Troy Local Development Corporation
Regular MeetingTroy, NY · October 19, 2018
Minutes
Audit & Finance Committee Meeting
Minutes
October 19, 2018
8:30 a.m.
BOARD MEMBERS PRESENT: Kevin O’Bryan, Hon. David Bissember and Steve
Strichman
ABSENT: Hon. Monica Kurzejeski and Andy Ross
ALSO IN ATTENDANCE: Justin Miller, Esq., Mary Ellen Flores, Lucas Nathan, Jim
Lozano, Dylan Turek, Deanna Dal Pos, Heidi Knoblauch and Denee Zeigler
Minutes
The audit and finance committee meeting was called to order at 8:31 a.m.
I. 2019 Draft Budget Presentation
Mr. Strichman discussed the draft budget with the board. He advised that both the
beginning and ending cash amounts are listed on our copy in order to give us a
better idea of where we are at. Mr. Strichman noted there will be about $400,000 in
the beginning of 2019. He briefly discussed the income and expense they are
anticipating for the year and noted that at the end of 2019 there should be about
$220,000. The board noted that we are approving the 2019 budget along with
projections until 2023. Mr. Strichman noted that this is a general budget that doesn’t
account for any potential sales of property. Mr. Bissember asked why the projection
amounts change for fee sharing. Mr. Strichman advised that it is there in the event
that we do another project where the IDA fee is shared.
Steve Strichman made a motion to approve the draft 2019 budget and
moved to present to the full board for adoption.
Hon. David Bissember seconded the motion, motion carried.
II. Adjournment
With no additional business to discuss, the audit and finance committee meeting was
adjourned at 8:36 a.m.
Steven Strichman made a motion to adjourn the audit and finance
committee meeting.
Hon. David Bissember seconded the motion, motion carried.
1
Agenda
Chairman Board Members
Kevin O’Bryan Hon. Monica Kurzejeski
Vice‐Chair Hon. David Bissember
Andy Ross Executive Director
Steven Strichman
Audit & Finance Committee Meeting
Planning Department Conference Room
City Hall
433 River Street, Suite 5001
Troy, New York 12180
October 19, 2018
8:30 a.m.
AGENDA
I. Budget Presentation
II. Adjournment
Troy Local Development Corporation
2019 Proposed Budget 2017 2018 2018 2019 2020 2021 2022 2023
Actual Budget E.O.Y. Budget Budget Budget Budget Budget
Estimate Draft Draft Draft Draft Draft
Not part of Budget - Cash on hand beginning of year $ 397,000 222,833 33,666 (150,501) (331,668)
REVENUE & FINANCIAL SOURCES
Operating Revenues
Charges for Services 52,500.00 1 70,000 50,000 50,000 50,000 50,000
Rental & Financing Income 97,496 100,000 100,000 2 100,000 100,000 100,000 100,000 100,000
Other Operating Revenues 50,000 - - - - - -
Nonoperating Revenues
Investment Earnings - - - - - - -
State Grants/Subsidies - - - - - - - -
Federal Grants/Subsidies - - - - - - - -
Public Authority Subsidies - - - - - - - -
Other Nonoperating Revenues - - - - - - - -
Proceeds from Issuance of Debt - - - - - - - -
Total Revenues 149,996 150,000 100,000 170,000 150,000 150,000 150,000 150,000
EXPENDITURES
Operating Expenditures
Salaries and Wages
Other Employee Benefits
Professional Services Contracts 128,508 100,000 105,000 3 105,000 105,000 105,000 105,000 105,000
Materials & Supplies - 15,000 4 15,000 15,000 15,000 15,000 15,000
Other Operating Expenditures 17,763 5 35,000 35,000 35,000 35,000 35,000 35,000 35,000
Nonoperating Expenditures
Payment on Principal of Bonds and Financing Arrangements 139,167 139,167 139,167 6 139,167 139,167 139,167 139,167 139,167
Interest and Other Financing Charges 81,092 80,000 51,000 6 50,000 45,000 40,000 37,000 35,000
Subsidies to Other Public Authorities - - - - - - - -
Capital Asset Overlay - - - - - - - -
Grants and Donations (40,039) 7 - 7,500 - - - - -
Other Non-operating Expenditures 10,342 8 - (7,300) - - - - -
Issuance of Debt - - - - - - - -
Total Expenditures 336,833 354,167 345,367 344,167 339,167 334,167 331,167 329,167
Not part of Budget - Year End Cash 222,833 33,666 (150,501) (331,668) (510,835)
EXCESS (DEFICIENCY) OF REVENUES AND
CAPITAL CONTRIBUTIONS OVER EXPENDITURES (186,837) (204,167) (245,367) (174,167) (189,167) (184,167) (181,167) (179,167)
1 - IDA sharing @ 50% of fee - 2018 - 444, 2019 Rosenblum
2 - Rental and interest on loans
3 - bookkeeping, legal, audit, management
4 - insurance, marketing,
5 - Depreciation and Building expenses
5 - Equipment Decontamination - King Fuels site
6 - HUD Loan
7 - write off of façade grants
8- taxes (returned in 2018) and PILOT with Casale's 6 mos
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