Troy Industrial Development Authority

Chair Board Members Vacant Heidi Knoblauch Paul Carroll Vice‐Chair Tina Urzan Vacant Susan Farrell Elbert Watson Executive Director Steven Strichman Hon. Anasha Cummings Hon. Mark McGrath AUDIT & FINANCE COMMITTEE MEETING Bill Strang January 18, 2019 10:00 a.m. Planning Department Conference Room AGENDA I. Minutes – April 20, 2018 and October 19, 2018 II. Preliminary Audit Meeting FY 2018 ‐ Wojeski & Co. III. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  April 20, 2018 10:00 AM Audit and Finance Committee Meeting Minutes Present: Kevin O’Bryan, Steve Strichman, Lou Anthony, Paul Carroll, Brian Carroll and Hon. Mark McGrath Absent: Tina Urzan, Susan Farrell and Hon. Anasha Cummings Also in attendance: Justin Miller, Esq., Bill Strang, Chris Stephens, Matt Lindemann, Jim Lozano (via conference call), Mary Ellen Flores, Deanna DalPos and Denee Zeigler. D The Chairman called the audit and finance committee meeting to order at 10:00 a.m. I. R 2017 Audit Presentation by Wojeski & Co. Mr. Lindemann introduced himself and Chris Stephens to the board and advised that they represent Wojeski & Co. in East Greenbush. He explained that they have two T deliverables as a result of our audit of the IDA. The first one is entitled, The Report to the Board. Mr. Lindemann advised that this is a required communication between the AF auditors and the committee. He noted that there were no difficulties in performing the audit and no adjustments were needed. Mr. Lindemann also added that there were no disagreements with management and no other findings or issues. The second report is the financial statements. Mr. Lindemann explained that pages 1-3 of the report are on Wojeski letterhead and in essence belong to them; it is our report of the IDA’s financial statements. What follows is the responsibility of the IDA itself. Mr. Lindemann noted that management is responsible for fair presentation of the financial statements and it is our job to audit those financial statements and express an opinion on them. He advised that the opinion is on page 2; an unmodified opinion. Mr. Stephens discussed the balance sheet on page 4. He advised no big changes compared to last year. Mr. Stephens noted that there is an amount showing in restricted cash of $85,000 for a prepaid PILOT. He also noted that the board did exercise an option to purchase some land for development in the amount of $500,000. Mr. Stephens advised that an option was given to one of the projects to purchase a portion of that land for a certain price. He advised it shows under deferred inflow of resources and will be recognized as income once they exercise the option or the agreement lapses. Mr. McGrath asked about the parcel being discussed. Mr. Strichman explained it is the Mlock parcel located behind 701 River Street. He advised that we purchased the entire parcel and optioned a portion of it off. Mr. Stephens went over page 5 of the report; statement of revenues, expenses and changes in net position. He advised it is essentially an income statement. Mr. Stephens noted that the IDA generated operating income in the amount of $175,000 which 1  increased our net position to $950,000. He advised page 6 shows the activity in the company and the impact on cash. Mr. Stephens explained that pages 7-10 outline the accounting policies of the IDA and advised no significant changes from the prior years. He advised that pages 12-13 talks about the Government Auditing Standards report. It describes the effectiveness of internal controls of the IDA. Mr. Stephens noted that there is no official opinion issued, however if we had come across any issues we would report them here. The last pages are details of information that is collected and reported on the PARIS report. The board clarified that we have no obligation or liability under the conduit debt, but we still need to show. Mr. Strichman noted that this information is not in the audit, but will be in the PARIS report. Mr. Carroll asked if everything looks good. Mr. Lindemann advised that the financial statements are materially correct. Brian Carroll made a motion to approve the draft 2017 audit as presented by Wojeski & Co. and recommend it to be presented to the full board of the IDA for approval. Lou Anthony 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 10:12 a.m. D Brian Carroll made a motion to adjourn the IDA Audit and Finance Committee meeting. Paul Carroll seconded the motion, motion carried. R T AF 2  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, D 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. R Budget Presentation Mr. Strichman went over the draft budget with the board members. The board had a T 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. AF 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