BP Long Term Asset Funding Committee Meeting Notes 8/31/20

In attendance were Rick Diachenko, Janet Bonelli, Phil Lombardo, Al Capozza, Mike Johnson, Dan Lemieux, Ed Zito, and Jim Moffitt.

Reviewed the assets list was discussed and no changes were made. The shoreline portion of the major assets list is still being developed. The remainder of the meeting was dedicated to that purpose.

Steve Beauchene attended as our shoreline resource. He provided an insight into the difference between the steel pier and the four breakwater piers. The breakwater piers are different and the cost of repair will be significantly lower.

We discussed the engineering report the Board received from GNCB Consulting. We asked Steve to get some clarification on some issues.

We asked for pier life spans and the cost of the suggested maintenance actions for the three piers that were evaluated. We also asked for the same data for the breakwater next to the boat launch. We also asked if the consultant had a methodology for projecting long term pier repair costs.

Our preliminary review has made it clear that the Association has significant assets and it must be responsive to the liabilities of maintaining these assets. The annual reserves we presently are making are inadequate.

As a response to this additional cost, the committee is looking at making recommendations for new revenue sources. Each member was asked to submit a list of possible revenue sources by September 14th.

The next meeting is scheduled for 9:00 on September 21st at the club house.

• Conduct inventory of all assets with over a one year useful life
• Estimate replacement cost or long term maintenance cost of assets
• Sort into short, medium and long term
• Consider alternative funding resources
• Develop a funding strategy