GIBA board discusses toll revenue, bridge painting and more at quarterly board meeting

August 20, 2021
By Staff Report

Submitted by the Gasparilla Island Bridge Authority

Toll revenue was up by comparison with the same months in 2020 by 10 percent in discount passes and 21 percent in cash (non-discounted) tolls, according to Executive Director Kathy Banson-Verrico’s report at the Gasparilla Island Bridge Authority quarterly board meeting held on Wednesday, Aug. 18. She also reported that traffic was up by 12 percent compared to the same period, and to date more than 2,300 customers have registered for the GIBA toll pass website.

GIBA board members were updated on the traffic and revenue figures for 10 months to date for the 2021 fiscal year as well.

The Finance Committee report included a detailed review of the proposed fiscal year 2022 budget. The board reviewed the values of all the proposed expense categories and estimated revenues and approved the budget for the next fiscal year beginning October 1, 2021.

The fiscal year 2022 approved budget continues to reflect the board’s priority to designate sufficient funds for all recognized bridge and causeway improvements, as well as a reserves for unexpected maintenance.

Beginning October 1, 2021, the Board approved the start of principal prepayments to the existing State Infrastructure Bank Loan. Staff will work with the State Infrastructure Bank to finalize the arrangements.

The Engineering Committee report included a discussion on the recent swing bridge long-term paint plan analysis performed by GIBA engineering firm Hardesty & Hanover. Overall the Swing Bridge paint is in good condition. Staff will continue to monitor and address areas requiring spot painting.

The Governance Committee report was a recap of the approved investments for future excess cash reserves and current market conditions. 

The board also approved the executive director’s salary for the 2022 year.

At the next quarterly meeting on Wednesday, Nov. 3 the board will discuss a request for qualifications for a registered investment advisor.