Water Board

ALBANY WATER BOARD - Finance Committee MINUTES OF MEETING April 26, 2024 A Finance Committee meeting of the Albany Water Board was officially convened at 8:32am, in the Conference Room at the Albany Water Board, 10 North Enterprise Drive, Albany, NY on Friday, April 26, 2024 PRESENT: Anthony Owens, Finance Committee Chair; Rachel Johnson, Committee Member; Karen Strong, Committee Member; James R. Frezzell, Committee Member, Charles Houghton, Board Chairperson – ex-Officio. STAFF PRESENT: Joseph Coffey, P.E., Commissioner; William Simcoe, P.E., Deputy Commissioner; Christopher Powers, CFO; Sarah Terrill, Confidential Assistant BOARD ADVISORS PRESENT: Bill Kahn, UHY Advisors; Laura Gulfo, Attorney at Law, MCL&C, PLLC. Approval of Meeting Minutes Committee Chairman Owens introduced the minutes of the Finance Committee meeting held on January 26, 2024. With no objection, the reading of the minutes was dispensed, and Ms. Strong made a motion to approve the minutes of said meeting, seconded by Mr. Frezzell, and the minutes were approved unanimously. Financials – Christopher Powers, CFO Mr. Powers notified the Board Members of Accountant I vacancy being filled and the new staff member will begin May 6th. The Senior Accountant Position will be posted as Xiaoting Liu has resigned and accepted a new position with the state. Mr. Powers reviewed the year to date financial information. There is a timing issue with billing. The billing of route 7 does not reflect in collections, but should balance out by the end of April. Mr. Powers discussed the due to/due from balance with the City of Albany. He has requested documentation to justify those expenses for auditing purposes. The back-up document will be shared once they are received. The team of Auditors will begin the auditing process on June 2 nd. CFO Powers and Commissioner Coffey noted the on-going plan to re-organize the Finance & Administration unit to focus on HR/Payroll, Billing in an effort to recognize the need to focus these tasks. A Billing Specialist position will be considered for the 2025 budget. The next scheduled Finance Committee meeting is Friday July 26, 2024, 8:30am Being no further business, Chairman Owens called for a motion to adjourn the meeting. A motion was made by Ms. Johnson, seconded by Ms. Strong, and passed unanimously. The meeting was adjourned at 9:06am.