Alaska State Fair Board

Minutes
Alaska State Fair Board of Directors
Board Room on the Fairgrounds
June 12, 2008

President John Harkey called the meeting to order at 7:33pm.  Present: directors Bruce Bush, Pete Probasco, Bonnie Quill, John Erickson, Charlie Willis, and Carol Kenley; members Larry Longenecker, Kirsten Mason, Amanda Henry; non-member Pamella Meekin; general manager Ray Ritari and recorder Donna Tate.

Probasco/Willis/MCU: To accept May 8, 2008 regular meeting minutes, June 5th financial committee meeting minutes, June 11th energy committee meeting minutes, and consent agenda as amended.

Accounting Manager Kirsten Mason gave the financial report which showed total assets of $5,005,152.40, total current liabilities of $38,564.68, long-term liabilities of $525,371.33, and total equity of $4,441,216.39, as of May 31, 2008.  Included in the assets was $1,019,887.36 in the general checking account.  Mason also reported the month and year to date total income, expenses, and net income.  It was noted that the minus year to date net income is less than last year’s even with this year’s concerts’ loss.
 
Quill/Erickson/MCU: To approve the financial report for May 31, 2008.

General Manager’s Update

Ritari’s report contained information regarding concert ticket sales positively affecting membership drive, Rebarchek demonstration farm, progress for megawatt cogeneration plant, first schooling show at FEC, farm exhibits building, and the Creation Station as beneficiary of an October Fair fund raising event.

Finance Committee Meeting
Chair Bush reported on the June 5th finance committee meeting. Recommendation was to keep number of concerts the same, but target different markets to maximize profits.

Energy Committee Meeting
Chair Harkey reported on the June 11th energy committee meeting. Recommendation was to move forward with energy projects and to encourage close land owners to sign with Fowler on the Fair drilling project in the near future.

Member Comment
Fund raiser Henry is hoping for a large amount of cooperation in collecting items for the Oktoberfest fund-raising auction.

Board Comments
Bush invited everyone to come Saturday to see the antique tractors plow the field at the Fair’s demonstration farm. Probasco said he had noticed that both area newspapers had given favorable coverage concerning the Cabin Fever Reliever Concerts.  Erickson said he would like to see a hot air balloonist come to the Fair.  Quill is pleased that so many projects are under consideration at the Fair – energy opportunities, demonstration farm, and Oktoberfest fund raiser. Kenley reported 4H had a successful Rally Days on the Fairgrounds last week. Harkey expressed appreciation to Amanda Henry for her willingness to help with the auction.

Probasco/Willis/MCU:  To adjourn. 

Meeting adjourned at 8:50pm.