Water Board

ALBANY WATER BOARD - Finance Committee MINUTES OF MEETING July 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, July 26, 2024 PRESENT: Anthony Owens, Finance Committee Chair; Rachel Johnson, Committee Member; James R. Frezzell, Committee Member, Charles Houghton, Board Chairperson – ex-Officio. EXCUSED: Karen Strong, Committee Member; William Simcoe, P.E., Deputy Commissioner. STAFF PRESENT: Joseph Coffey, P.E., 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 aPR26, 2024. With no objection, the reading of the minutes was dispensed, and Ms. Johnson 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 reviewed the year to date financial information. Mr. Powers noted lower collections from checks not being deposited due to an issue establishing credentials and access rights to the bank account for the new employee during the staff transition. Mr. Powers notates that the issue has been rectified and that the deposits are in the bank but have not cleared yet to be reflected in the financial statements provided. CFO Powers and Commissioner Coffey provided an update on the ongoing budget process for 2025. The process is behind schedule but they are working on completing a draft to submit next week. Mr. Powers announced the hiring of Lisa Clevenger as the new Accountant I and Linda Hendrick will be joining as the Senior Accountant. Introductions to the new staff members will be made at the August Board Meeting. Mr. Powers noted that the auditors were on site yesterday and they have completed the testing phase of the process. Mr. Powers will announce when the audit is completed and available for review. The next scheduled Finance Committee meeting is Friday August 23, 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 Mr. Frezzell, and passed unanimously. The meeting was adjourned at 9:15am.