July 2024 MIYC Newsletter
The MIYC Annual Meeting
On a clear, windy morning in advance of 4th of July, Commodore Tom Penn greeted more than 70 club members for the annual meeting in the Pub’s Lightkeeper’s Lodge. He shared reports of a vibrant, sound marina — and pressing work necessary to make sure it stays the way.
It has been a good year. The club’s finances are healthy and growing. The membership ranks are full at 140; with six expectant people on the waiting list. The shop’s staff completed a wide range of new certifications that improve and expand their abilities to work on boats. The store has significantly expanded inventory and revenues. Even the boat yard got cleaned up.
Minutes of the meeting, with more details, are available on the members section of the club website.
Most of the discussion centered on the physical stuff — infrastructure — that needs to be fixed or upgraded, and the board’s plan to get the work done. The board has come to recognize that this backlog of work is evidence that the club has not adequately planned for its essential, long-term capital needs; that it has rarely paid for capital projects in ways that are planned in advance; and that the costs could probably be more equitably distributed among the membership.
The board, Tom said, has identified roughly $2 million in mandatory projects for the coming two years. The big job is of course the removal and replacement of the marina’s fuel tanks, which have been in the ground behind the fuel dock since 1967. That alone will cost at least $600,000, with work scheduled to begin in mid-September (see below for an important update).
Also, the entire launch area and ramp need to be rebuilt, preferably with permeable surfaces that will reduce runoff into the lake. Significant roof repairs await attention. The boat yard needs a new fence, now that the old one has fallen down. The docks’ structure (mostly D-Dock) and electrical components (mostly B-Dock) need extensive and expensive work.
Through savings, debt reduction (the club is virtually debt-free), increased revenues and a federal grant, the marina appears to have most of the money in hand to in the coming months complete the fuel tank project, install a new boat yard fence, and begin the upgrade of the aging electrical components.
How to pay for the rest — and make sure the capital needs of the marina are prepared for in the years ahead? That question has been central to the board’s work for several years. This year, for the first time, the board established a reserve fund for future capital projects. In the meantime, an array of new sources of income for capital projects are under consideration:
Some kind of assessment later this year seems inevitable to help compete the backlog of work.
All manner of new revenue sources are being considered.
The board is applying for a loan from Bank Vista, which would 1) get the necessary work done, and 2) unlike an assessment, spread the burden of repayment across more years and more members.
Cooperative residences plan for inevitable capital costs with HOAs, Homeowners Associations, fees. A BOA — Boat-owner Association — fee could evenhandedly help MIYC meet the same responsibilities. The idea is that a reasonable BOA fee could make the shock of assessments necessary in the future only in the most extreme circumstances.
The work on all these projects, and pursuit of the budget necessary to pay for them, has inspired a discussion on the board about the bylaw that requires all assessments to be the same for all members, regardless of each member’s slip size or use of marina resources. The question is whether some more equitable distribution of future assessments could make sense.
All details about costs, budgets, and plans are available to all members.
Other Annual Meeting News
A big, heartfelt ovation from the crowd for retiring Commodore Tom Penn, and also departing stalwart board Matt Burton, acknowledged their work and leadership that will have an enduring impact on the MIYC. Both will continue residence on B-Dock, of course
The annual meeting also included the election board and officers.
Phyllis Jaeger is the new Commodore!
With 95 ballots cast, Tom Woods, Tom Fredericks, and Kay Miles were elected to their first 3-year terms. Tony Brown was elected to his second 3-year term.
The officers elected are:
Commodore, Phyllis Jaeger; 1st Vice Commodore, Tony Brown; 2nd Vice Commodore, Nathan Towslee; Treasurer, LeRoy Wilde; and Secretary, Christie Soderling.
Everyone Check Your Fuel Gauges!
When on-site work on the fuel tank project begins on or about September 16, no premium or diesel will be available, at the fuel dock or at the pump on the street, for up to six weeks.
The new tanks will be installed essentially on the same site as the old ones. However, there will be two tanks instead of three (just premium and diesel), and the plan is to have the tanks slightly above-ground, and bermed, with ornamental grasses and other plants.
For store, fuel dock & shop hours, please check out our website home page.