Troy Local Development Corporation

Name: Troy Local Development Corporation — Troy, NY
Start: 2020-01-17
End: 2020-01-17
Location: Troy, NY

Regular Meeting

Troy, NY · January 17, 2020

Agenda Minutes

Minutes

Audit & Finance Committee Meeting Minutes January 17, 2020 9:00 a.m. BOARD MEMBERS PRESENT: Andy Ross, Hon. Monica Kurzejeski, Hon. Ken Zalewski and Steve Strichman ALSO IN ATTENDANCE: Justin Miller, Esq., Mary Ellen Flores, Michael Rossi, Dave Pastnode, Tina Urzan, Matthew Riordan, Gary Err, Scott Townsend, Chris Stephens, Ken Crowe, Deanna Dal Pos and Denee Zeigler The audit and finance committee meeting was called to order at 9.00 a.m. I. Preliminary Audit Discussion Chris Stephens of Wojeski & Co., CPAs spoke to the board members about the expectations and scope of services for the upcoming audit. He advised they will be performing the financial statement audit of the LDC, assist management with draft financial statements, assist management with the preparation of Form 990 and NYS CHAR 500. Mr. Stephens explained they do a test by sampling; they do not look at every transaction. He advised the do a risk assessment to identify which areas have the greatest risk. They plan the audit to address those risks. Mr. Stephens advised they will form an opinion on the financial statements; whether they have been fairly presented. He added that they also consider the internal controls of the organization as a basis for designing their audit procedures, but do not do an audit of the internal controls and we don’t express an opinion on those. If they become aware of any issues, they will be communicated to the board. Mr. Stephens noted that management is responsible for the financial statements, design and implementation of internal controls, compliance and accuracy. Mr. Stephen advised if anyone has issues related to fraud or board activities that seem questionable and doesn’t feel comfortable bringing them up here, they can contact us at Wojeski directly. He also spoke about updates coming from GASBY that may affect the board. Mr. Ross noted the PARIS report is due by March 31st and advised we would need the final audit information completed in time for that submission. II. Minutes The board reviewed the September 20, 2019 Audit & Finance Committee Meeting minutes. 1 Steven Strichman made a motion to approve the September 20, 2019 minutes. Hon. Ken Zalewski abstained. Hon. Monica Kurzejeski seconded the motion, motion carried. III. With no additional business to discuss, the audit and finance committee meeting was adjourned at 9:11 a.m. Steven Strichman made a motion to adjourn the audit and finance committee meeting. Hon. Monica Kurzejeski seconded the motion, motion carried. 2

Agenda

Vice‐Chair Board Members Andy Ross Hon. Monica Kurzejeski Executive Director Steven Strichman Audit & Finance Committee Meeting Planning Department Conference Room City Hall 433 River Street, Suite 5001 Troy, New York 12180 January 17, 2020 9:00 a.m. AGENDA I. Minutes from September 20, 2019 Audit & Finance Committee Meeting II. Preliminary 2019 Audit Discussion – Chris from Wojeski & Co., CPAs III. Adjournment Audit & Finance Committee Meeting Minutes September 20, 2019 9:00 a.m. BOARD MEMBERS PRESENT: Andy Ross, Hon. Monica Kurzejeski, Hon. David Bissember and Steve Strichman ABSENT: Heidi Knoblauch ALSO IN ATTENDANCE: Justin Miller, Esq., Dylan Turek, Mary Ellen Flores, Ken Crowe, D Deanna Dal Pos and Denee Zeigler The audit and finance committee meeting was called to order at 9.27 a.m. following the regular board meeting. I. R DRAFT Budget Presentation T Mr. Strichman presented the draft budget to the board members and noted that it will AF have to be adopted at the next meeting and submitted to the ABO by October 31, 2019. He noted that the budget will be discussed at future meetings in order to keep it up to date. Mr. Strichman noted revenue coming in as part of working with the IDA on projects, loans and the County Waste lease. For the years 2020 and going forward, there is an estimated projection. Mr. Miller asked about the upcoming expenditures related to the King Fuels site; asked that the IDA funding be added in. Mr. Bissember asked about grants and donations. Mr. Strichman explained it is an estimate of the sponsorships based on what we have given in the past. Mr. Ross asked if the façade program was still showing. Mr. Strichman advised no. Ms. Kurzejeski explained that was a popular program. Mr. Bissember agreed and advised if we get funding, we should start it up again. II. Adjournment of Audit & Finance Committee With no additional business to discuss, the audit and finance committee meeting was adjourned at 9:37 a.m. Steven Strichman made a motion to adjourn the audit and finance committee meeting. Hon. David Bissember seconded the motion, motion carried. 1

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