Final audit report in the works, increases in revenue and more at GIBA meeting
The Gasparilla Island Bridge Authority (GIBA) Quarterly Board meeting was held on Thursday, Nov. 2, in the offices of the Authority.
The members were updated on the traffic and revenue figures for the 12 months of the 2023 fiscal year. Toll revenue was up by four percent and traffic was down by three percent, compared to last year.
The Audit Committee report included an update on the fieldwork that was completed last week by auditors from Suplee Shea Cramer and Miller on the fiscal year 2023 audit. The final audit report will be presented to the GIBA Board at the February 2024 meeting.
The Governance Committee report included the approval of the annual contribution to the discretionary employee retirement fund at Corebridge Financial.
The Finance Committee report included a review of the fiscal year 2023 unaudited 12-month financial statements. Revenue totals were $6 million,, which is a four percent increase over last fiscal year. Expenses are down one percent, as compared to the 2023 budget. GIBA continues to build cash reserves for debt prepayment and the funding of the capital bridge replacement account. The Board also voted to contribute $1 million to the investment reserve fund.
Board attorney Rob Berntsson reviewed the new Florida legislation requiring each Board member to complete four hours of ethics training during 2024.
The Board discussed the importance of GIBA’s role in the new island emergency communications project being led by the Boca Grande Fire Department. The Board voted to fund the acquisition, installation and management of the equipment that will be installed and used on GIBA property.
The next GIBA Quarterly Board meeting is scheduled for February 8, 2024.
Kathy Banson-Verrico is the executive director of the Gasparilla Island Bridge Authority.
