ All of these marinas have amenities around them  Last 3% rate increase was on April 1 , 2021  Next 3% rate increase is scheduled for April 1 , 2022 Attach B - Bond Workshop MAC 9.13.2021 Master Page 34 of 54 MARINA RATES Uncovered Monthly Moorage Comparisons - Current Size La Conner Cap Sante Anacortes Everett Des Moines Average Oak Harbor Percentage 24 $215.28 $219.84 $288.72 $216.34 $185.76 $225.19 $193.20 86% 32 $287.04 $359.81 $385.00 $335.95 $304.64 $334.49 $276.90 83% 40 $404.00 $543.91 $565.00 $482.64 $431.20 $485.35 $358.37 74% 50 $549.00 $654.91 $772.50 $711.14 $609.00 $659.31 $491.49 75% 60 $750.00 $1,285.77 $1,085.00 $1,066.80 $730.80 $983.67 $610.80 62% Uncovered Monthly Moorage Comparisons - With Dredging Fee Adjustment Size La Conner Cap Sante Anacortes Everett Des Moines Average Oak Harbor Percentage 24 $215.28 $219.84 $288.72 $216.34 $185.76 $225.19 $223.80 99% 32 $287.04 $359.81 $385.00 $335.95 $304.64 $334.49 $317.71 95% 40 $404.00 $543.91 $565.00 $482.64 $431.20 $485.35 $409.37 84% 50 $549.00 $654.91 $772.50 $711.14 $609.00 $659.31 $555.24 84% 60 $750.00 $1,285.77 $1,085.00 $1,066.80 $730.80 $983.67 $687.35 70%  Attach B - Bond Workshop MAC 9.13.2021 Master Page 35 of 54 MARINA RATE SCENARIO Phasing Scenario Dredging Fee per Lineal Foot (l.f.) Additional Fund Rate per 32 l.f. (plus funds Balanced l.f. tax) Generated Used Current 1.03 $ 37.19 $ - $ 157,000 Year 1 1.31 47.39 39,250 117,750 Year 2 1.60 57.59 78,500 78,500 Year 3 1.88 67.79 117,750 39,250 Year 4 2.16 $ 78.00 $ 157,000 $ -  Attach B - Bond Workshop MAC 9.13.2021 Master Page 36 of 54 MARINA DEPTHS Portions of the marina were dredged to -12 in 2010 – Depths as of July 20, 2021 10’ 8’ 7’ 8’ 9’ 8’ 6’ 6’ 8’ 8’ 5’ 8’ 8’ 5’ 9’ .  Attach B - Bond Workshop MAC 9.13.2021 Master Page 37 of 54 FUTURE DREDGING DEBT ISSUE Future Dredging Debt Issue  The annual debt service on a $4.5M future 20 -year bond issue at 3% would be approx. $300,000.  The current dredging fee (1.03 per l.f.) generates $143,000 annually.  The additional dredging fee needed for Option C (1.13 per l.f.) would generate $157,000 annually.  Together, this would generate sufficient funds to cover a future dredging debt issue meeting the above criteria.  Attach B - Bond Workshop MAC 9.13.2021 Master Page 38 of 54 DIRECTION  Provide direction to staff on which option to pursue.  If Option C is chosen, Marina fee changes are not required to be adopted tonight. * Updated Bid  Attach B - Bond Workshop MAC 9.13.2021 Master Page 39 of 54 DIRECTION AND ADOPTION  Motion to direct staff to pursue refunding the 2011 Marina LTGO Bonds, pursuant to Bond Ordinance 1931, using Option __.  ? Attach B - Bond Workshop MAC 9.13.2021 Master Page 40 of 54 THANK YOU Attach B - Bond Workshop MAC 9.13.2021 Master Page 41 of 54 Attach C - Bond Finanicing City Council Workshop MAC 9.13.2021 Master Page 42 of 54 BOND FINANCING City Council Workshop 07/28/2021  Attach C - Bond Finanicing City Council Workshop MAC 9.13.2021 Master Page 43 of 54 MARINA BACKGROUND  420 slips  Covered and uncovered slips  Slips range from 24’ – 70’  Average size of boat in the marina is 32’  Dredged every 10-15 years  Last dredging was in 2010 ▪ Only half of the marina was dredged  Attach C - Bond Finanicing City Council Workshop MAC 9.13.2021 Master Page 44 of 54 DREDGE FEE  Implemented in 2010  Originally $1 .15 per foot ▪ Was reduced to $1.03 per foot due to marina not being fully dredged.  Par t of line items that make up moorage bill ▪ Moorage – (slip or boat, whichever is greater) ▪ State Leasehold Tax – (12.84%) ▪ Dredge Fee – ($1.03 per foot) ▪ State Leasehold Tax - (12.84%) ▪ Environmental Compliance – ($7.97)  Set for 20 year s ▪ Approximately 10 years left  Only charged to moorage tenants  Attach C - Bond Finanicing City Council Workshop MAC 9.13.2021 Master Page 45 of 54 DREDGE FEE  Was very controversial when originally implemented.  Approximately 25% - 30% of permanent tenants left. ▪ About half came back.  Not too much of an issue now.  