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ANNUAL MEETING OF THE HEARTLAND CABLE COMMISSION <br /> HELD ON JULY 17,2017 <br /> PEQUOT LAKES CITY HALL <br /> Members Present: Bruce Galles, Bob Olson, Betty Durand, Robert Smith,Nancy <br /> Malecha,Nancy Adams, Jon Lubke, Mike Dubay, Gary Mitchell, <br /> and Charles Hoffman <br /> The meeting was called to order at 3:00 p.m. by Chairman Bruce Galles. <br /> Introductions were made by the members present. <br /> THE AGENDA WAS APPROVED AS PRESENTED. <br /> Minutes <br /> The draft minutes were disbursed to Commission members via e-mail prior to the <br /> meeting. <br /> MOTION BY BOB OLSON SECONDED BY ROBERT SMITH TO APPROVE <br /> THE JULY 18,2016 MINUTES AS PRESENTED. MOTION CARRIED 10-0. <br /> Financial Reports <br /> Robert Smith recapped the following financial reports. <br /> 1. Balance Sheet Previous Year Comparison report as of June 30, 2017. <br /> 2. Profit& Loss report from July 2016 through June 2017 with a net loss of <br /> $7,771.10. <br /> 3. Transaction Detail by Account for Franchise Fees from July 2016 through June <br /> 2017 in the amount of$16,329. <br /> 3. Bank Statement as of June 30, 2017 totaling $64,309.26. <br /> 4. Transactions by Account—Checking Account report as of June 30, 2017 totaling <br /> $5,835.20 with a checking account balance of$14,641.36. <br /> 5. Transactions by Account—Money Market Account report as of June 30, 2017 <br /> totaling $64.10 with a money market account balance of$49,667.90. <br /> 6. Heartland Cable Budget for fiscal year ending June 30, 2018 with an estimated <br /> net income of$8,194. <br /> 7. Statement of Cash Flows from July 2016 through June 2017 with cash at end of <br /> period of$64,309.26. <br /> MOTION BY BOB OLSON SECONDED BY JON LUBKE TO APPROVE THE <br /> FINANCIAL REPORTS AS PRESENTED. MOTION CARRIED 10-0. <br /> Scholarships <br /> Page 1 of 4 <br />