City Council

TROY CITY COUNCIL FINANCE MEETING AGENDA Thursday, May 5, 2016 6:15pm Pledge of Allegiance Roll Call ORDINANCES 31. Ordinance Amending The 2016 General Fund In Order To Appropriate Additional Funds That Will Be Received From The Capital Resource Corporation. (Council President Mantello) (At the Request of the Administration) RESOLUTIONS 46. Resolution Confirming John Donohue's Appointment ToThe Troy Local Development Corporation (LDC). (Council President Mantello) (At the Request of the Administration)  ORD. #31 ORDINANCE AMENDING THE 2016 GENERAL FUND IN ORDER TO APPROPRIATE ADDITIONAL FUNDS THAT WILL BE RECEIVED FROM THE CAPITAL RESOURCE CORPORATION The City ofTroy, in City Council convened, ordains as follows: Section 1. The City of Troy 2016 GENERAL FUND BUDGET is herein amended as approved by the City Council and as set forth in Schedule A entitled: 2016 General Fund Budget Amendment Capital Resource Corporation which is attached hereto and made a part hereof Section 2. The City Council will have the opportunity to review and approve the consulting contract Section 3. This act will take effect immediately. Approved as to form April15, 2016 Kevin Glasheen, Corporation Counsel  ORD. #31 MEMO IN SUPPORT Title: Ordinance amending 2016 General Fund Budget Summary of Provisions: This legislation will amend the 2016 General Fund Budget and to appropriate $100,000.00 to be received from Capital Resource Corporation for the purpose of obtaining financial consultant services for the City of Troy The municipal finance expert to be retained will be utilized to perform a number of important financial tasks, as outlined in the attached exhibit A, that will be of long term benefit to the City of Troy consistent with City Procurement Policies. The City Council will the have opportunity to review and approve the aforementioned consulting contract. Overall Budget Fiscal Impact: None.  CAPITAL RESOURCE CORPORATION TROY CITY HALL March 14, 2016 City of Troy 433 River Street, Suite 5000 Troy, NY 12180 Dear Mayor Madden: Congratulations! At the March 11, 2016 meeting of the Troy Capital Resource Corporation, the board approved grant funding in the amount of $100,000 to be used to obtain financial consulting services for The City of Troy, New York. We will be in contact to set up a. grant agreement. In the meantime1 feel free to contact me at (518) 279-7159 with any questions. Sincerely, Monica Kurzejeski Executive Director Troy Capital Resource Corporation 4 3 3 RIVER ST. SUITE 5001, T R 0 Y, NEW Y 0 R K 12180  SCHEDULE A 2016 General Fund Budget Amendment Capital Resource Corporation Original* Revised Budget Change Budget Revenue - A51 0 A.1 000.2705 .. 0091 Troy Capital Resource Grant $0.00 $100,000.00 $100,000.00 Total Revenue Increase $100,000.00 Expenditures - A960 A1210.0409.0000 Mayor_ Consultant Svces $0.00 $100,000.00 $100,000.00 Total Expenditures Increase $100,000.00 * or as previously revised  CITY OF TROY CAPITAL RESOURCE CORPORATION COMMUNITY AND ECONOMIC DEVELOPMENT FUNDING AGREEMENT THIS COMMUNITY AND ECONOMIC DEVELOPMENT FUNDING. AGREEMENT (hereinafter, the "Agreement") is dated as of the _ day of _ _ _ _ _, 2016 and entered into by and between CITY OF TROY CAPITAL RESOURCE CORPORATION (herein, the "CRC"), a not-for-profit local development corporation having an address of 433 River Street, srh Floor, Troy, New York 12180 and CITY OF TROY, NEW YORK (herein, the "City"), a municipal corporation having an address of 433 River Street, 5th Floor, Troy, New York 12180. WITNESSETH: WHEREAS, pursuant to Sections 402 and 1411 ofthe Not-For-Profit Corporation Law ("N-PCL") of the State ofNew York, the CRC was established as a domestic, not- for-profit local development corporation pursuant to a Cetiificate of Incorporation filed on November 20, 2009 (the "Certificate") to undertake cettain charitable and public purposes, among other things, including relieving and reducing unemployment, promoting and providing for additional and maximum employment, bettering and maintaining job opportunities, instructing