Troy Industrial Development Authority

Board Members Chair Josh Chiappone Justin Nadeau Susan Farrell Vice Chair Elbert Watson Hon. Jim Gulli Stephanie Fitch Latasha Gardner Executive Director Hon. Sue Steele Steven Strichman Jeff Betts AUDIT & FINANCE COMMITTEE MEETING OCTOBER 28, 2022 10:00 A.M. I. Approval of April 1, 2022 Audit & Finance Committee meeting minutes. II. 2023 Budget Discussion and Recommendation III. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  April 1, 2022 10:00 AM Audit and Finance Committee Meeting Minutes Present: Hon. Jim Gulli, Susan Farrell, Stephanie Fitch, Latasha Gardner, Elbert Watson and Josh Chiappone. Absent: Justin Nadeau Also in attendance: Steven Strichman, Justin Miller Esq., Mary Ellen Flores, Matt Jones, Chris Stephens, Larry Regan, Daniel Chauvin, Deanna Dal Pos, Sharon Martin, Bob Taylor, Sue Steele, Jill D Manupella, Jim Spear and Denee Zeigler. I. Minutes R The board reviewed the audit and finance committee meeting minutes from March 26, 2021. T Stephanie Fitch made a motion to approve the March 26, 2021 board AF meeting minutes. Sue Farrell seconded the motion, motion carried. II. Audit Presentation by Wojeski & Co. Chris Stephens presented the deliverables of the cy2021 audit completed by his team at Wojeski & Co. He provided a summary of the overall process and two documents: Report to the Board and Financial Statements and Independent Auditor’s Report. Mr. Stephens advised there were no significant difficulties in dealing with management in performing and completing the audit. He advised that the bond schedules and annual report were both reviewed with no findings. Mr. Watson asked if they went through each one of the leases. Mr. Stephens advised they do a sample. Mr. Stephens went over the financial statements and presented the independent auditors report. He noted that this board received an unmodified, clean opinion. Mr. Stephens went over the report on internal controls and was happy to report no findings. Mr. Miller noted that the preservation bond issued by the IDA to the CRC was redeemed in the same year. Mr. Stephens agreed to update that information. 1  Elbert Watson made a motion to approve the cy2021 audit as presented by Wojeski & Co. Susan Farrell seconded the motion, motion carried. III. Adjournment With no additional business to discuss, the IDA audit and finance committee board meeting was adjourned at 10:18 a.m. Stephanie Fitch made a motion to adjourn IDA audit and finance committee meeting at 10:18. Josh Chiappone seconded the motion, motion carried. D R T AF 2  ` Troy Industrial Development Authority 2023 Draft Budget Presented Sept 16 2023 Adoption Vote Scheduled for October 2023 2021 2022 2023 2024 2025 2026 2027 Actual Budget Budget Budget Budget Budget Budget EOY Draft Draft Draft Draft Draft Estimate REVENUE & FINANCIAL SOURCES Operating Revenues 2 Charges for services $ 29,920 $ 380,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 Rentals & Financing Income - - - - - - - 3 Other Operating Revenues - 366,014 - - - - - Nonoperating Revenues Investment earnings $ 310 $ 1,507 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 State subsidies / grants - - - - - - - Federal subsidies / grants - - - - - - - Municipal subsidies / grants - - - - - - - Public authority subsidies - - - - - - - Other Non-Operating Revenues 700 - - - - - - Proceeds from the issuance of debt Total Revenues & Financing Sources $ 30,930 $ 747,521 $ 201,500 $ 201,500 $ 201,500 $ 201,500 $ 201,500 EXPENDITURES Operating Expenditures Salaries and Wages Other Employee Benefits 1 Professional Service Contracts $ 169,980 $ 154,568 $ 135,964 $ 135,964 $ 135,964 $ 135,964 $ 135,964 Supplies and Materials $ - $ - $ - $ - $ - $ - $ - Other Operating Expenditures - - - - - - - Nonoperating Expenditures Payment of prinicpal on bonds and financing arrangements - - - - - - - Interest and other financing charges - - - - - - - Subsidies to other public authorities - - - - - - - Capital asset outlay - - - - - - - Grants and Donations - - - - - - 4 Other Non-Operating Expenditures 130,600 204,480 60,000 60,000 60,000 60,000 Total Expenditures $ 169,980 $ 285,168 $ 340,444 $ 195,964 $ 195,964 $ 195,964 $ 195,964 Capital Contributions Excess (deficiency) of revenues and capital contributions over expenditures $ (139,050) $ 462,353 $ (138,944) $ 5,536 $ 5,536 $ 5,536 $ 5,536 Cash EOY $ 277,994 $ 740,347 $ 601,403 $ 606,939 $ 612,475 $ 618,011 $ 623,547 1 Legal, Accounting, Advertising, Insurance, City 2 Includes Standard Mfg. Fee 3 Sale to 701 River Street 4 2022 =LaBella $30,600 GEO, $100K CHA Sperry, 2023 Sperry and Wayfinding