Troy Local Development Corporation

Chair Board Members Vacant Chris Nolin Vice-Chair Andy Ross Executive Director Audit & Finance Committee Meeting Steven Strichman November 18, 2022 9:00 a.m. AGENDA I. Minutes from the April 1, 2022 Audit and Finance Committee meeting. II. 2023 Budget Discussion and Recommendation III. Adjournment  Audit and Finance Committee Meeting Minutes April 1, 2022 9:00 a.m. BOARD MEMBERS PRESENT: Andy Ross, Christopher Nolin and Steve Strichman ABSENT: Justin Nadeau D ALSO IN ATTENDANCE: Justin Miller, Esq., Mary Ellen Flores, Matt Jones, Chris Stephens, Kim Ashe McPherson and Denee Zeigler The regular board meeting was called to order at 9:00 a.m. R Vice chair Andy Ross called the meeting to order. Mr. Strichman introduced councilwoman Kim Ashe McPherson who will be on the board starting next month. I. Minutes T AF The board determined there was not a quorum of members present to review the minutes from the September 29, 2021 audit and finance committee meeting, therefore, the minutes will be certified as accurate and true by the acting secretary. 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 two documents: Report to the Board and Financial Statements and Independent Auditor’s Report. Mr. Stephens noted that the report to the board is required communication that is issued at the end of an audit. He explained that management is responsible for the accounting policies used by the organization. He noted that there were no transactions that lacked authoritative guidance or consensus and all significant transactions were recorded in the correct period. Mr. Stephens advised no disagreements with management and requested that management supply us with a management letter showing everything was complete and accurate. He added that it was not found that the LDC had consultations with any other firms. Mr. Stephens reviewed the audited financial statements with the board members. He explained on page one shows the independent auditor’s report on the financial statements. The auditor’s responsibility is to plan and perform an audit to express 1  our opinion. Mr. Stephens advised that they are issuing an unmodified or clean audit. He noted that the annual reports required for the ABO have been reviewed. Mr. Stephens explained that there is a working capital deficit for corporation which is listed as a concern. The concern and mitigation plans are discussed in Note B of the report. Mr. Strichman advised he will set up a meeting with the new board member to discuss the financial situation in greater detail. Steven Strichman made a motion to approve the cy2021 Report to the Board and Audited Financial Statements and recommend to the full board. Christopher Nolin seconded the motion, motion carried. III. Adjournment With no other items to discuss, the audit and finance committee meeting was adjourned at 9:14 a.m. Steven Strichman made a motion to adjourn the audit and finance committee meeting at 9:14 a.m. Christopher Nolin seconded the motion, motion carried. D R T AF 2  Troy Local Development Corporation 2023 Budget Draft 2021 2022 2023 2024 2025 2026 Presented 9/16/22 Budget Budget Budget Budget Budget Budget Actuals EOY Est DRAFT DRAFT DRAFT DRAFT REVENUE & FINANCIAL SOURCES Operating Revenues Charges for Services $ 87,285 1 $ - $ 63,750 11 $ 75,000 $ 75,000 $ 75,000 Rental & Financing Income $ 66,523 2 $ 217,761 8 $ 230,010 12 $ 302,844 $ 303,628 $ 307,628 Other Operating Revenues $ 15,000 - - - - - Nonoperating Revenues Investment Earnings - - - - - - State Grants/Subsidies - - - - - - Federal Grants/Subsidies - - - - - - Public Authority Subsidies - - - - - - Other Nonoperating Revenues 170,000 9 119,000 13 61,000 ## 61,000 61,000 Proceeds from Issuance of Debt - - - - - - Total Revenues $ 168,808 $ 387,761 $ 412,760 $ 438,844 $ 439,628 $ 443,628 EXPENDITURES Operating Expenditures Salaries and Wages Other Employee Benefits Professional Services Contracts $ 116,537 3 $ 71,939 $ 78,840 $ 78,840 $ 78,840 $ 78,840 Materials & Supplies - - - - - - Other Operating Expenditures $ 4,873 4 $ 66,763 10 $ 64,000 $ 64,000 $ 64,000 $ 64,000 Nonoperating Expenditures Payment on Principal of Bonds and Financing Arrangements $ 167,000 5 $ 167,000 $ 167,000 $ 167,000 $ 167,000 $ 167,000 Interest and Other Financing Charges $ 48,370 6 $ 39,881 $ 36,000 $ 26,000 $ 26,000 $ 26,000 Subsidies to Other Public Authorities - - - - - - Capital Asset Overlay - - - - - - Grants and Donations - - - - - - Other Non-operating Expenditures 97,702 7 - - 115,000 14 100,000 - Issuance of Debt - - - - - - Total Expenditures $ 434,482 $ 345,582 $ 345,840 $ 450,840 $ 435,840 $ 335,840 CONTRIBUTIONS OVER EXPENDITURES $ (265,674) $ 42,179 $ 66,920 $ (11,996) $ 3,788 $ 107,788 Cash B.O.Y $ 103,477 $ 159,656 $ 226,576 $ 214,580 $ 218,368 Cash E.O.Y. $ 103,477 $ 159,656 $ 226,576 $ 214,580 $ 218,368 $ 326,156 1 IDA sharing @ 50% of fee 2 CRC $30K, HBO $10K, County Waste PILOT $26K, BSM 3 bookkeeping, legal, audit, management 4 Depreciation 5 HUD Loan Principal 6 HUD Loan Interest 7 CRC Grants - Covid $60K , Franklin Alley $66K and Siemens $10K 8 Grid = $10,765 x 11 months = 118413 + BSM $1k/month County Waste Rent $70K 9 PILOT from County Waste and Sale of Alamo 10 Depreciation $5,041 +County Waste and ELOT PILOTs $28,000 + $20K Insurance