Attach C - Bond Finanicing City Council Workshop MAC 9.13.2021 Master Page 46 of 54 MARINA ADVISORY COMMITTEE  The Marina Advisory Committee ▪ Recommended Option C based on dredging need. ▪ The MAC has made dredging a priority. ▪ Will be focusing ef forts starting in September 2021 . ▪ They were concerned about having to get a second bond for new dredging. ▪ They felt that the increase in the dredge fee was worth it to start the dredging sooner. ▪ It takes approximately 1.5 – 2 years to actually dredge once the project is approved by the City Council. ▪ Permits are typically cause the delays.  Attach C - Bond Finanicing City Council Workshop MAC 9.13.2021 Master Page 47 of 54 MARINA RATES  Marina Rates Based on average of: ▪ Cap Sante ▪ Anacortes Marina ▪ La Conner Marina ▪ Everett ▪ Des Moines  Target 80% of the average for same size slips. ▪ All of these marinas have amenities around them  Last 3% rate increase was on April 1 , 2021  Next 3% rate increase is scheduled for April 1 , 2022  Attach C - Bond Finanicing City Council Workshop MAC 9.13.2021 Master Page 48 of 54 MARINA DEPTHS Portions of the marina were dredged to -12 in 2010 – Depths as of July 20, 2021 10’ 8’ 7’ 8’ 9’ 8’ 6’ 6’ 8’ 8’ 5’ 8’ 8’ 5’ 9’ .  MAC 9.13.2021 Master Page 49 of 54 M ARINA DREDGING Discussion  MAC 9.13.2021 Master Page 50 of 54 City of Oak Harbor Oak Harbor Marina Memo To: Marina Advisory Committee From: Chris Sublet, Harbormaster CC: Date: 09/13/2021 Re: Marina Dredging – Discussion At the last few Marina Advisory Committee (MAC) meetings the MAC has informally discussed dredging and the need for dredging soon. During these discussions the MAC has inquired about the dredging timeline and if the dredge project could be moved up from 2024 to 2021. Staff has looked into moving the dredge project up to 2021 and has determined that it may be started in 2021. Although the project can be started in 2021 it will likely be several years before actual dredging occurs. The dredge project, major project steps are: 1. The Marina Advisory Committee makes a formal recommendation to begin the dredge project. 2. Staff makes a dredge project presentation to the City Council at a workshop. 3. Staff seeks a formal recommendation to begin the dredge project from the City Council at a City Council meeting. 4. Staff seeks financing for the dredge project. 5. Staff creates a bid packet for project engineering. 6. Staff opens bids and selects the most qualified engineering firm. 7. Staff seeks formal approval to award the project engineering contract from the City Council at a City Council meeting. 8. The engineering firm creates a project timeline, scope of work, determines probable costs, drafts a bid packet, and starts the permit process. 9. All permits are issued. 10. Staff opens bids and selects the most qualified dredging firm. 11. Staff seeks formal approval to award the bid from the City Council at a City Council meeting. 12. Staff and the engineering firm have preconstruction meetings with the dredge company. 13. Dredging starts. Staff is providing this information to the Marina Advisory Committee as an introduction to the topic. Staff may seek a formal recommendation from the MAC at an upcoming meeting. Please contact Chris Sublet at 360.279.4576 if you have any questions. 1  MAC 9.13.2021 Master Page 51 of 54 G E N E R A L M A R I N A U P DAT E Discussion  MAC 9.13.2021 Master Page 52 of 54 City Administrator's Report August 2021 Marina Reporting Period July 1 - July 31, 2021 Occupancy Dock Total Slips Total Total Vacant Percent Occupied Occupied A 53 51 2 96% B 82 81 1 99% C 55 53 2 96% D 85 84 1 99% E 71 69 2 97% F 52 47 5 90% G 15 13 2 87% S 8 8 0 100% Totals 421 406 15 96% 96% Jun-21 Total Slips Total Total Vacant Percent Occupied Totals 421 399 22 95% Jul-20 Total Slips Total Total Vacant Percent Occupied Totals 421 401 20 95% Summary *There were 7 more slips occupied in July 2021 than June 2021 *The overall occupancy of the docks was 96% * 1.7% Compared to June * 1% gained Compared to July 2020 *The average percentage of occupancy on each dock was 96% in July * 1.7% Compared to May * 1% gained compared to July 2020 Marina Monthly Revenue Moorage $85,164.82 Storage Unit $11,360.16 Fence line Storage $3,593.58 Gasoline $42,212.32 (10156.678 Gallons) Diesel $62,295.11 (21583.324 Gallons) Total $204,625.99  MAC 9.13.2021 Master Page 53 of 54 M A R I N A A DV I S O RY C O M M I T T E E C OMMENTS Discussion  MAC 9.13.2021 Master Page 54 of 54 Next Meeting—October 4, 2021 Adjourn