Troy Local Development Corporation

Name: Troy Local Development Corporation — Troy, NY
Start: 2019-03-22
End: 2019-03-22
Location: Troy, NY

Regular Meeting

Troy, NY · March 22, 2019

Agenda Minutes

Minutes

Audit & Finance Committee Meeting Minutes March 22, 2019 8:30 a.m. BOARD MEMBERS PRESENT: Heidi Knoblauch, Hon. David Bissember, Hon. Monica Kurzejeski, Andy Ross and Steve Strichman ABSENT: ALSO IN ATTENDANCE: Justin Miller, Esq., Mary Ellen Flores, Lucas Nathan, Deanna Dal Pos, Chris Stephens and Denee Zeigler The audit and finance committee meeting was called to order at 9.00 a.m. I. Audit Presentation Chris Stephens of Wojeski & Co. advised the board that the audit results are broken into two parts; the audited financial statements and the report to the board. Report to the Board – Mr. Stephens noted that this is part of the required communications that we give to the board at the end of the audit. He advised that there has been no change from last year; no change in accounting processes, no new policies adopted and nothing un-reported. Mr. Stephens went over the accounting estimates and noted that there are a couple significant listings; one being the allowance for uncollectable loans. He advised this is an estimate, but considers the allowance we have reasonable for the loan amounts listed. Mr. Stephens spoke about the boards’ capital assets and the estimate of the pollution remediation obligation at the King Fuels site. He noted the amount used for the King Fuels remediation is based on a quote that was received from a third party last year; no new quote and no change in scope. Mr. Stephens advised there were no difficulties in preparing the audit and there were only a couple of small adjustments for the year. One was a re-classification for financial presentation purposes and the other was related to an adjustment to an allowance. Mr. Stephen advised no disagreements with management. He wanted to note that no management discussion analysis, which is fairly common for smaller boards. Audited Financial Statements – Mr. Stephens noted that the financial statements are the responsibility of management; we do assist in drafting them. Our responsibility is to plan and perform the audit in order to express an opinion on those financial statements. He noted that an unmodified/clean opinion was issued. Mr. Stephens noted the balance sheet on page 3. He noted a couple of changes to the way items were listed in previous years; loans, non-current assets, capital assets 1 and property held for development are all listed separately now. Year over year, there were some small revenue changes. Mr. Stephens noted that there was a loss of about $27,000 due to the sale of the Fifth Ave property and the write off of the Bobcat equipment. Mr. Stephens noted that the next pages show cash flow, accounting policies, accepted accounting principles and notes to the report. Mr. Stephens noted no findings to report on internal controls and no non-compliance issues related to our financial statements. Mr. Ross asked about note I and the amount listed, $965,000. Mr. Stephens advised that this was from a third party appraisal. Mr. Miller advised that this was from a couple of years ago. Hon. Monica Kurzejeski made a motion to close the audit presentation and recommend that it be forwarded to the full board for approval. Hon. David Bissember seconded the motion, motion carried. II. Minutes The board reviewed the minutes from the January 18, 2019 Audit & Finance Committee meetings. Steven Strichman made a motion to approve the minutes for January 18, 2019. Andy Ross seconded the motion, motion carried. III. Adjournment With no additional business to discuss, the audit and finance committee meeting was adjourned at 9:23 a.m. Steven Strichman made a motion to adjourn the audit and finance committee meeting. Hon. David Bissember seconded the motion, motion carried. 2

Agenda

Chair Board Members Vacant Heidi Knoblauch Vice‐Chair Hon. Monica Kurzejeski Andy Ross Hon. David Bissember Executive Director Audit & Finance Committee Meeting Planning Department Conference Room Steven Strichman City Hall 433 River Street, Suite 5001 Troy, New York 12180 March 22, 2019 8:30 a.m. AGENDA I. Meeting Minutes – January 18, 2019 II. Audit Presentation - Wojeski & Co. FY 2018 III. Adjournment Audit & Finance Committee Meeting Minutes January 18, 2019 8:30 a.m. BOARD MEMBERS PRESENT: Heidi Knoblauch, Hon. David Bissember, Hon. Monica Kurzejeski, Andy Ross and Steve Strichman ABSENT: D ALSO IN ATTENDANCE: Justin Miller, Esq., Mary Ellen Flores, Lucas Nathan, Jim Lozano, Deanna Dal Pos, Chris Stephens, Ken Crowe, Andrew Kreshik and Denee Zeigler Minutes R The audit and finance committee meeting was called to order at 9.25 a.m. I. Minutes T The board reviewed the minutes from the April 20, 2018 and October 19, 2018 Audit AF & Finance Committee meetings. Steve Strichman made a motion to approve the minutes for April 20, 2018 and October 19, 2018. Hon. Monica Kurzejeski seconded the motion, motion carried. II. Preliminary Audit Meeting Chris Stephens of Wojeski & Co. spoke to the board members about the upcoming audit process, scope of work and the deliverables. He advised the deliverables consist of auditing the financial statements for the year ending December 31, 2018, assist with the preparation of the financial statements and prepare the IRS form 990 and CHAR 500. Mr. Stephens explained that we will provide a reasonable opinion on you financial statements, we do not check every transaction; we do a risk assessment. He advised we will consider the internal controls, but will not issue an opinion on the internal controls. Mr. Stephens advised that if anything comes up that is a weakness for deficiency; we will report that in our findings. He added that any other matters that come up or we need assistance; we will reach out to you. Mr. Stephens explained materiality and other terminology that may come up during the audit. He asked if the audit & finance committee had any questions or concerns. Mr. Strichman asked about the review of internal controls. Mr. Miller advised that we do this on a monthly basis when we review our financials and annually with the confidential board member evaluations. Mr. Bissember asked about the tolerable misstatement. Mr. Stephens advised that we put a quantitative figure on what we 1 consider the level of materiality to be. He explained that we want to account for misstatements we are aware of and the ones we are unaware of. If it goes over this amount, we modify our opinion. The board asked if that amount is set on anything specific. Mr. Stephens advised that we did not set that amount yet. Mr. Ross asked about the staff. Mr. Stephens noted that there will be other staff working on the audit in the background, but the main staff is listed in the packet he handed out. Mr. Miller noted the timeframe and advised we have to have it adopted by March 31st. The board had a general discussion on the meeting timeframe. Mr. Stephens spoke about changes to GASBY and debt disclosures; noting that this board looks good. He advised that kick off meeting is today with the audit commencing on February 11th. Thomas O’Donnell will be the lead auditor. Ms. Knoblauch asked that we amend the presentation to include a meeting during the first week of March. Hon. Monica Kurzejeski made a motion to approve the auditor’s presentation with the amendment. Andy Ross seconded the motion, motion carried. III. Adjournment With no additional business to discuss, the audit and finance committee meeting was adjourned at 9:40 a.m. D Hon. Monica Kurzejeski made a motion to adjourn the audit and finance committee meeting. Andy Ross seconded the motion, motion carried. R T AF 2

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