Chairman Drew Tucker celebrates Ginger Watkins’ time on Bridge Authority board
The Gasparilla Island Bridge Authority Quarterly Board meeting was held on Thursday, Aug. 15, in the offices of the Authority.
Board Chairman Drew Tucker presented outgoing Member Ginger Watkins with an artistic rendering of the bridge. Watkins was elected to the Board in 2010, served as Vice-Chairman in 2012, and then served as board chairman from 2013 until 2024. Tucker thanked Watkins for her tireless efforts and dedicated years of service.
The members were updated on the traffic and revenue figures for the nine months of the 2024 fiscal year. Toll revenue was up by six percent in comparison with last year for discount passes and even in cash (non-discounted) tolls. Total vehicle traffic was up by 14 percent.
The Engineering Committee report included the presentation of the preliminary plans for the building modifications to address water intrusion. The preliminary plan will be incorporated into a construction Request for Proposal, which will be presented to the board at the next quarterly meeting in November.
The Finance Committee report included a review of the fiscal year 2024 unaudited nine-month financial statements. Revenue totals are up six percent and expenses are down two percent as compared to the 2024 budget. GIBA continues to build cash reserves for debt prepayment and the funding of the capital bridge replacement account. Based on current cash flows, the board transferred $750,000 to the capital bridge replacement investment account.
The fiscal year 2025 budget was reviewed and approved. Revenue was budgeted at a two percent increase and operating expenses were budgeted at an 11 percent increase over the current year to reflect the increased costs of property maintenance, and insurance.
GIBA financial advisor Dana Investments reviewed the current investment portfolio. The board voted to accept the quarterly portfolio report.
The Governance Committee report included the approval of the executive director’s salary for fiscal year 2025. Executive Director Kathy Banson is celebrating her 25th year of working for GIBA, first as the accounting manager, and as executive director since 2013.
The next GIBA Quarterly Board Meeting is scheduled for Nov. 7, 2024.
