Gasparilla Island Bridge Authority

The meeting included discussions on approving the minutes from the previous quarterly board meeting, reviewing an open advisory seat, and examining the quarterly investment report. Updates were provided on operations, the FY25 audit, and the disposed asset listing. The board considered the engineering library consulting service agreement and received a preliminary research update on southern roadway drainage. Further discussions covered the quarterly financial report, cash flow projections, the primary banking relationship, and a revolving line of credit. The annual discretionary retirement contribution to Corebridge Financial was also addressed, along with a legal update on the Charlotte/Lee County parking ordinance dispute.

The budget includes cash revenue, deferred revenue from toll cards, and interest earnings. Expenses cover personnel costs such as salaries for bridge and toll tenders, maintenance staff, and office personnel, as well as contributions to 401K, social security, Medicare, SUTA, and employee health insurance. Additional expenses include accounting and auditing fees, legal fees, investment advisory fees, credit card fees, communication and advertising costs, utilities, insurance premiums, and general administrative costs. Maintenance and operations expenses cover building and ground maintenance, bridge maintenance and inspection, equipment maintenance, computer maintenance, auto maintenance, causeway maintenance, landscape maintenance, and supplies. The budget also accounts for depreciation of assets such as the bridge and causeway, buildings, automobiles, furniture and fixtures, computers, and signs. Interest expenses primarily relate to SIB debt. The budget reflects a change in net position and earnings before interest and depreciation.