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Onondaga County Industrial Development Agency Audit Committee Meeting Minutes March 13, 2018 An Audit Committee meeting of the Onondaga County Industrial Development Agency was held on Tuesday, March 13, 2018, at the 333 West Washington Street, Syracuse, New York in the large conference room on the first floor.
Chairperson Janice Herzog called the meeting to order at 8:00 am with the following:
PRESENT:
Janice Herzog Patrick Hogan
ABSENT:
Susan Stanezyk
ALSO PRESENT:
Julie Cerio, OCIDA, Executive Director Isabelle Harris, Secretary Nate Stevens, Treasurer Karen Doster, Recording Secretary, Agency Tony Rivizzigno, Gilberti Law Firm Mike Lisson, Grossman St. Amour, PLLC Steve Morgan, OCIDA Board Member APPROVAL OF AUDIT COMMITTEE MEETING MINUTES — MARCH 7, 2017 Upon a motion by Patrick Hogan, seconded by Janice Herzog, the OCIDA Audit Committee approved the minutes of the March 7, 2017 meeting. Motion was carried.
Mike Lisson stated most of the changes in the Agency’s financial statements this year are note disclosures. He stated there is a disclosure on the money being spent by the Agency for cleanup at the Hiawatha Boulevard property. He stated the disclosure describes the pollution remediation and what the Agency is doing. He stated right now the land value is $604,000. He stated it’s important because from the accounting standpoint you have to look at the fair value of the entire property and land, when it gets above a certain number we can’t capitalize anymore cleanup type costs. He stated we are at about $604,000 in clean up and environmental cleanup costs.
Janice Herzog asked what the cap number is. Mike Lisson stated about $1,500,000. He stated it is fair value of the entire property so once we get to that level we have to be cautious not to capitalize anymore and expense as we go forward.
Mike Lisson stated it is required under accounting standards to describe the tax abatement programs under footnotes along with describing policy and procedures and recapture policy. He stated the Agency had about $195,000 mortgage taxes abated, $1,200,000 in sales tax and about a $3,500,000 under PILOTs. He stated in the financial statements you are required to break out all the bonds outstanding with OCIDA and there is a supplementary schedule showing about 3 pages of bonds outstanding. He stated in the beginning of the year the Agency had about $146,000,000 in total bonds outstanding, $10,000,000 in new bonds issued and payments against those bonds for about $24,000,000 totaling $131,000,000. He stated it is just basic information that has already been there but we now the requirement is to have it broken out and disclosed in the footnotes.
Mike Lisson stated the audit went well and they have a clean unmodified audit opinion. He stated there are no control weaknesses or concerns and no compliance issues. He stated excellent management. Upon a motion by Patrick Hogan, seconded by Janice Herzog, the OCIDA Audit Committee approved a resolution recommending to the Board approval of the 2017 Audit of the Agency.
Upon a motion by Patrick Hogan, seconded by Janice Herzog, the OCIDA Audit Committee adjourned i 7 ee enevieve Suits, Se€cbtary the meeting at 8:07 am. Motion was carried.