Record-breaking bridge crossings discussed at GIBA meeting

November 6, 2021
By Staff Report

The Gasparilla Island Bridge Authority Quarterly Board meeting was held on Wednesday Nov. 3, in the offices of the Authority.

Members of the authority were updated on the traffic and revenue figures for the 12 months of the 2021 fiscal year. Toll Revenue was up by comparison with last year by 11 percent in discount passes and 16 percent in cash (non-discounted) tolls. Traffic was up by 10 percent. Overall traffic for the 2021 fiscal year was approximately 1.1 million vehicles, which is the highest on record.

To date more than 2,500 customers have registered for the GIBA toll pass website. GIBA will be advertising the benefits of the interactive website at the end of this year and again at the start of the new year to keep seasonal visitors informed.

The Finance Committee report included a detailed review of the fiscal year 2021 unaudited financial statements. Total revenue reported was $5.5 million and total expenses $3.2 million which resulted in a change of net position of $2.3 million. GIBA will continue to focus on expense control, debt prepayment and the creation of a capital reserve fund.

The Engineering Committee report included a discussion on the recent bridge inspections. State certified bridge inspectors inspect the Swing Bridge every year and fixed bridges every two years. The initial inspection report was favorable. The final report is expected by the end of this year and findings will be reported at the February Board meeting.

The Governance Committee report included the approval of a GIBA wage structure increase for all GIBA employees. This increase is effective mid-November and is in recognition of the continued dedication of the staff. The Board also approved the annual discretionary Valic retirement contribution for eligible employees.

The Board of Directors voted to advertise a request for proposal for the services of a registered investment advisor.

The RFP will be advertised in accordance with Florida Statutes.

The next GIBA Quarterly Board Meeting is scheduled for February 2022.