Troy Capital Resource Corporation

Chairman Troy Kevin O’Bryan Capital Resource Corporation Vice-Chair Brian Carroll BOARD OF DIRECTORS MEETING Executive Director October 27, 2017 10:00 a.m. Steven Strichman Planning Department Conference Board Members Room Hon. Dean Bodnar City Hall Mr. Paul Carroll Hon. Robert Doherty Louis Anthony AGENDA Adam Hotaling Tina Urzan Susan Farrell I. Approval of minutes from the September 15, 2017 meeting. II. Budget III. Financials IV. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  City of Troy Capital Resource Corporation September 15, 2017 10:00 AM Meeting Minutes Present: Kevin O’Bryan, Steve Strichman, Paul Carroll, Susan Farrell, Hon. Dean Bodnar and Lou Anthony Absent: Tina Urzan, Brian Carroll and Hon. Robert Doherty Also in attendance: Justin Miller, Deanna DalPos, James Lozano, Mary Ellen Flores and Denee Zeigler. The CRC was convened at 10:15 a.m. I. Minutes The board reviewed the minutes from May 19, 2017. Paul Carroll made a motion to approve the amended minutes from May 19, 2017. Sue Farrell seconded the motion, motion carried. II. Auditor RFP Mr. Strichman noted that we will be re-issuing the RFP for auditor services. He added that last year we sent a request out for the current year only due to the BST acquiring CFO for Hire. The request that will be sent out will be for a three year contract. III. Financials Mrs. Flores advised that there is nothing notable to discuss for the financials; no changes. The board had a general discussion about future uses for CRC funds. Lou Anthony made the motion to approve the financials as presented. Sue Farrell seconded the motion, motion carried. III. Adjournment The Chairman asked if there was any other business before they adjourn the CRC meeting and return to the IDA meeting. Hon. Dean Bodnar made a motion to adjourn the CRC meeting. Lou Anthony seconded the motion, motion carried. The CRC meeting was adjourned at 10:17 a.m.  Troy Capital Resource Corporation 2018 Draft Budget 2016 2017 2018 2019 2020 2021 E.O.Y. Actual Proposed Proposed Proposed Proposed Estimate Jan 1 Cash on Hand Estimate $ 460,024 $ 406,024 $ 447,324 $ 418,824 $ 390,324 $ 361,824 REVENUE & FINANCIAL SOURCES Operating Revenues $ 2,000 1 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 Charges for services $ - $ - $ - $ - $ - $ - Rentals & Financing Income $ - $ - $ - $ - $ - $ - Other Operating Revenues $ - $ - $ - $ - $ - $ - Nonoperating Revenues Investment earnings $ - $ - $ - $ - $ - $ - State subsidies / grants $ - $ - $ - $ - $ - $ - Federal subsidies / grants $ - $ - $ - $ - $ - $ - Municipal subsidies / grants $ - $ - $ - $ - $ - $ - Public authority subsidies $ - $ - $ - $ - $ - $ - Other Non-Operating Revenues $ - $ - $ - $ - $ - $ - Proceeds from the issuance of debt $ - $ - $ - $ - $ - $ - Total Revenues & Financing Sources $ 2,000 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 EXPENDITURES Operating Expenditures Salaries and Wages $ - $ - $ - $ - $ - $ - Other Employee Benefits $ - $ - $ - $ - $ - $ - Professional Service Contracts $ 7,835 2 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 Supplies and Materials $ - $ - $ - $ - $ - $ - Other Operating Expenditures 2 $ - $ - $ - $ - $ - $ - Nonoperating Expenditures Payment of prinicpal on bonds and financing arrangements $ - $ - $ - $ - $ - $ - Interest and other financing charges $ - $ - $ - $ - $ - $ - Subsidies to other public authorities $ - $ - $ - $ - $ - $ - Capital asset outlay $ 100,000 3 $ (75,000) 4 $ - $ - $ - $ - Grants and Donations $ - $ 25,200 5 $ 20,000 $ 20,000 $ 20,000 $ 20,000 Other Non-Operating Expenditures $ - $ - 0 $ - $ - $ - $ - Total Expenditures $ 107,835 $ (39,800) $ 30,000 $ 30,000 $ 30,000 $ 30,000 Capital Contributions $ - $ - $ - $ - $ - $ - Excess (deficiency) of revenues and capital contributions over expenditures $ (105,835) $ 41,300 $ (28,500) $ (28,500) $ (28,500) $ (28,500) EOY Cash Position Estimate $ 418,370 $ 447,324 $ 418,824 $ 390,324 $ 361,824 $ 333,324 Interest on one possible loan to VET Housing 1 RPI Income Print Date 10/24/2017