Troy Industrial Development Authority
Regular MeetingTroy, NY · October 19, 2018
Minutes
October 19, 2018
10:25 AM
Audit and Finance Committee
Meeting Minutes
Present: Kevin O’Bryan, Hon. Mark McGrath, Steve Strichman, Paul Carroll, Lou Anthony, Brian
Carroll, Tina Urzan, Susan Farrell, Hon. Anasha Cummings and Bill Strang
Absent:
Also in attendance: Justin Miller, Esq., MaryEllen Flores, Deanna Dal Pos, Heidi Knoblauch,
Sharon Martin, Bill Flannigan, Luke Nathan, John Hodorowski and Denee Zeigler.
The Chairman called the audit and finance committee meeting to order at 10:25 a.m.
I. Budget Presentation
Mr. Strichman went over the draft budget with the board members. The board had a
general discussion about the limited things that the IDA can do, but our funds are
growing and we will need to come up with projects to put our funds to use. Mr.
Strichman noted that we may assist with the remediation efforts at the King Fuels site,
which currently has a PILOT.
Tina Urzan made a motion to approve the draft 2019 budget and
moved to present to the full board for adoption.
Paul Carroll seconded the motion, motion carried.
I. Adjournment
With no other items to discuss, the audit and finance committee portion of the meeting
was adjourned at 10:30 a.m.
Brian Carroll made a motion to adjourn the IDA Audit and Finance
Committee meeting.
Lou Anthony seconded the motion, motion carried.
1
Agenda
Chairman Board Members
Kevin O’Bryan Paul Carroll
Louis Anthony
Vice‐Chair Tina Urzan
Brian Carroll
Susan Farrell
ExecutiveI.Director Anasha Cummings
Steven Strichman Mark McGrath
AUDIT & FINANCE COMMITTEE MEETING
October 19, 2018
10:00 a.m.
Planning Department Conference Room
AGENDA
I. Budget Presentation
II. Adjournment
City Hall – 433 River Street, Suite 5001, Troy, New York 12180
Phone: 518.279.7166
`
Troy Industrial Development Authority
2019 Proposed Budget
2017 2018 2018 2019 2020 2021 2022 2023
Actual Budget End of Year Budget Budget Budget Budget Budget
Estimate Draft Draft Draft Draft Draft
REVENUE & FINANCIAL SOURCES
Operating Revenues
3
Charges for services $ 350,004 $ 200,000 $ 127,115 $ 420,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000
Rentals & Financing Income - - - - - - -
Other Operating Revenues - - - - - - - -
Nonoperating Revenues
Investment earnings - $ 5,426 $ 900 $ 1,000 $ 1,000 $ 1,000 $ 1,000 $ 1,000
State subsidies / grants - - - - - - - -
Federal subsidies / grants - - - - - - - -
Municipal subsidies / grants - - - - - - - -
Public authority subsidies - - - - - - - -
4
Other Non-Operating Revenues $ 691 $ 10,000 - 125,000 - - - -
Proceeds from the issuance of debt
Total Revenues & Financing Sources $ 350,695 $ 215,426 $ 128,015 $ 546,000 $ 301,000 $ 301,000 $ 301,000 $ 301,000
EXPENDITURES
Operating Expenditures
Salaries and Wages
Other Employee Benefits
1
Professional Service Contracts $ 161,617 $ 125,000 $ 156,667 $ 160,000 $ 160,000 $ 160,000 $ 160,000 $ 160,000
Supplies and Materials - $ 1,000 $ 1,000 $ 1,000 $ 1,000 $ 1,000
Other Operating Expenditures - $ 4,219 - - - - - -
Nonoperating Expenditures
Payment of prinicpal on bonds and financing arrangements - - - - - - - -
Interest and other financing charges - - - - - - - -
Subsidies to other public authorities - - - - - - - -
Capital asset outlay $ 393,000 - - - - - - -
5
Grants and Donations - - - 61,700 - - - -
2
Other Non-Operating Expenditures $ 12,836 - $ 5,008 - - - - -
Total Expenditures $ 567,453 $ 129,219 $ 161,675 $ 222,700 $ 161,000 $ 161,000 $ 161,000 $ 161,000
Capital Contributions
Excess (deficiency) of revenues and capital contributions
over expenditures $ (216,758) $ 86,207 $ (33,660) $ 323,300 $ 140,000 $ 140,000 $ 140,000 $ 140,000
1
Legal, Accounting, Advertising, Insurance
2
Mlock Parcel taxes
3
Admin and Application fees excluding Kings and Rosenblum
4
Sale of Mlock Parcel
5
Downtown Wayfinding design approved Feb. 2018
Get email alerts for Troy
A daily email when new agendas and minutes are posted.