or training individuals to improve or develop their capabilities for such jobs, carrying on scientific research for the purpose of aiding the City of Troy, New York (the "City") by attracting new industry to the City or by encouraging the development of, or retention of, an industry in the City, and lessening the burdens of government and acting in the public interest; and WHEREAS, pursuant to the N-PCL and the Certificate, the CRC has established a Community and Economic Development funding program (the "CRC Program") whereby the CRC provides funding to certain projects, programs and organizations to undertake community and economic development programs within the City; and WHEREAS, the City is seeking to engage finru1cial consulting services relating to the current and future City budget and related financial controls (collectively, the "Project"), such Project being more particularly described within the proposal attached hereto as Exhibit A; and WHEREAS, in furtherance of the City's desire to undertake the Project, which will enhance the City's financial standing and economic development within the City, the City has requested funding assistance from CRC in the amount of $100,000.00 (the "Grant"), the provision of such Grant being consistent with the N-PCL and the Certificate; and WHEREAS, pursuant to a CRC authorizing resolution adopted March 11, 2016, the CRC desires to provide the City with the Grant, as further defined herein in furtherance of the Project and in accordance with the terms and conditions set fmth within this Agreement.  ARTICLE! SCOPE OF WORK SCOPE OF WORK TO BE UNDERTAKEN BY THE CITY. In exchange for the Grant, the City will undertake the following Scope of Work: See, Project Scope of Work attached hereto in Exhibit A. ARTICLE II GRANT FUNDING TO BE PROVIDED BY THE CRC Grant Amount; Disbursement Provisions In consideration of the Scope of Work to be undertaken by the City as described in Section One above, the CRC hereby agrees to provide the City with a Total of $100,000.00. The Grant will be disbursed in full by CRC upon execution of this agreement to the City, to underwrite a portion of the cost incurred in completing the Scope ofWork. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. CITY OF TROY CAPITAL RESOURCE CORPORATION By _________________ Name: Monica Kurzejeski Title: Acting Executive Director CITY OF TROY= NEW YORK By________________ Name: Hon. Wm. Patrick Madden Title: Mayor  :/={ oro 31 EXHIBIT A Project Goals The City agrees to engage a municipal finance expert to undertake the following tasks for the duration of this grant: • Operationalize the CAP, with specific, detailed and actionable plans to address the shortcomings in the State Comptroller's audit, • Establish systems and procedures to ensure the integrity ofthe City's financial operations and improve internal controls, • Establish procedures for revenue-based expenditure management to prevent operating deficits, • Craft a multiyear baseline operating plan and financial projection for 2017-2020, • Incorporate a debt affordability analysis into the multiyear projection in order to undertake long-term capital planning, • Institute multiyear capital project planning, tracking, and financial reporting, and • Create public information materials about the City's operational, financial, and capital plans.  RES #46 RESOLUTION CONFIRMING JOHN DONOHUE'S APPOINTMENT TO THE TROY LOCAL DEVELOPMENT CORPORATION (LDC) WHEREAS, A1iicle II, Section l(b) of the Amended and Restated By-Laws of the Troy Local Development Corporation (LDC) provides for the selection of one member of the City Council to serve as a member of the LDC, approved by the Mayor and the City Council; and WHEREAS, a vacancy exists on the Troy Local Development Corporation (LDC). NOW, THEREFORE, BE IT RESOLVED, that the City Council and the Mayor of the City of Troy hereby confi1m John Donohue to Troy Local Development Corporation (LDC) for a term commencing immediately. Approved as to form, May 3, 2016 Kevin P. Glasheen, Corporation Counsel