Typeset from the PDF of the official document (read by OCR) — headings, motions and recorded votes are detected automatically, so spacing may differ from the original. The official copy governs.
Onondaga County Industrial Development Agency Audit Committee Meeting Minutes March 11, 2014 An Audit Committee meeting of the Onondaga County Industrial Development Agency was held on Tuesday, March 11, 2014, at the 333 West Washington Street, Syracuse, New York in the small conference room on the first floor.
Chairperson Janice Herzog called the meeting to order at 7:49 am with the following:
PRESENT:
Donna DeSiato Janice Herzog Lisa Dell
ALSO PRESENT:
Mary Beth Primo, OCIDA, Executive Director Julie Cerio, Office of Economic Development, Director Kristi Smiley, OCIDA, Secretary & Treasurer Karen Doster, Recording Secretary, Agency Nora Spillane, Office of Economic Development Tony Rivizzigno, Gilberti Law Firm Dave Moynihan, Testone, Marshall & Discenza APPROVAL OF AUDIT MEETING MINUTES — NOVEMBER 7, 2013 Upon a motion by Donna DeSiato, seconded by Lisa Dell, the OCIDA Audit Committee approved the minutes of the November 7, 2014 meeting. Motion was carried.
David Moynihan stated that the audit went very well. He stated that there is a footnote disclosure that the information still needs to be filled in but it is from an outside source which is not in yet. He stated that it doesn’t change the numbers and it is just a disclosure. He stated that the draft financial statements say that in their opinion the financial statements do present the financial position and results of operation of the Agency. He stated that it is an unmodified opinion or clean opinion. He stated that in the years that he has been involved with OCIDA, it had the best year it ever had. He stated that Page 8 is a recap of the revenues and the expenses of the Agency for the year. He stated that the total revenues for the year were $562,000 versus $298,000 the year before which is a significant increase. He stated that almost all of it is in Agency fees. He stated the operating expenses were nearly $50,000 less. He stated 1 that the key ratio anyone is going to look at is what the difference is between the current assets, things that are cash or expected to be cash within the next 12 twelve months, versus what the Agency owes within the next 12 months. He stated that the Agency has a ratio of approximately 4 to 1. He stated that the Agency has $1,428,000 of current assets and current liabilities are $373,000 which makes the Agency fairly liquid. He stated that the Agency has no long term debt left with the Hancock Field being done this year. He stated that all the debt related to Hancock Field, $126,666, is considered due this year. He stated that the notes receivable $233,000 also relates to Hancock Field so the Agency will get the money from Hancock Field and then pay the note related to Hancock Field. He stated that the net position is what the Agency is worth. He stated that they are required to break it into three categories. He stated that $2,319,000 is in capital assets, which is the land. He stated that most of the assets are unrestricted and that means that they are the Agency’s to do with as the Board seems fit. He stated that restrictions only come from the outside not from the inside.
David Moynihan stated that the list of notes due to the Agency as of December31 is listed. He stated that it shows what is designated for contract, how much we contracted for, how much have we used and how much is still designated but not used. He stated that it shows where the Agency stands on each of the projects. He stated that they went over this in great detail with management last week. (Donna DeSiato arrived at meeting.) David Moynihan stated that they are required because the Agency is a governmental agency, to audit under government auditing standards and it is not just regular auditing standards. He stated that it is a higher level. He stated that they have to look at the internal control, financial recording and whether the Agency is compliance with laws and regulations. He stated for having a small staff, the Agency does a good job of segregating the duties and reviews and checks. He stated that they have not identified any internal control deficiencies that they think rise to the level of a significant deficiency or material weakness. He stated that material weakness is worse than significant deficient but you really don’t want either. He stated that 70% of his governmental jobs have either significant deficiency or material weakness so not to have one is pretty good. He stated that they worked very closely with management to get through the audit. He stated that there is another communication document because they really work for the Board and Audit Committee. He stated that there were no issues during the audit, there were no significant adjustments to the books, no disagreements with management and no other issues came up during the course of the audit that should be brought to the governing body for consideration. Janice Herzog stated that staff always does a great job in keeping everyone informed.
Upon a motion by Donna DeSiato, seconded by Lisa Dell, the OCIDA Board approved a resolution of the Committee recommending to the Board approval of the 2013 Audit of the Agency.
The Committee adjourned the meeting at 7:59