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PHONE: 315.435.3770 FAX: 315.435.3669 SYRACUSECENTRAL.COM Finance Committee Meeting Agenda Tuesday, October 13, 2020 8:00 AM Call to Order the Meeting of the OCIDA Finance Committee A. Approval of the Minutes of the August 11, 2020 Meeting of the Committee
1. Self-Evaluation of the Committee: The Committee members will review the Finance committee members’ evaluations Action Requested: A Resolution of the Committee to transmit the summary evaluation with/without comment to the Governance Committee for review and recommendation to the Board.
Representative: Nancy Lowery, Secretary
The Committee members will review the Committee’s Charter.
Action Requested: A Resolution of the Committee to transmit the Committee Charter with/without comment to the Governance Committee for review and recommendation to the Board. Representative: Nancy Lowery, Secretary
The Committee members will review the Draft Annual Report Action Requested: A Resolution of the Committee to transmit the Committee Annual Report with/without comment to Governance Committee for review and recommendation to the Board. Representative: Nancy Lowery, Secretary 4. 2021 Agency Budget Committee Action Requested: A Resolution of the Committee to transmit the 2021 Agency Budget to the full Board for adoption.
Representative: Nate Stevens, Treasurer Adjourn page1
Onondaga County Industrial Development Agency Finance Committee Meeting Minutes August 11, 2020 A Finance Committee meeting of the Onondaga County Industrial Development Agency was held on Tuesday, August 11, 2020 at the 333 West Washington Street, Syracuse, New York in the large conference room on the first floor.
Victor Ianno called the meeting to order at 8:09 am with the following:
PRESENT:
Victor Ianno Steve Morgan Patrick Hogan
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Karen Doster, Recording Secretary Jeff Davis, Barclay Damon Law Firm Amanda Mirabito, Barclay Damon Law Firm Carolyn Evans-Dean, Office of Economic Development Steve Morgan, OCIDA Board Member Susan Stanczyk, OCIDA Board Member Janice Herzog, OCIDA Board Member Kevin Ryan, OCIDA Board Member Fanny Villarreal, OCIDA Board Member Ken Bush, County Legislator Melissa Clark, Abundant Solar Power APPROVAL OF FINANCE COMMITTEE MEETING MINUTES – DECEMBER 10, 2019 Upon a motion by Steve Morgan, seconded by Patrick Hogan, the OCIDA Finance Committee approved the Finance Committee meeting minutes of December 10, 2019. Motion was carried.
Nate Stevens stated every year the Board has two Finance Committee meetings and in the summer months staff typically proposes a draft budget. He stated towards the end of the year page2 staff proposes a finalized budget once more factors are known for the next fiscal year. He stated the Board at that time will adopt the Budget. He stated this is more an advisory budget. Patrick Hogan stated the Board is cognizant of the tremendous stress County government has and the stress might be transferred to the IDA regarding recent Covid problems. Robert Petrovich stated year after year the budget has not changed substantively and we seem to be in relatively good shape.
Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Finance Committee approved a resolution to transmit the 2021 Agency Budget to the Board for approval. Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Board adjourned the meeting at 8:12 am. Motion was carried.
____________________________________ Nancy Lowery, Secretary page3
PHONE: 315.435.3770 FAX: 315.435.3669 WWW.ONGOVED.COM
Somewhat Somewhat Criteria Agree Agree Disagree Disagree Do Committee members understand the Committee’s charter, duties & responsibilities 3 as exhibited by its formal agendas, actions and reports?
Is the Committee comprised of members who are independent as defined by the NYS 3 Authorities Budget Office and who bring a body of expertise, knowledge, and experience necessary to understand and fulfill the goals and duties of the Committee?
Does the Committee require a member to recuse him/herself if an appearance of a 3 financial or other conflict might appear to influence a vote of the committee member or the committee as a whole?
Does the Committee require a member to acknowledge a financial conflict of interest, as 3 defined in Board policy, with any project or action that has come before the Committee during the tenure of the Committee member?
Does the Committee receive advance copies of agendas and supporting material necessary for 3 it to make an informed determinations or recommendations to the Board?
Does the Committee acknowledge and encourage open discussion by its members and 3 staff during committee meetings?
Does the Committee present a self-evaluation to the Board annually, including an 3 examination the Committee Charter?
This Finance Committee Charter was adopted by the Members of the Onondaga County Industrial Development Agency, a public benefit corporation established under the laws of the State of New York, on this 11th day of February 2010.
Purpose Pursuant to Article VI, Section 3 of the Agency’s bylaws, the purpose of the finance committee shall be to (1) review proposals for the issuance of debt by the Agency; and (2) provide recommendations to the Agency regarding the issuance of debt.
Powers of the Finance Committee It shall be the responsibility of the Finance Committee to:
Review proposals for the issuance of debt for the Agency and make recommendations to the Agency regarding the issuance of such debt.
Seek any information it requires from the Agency and project applicants regarding the proposals for the issuance of debt Retain and consult with, at the Agency’s expense, such outside counsel, experts and other advisors as the Finance Committee may deem appropriate.
Composition of Committee and Selection of Members The Finance Committee is established as set forth in and pursuant to Article VI, Section 3 of the Agency’s bylaws. The Finance Committee shall be comprised of a minimum of three independent members. The Agency’s Chair will appoint the Finance Committee members and the Finance Committee Chair.
Finance Committee members shall be prohibited from being an employee of the Agency or an immediate family member of an employee of the Agency. In addition, Finance Committee members shall not engage in any private business transactions with the Agency or receive compensation from any private entity that has material business relationships with the Agency, or be an immediate family member of an individual that engages in private business transactions with the Agency or receives compensation from an entity that has material business relationships with the Agency.
The members of the Finance Committee shall possess the necessary skills to understand the duties and functions of the Finance Committee. Including an understanding of the types of debt issued by the Agency.
Finance Committee Charter 5‐C.1
Adopted February 11, 2010
page5 Meetings The Finance Committee will meet a minimum of twice a year, with the expectation that additional meetings may be required to adequately fulfill all the obligations and duties outlined in the charter.
Members of the Finance Committee are expected to attend each committee meeting, in person or via videoconference. The Finance Committee may invite other individuals, such as members of management, financers or other technical experts to attend meetings and provide pertinent information, as necessary.
Meeting agendas will be prepared for every meeting and provided to the Finance Committee members along with briefing materials before the scheduled Finance Committee meeting. The Finance Committee will act only on the affirmative vote of a majority of the members at a meeting or by the consent of a majority of the members. Minutes of these meetings will be recorded.
Responsibilities The Finance Committee shall have responsibilities related to the issuance of debt by the Agency. The Finance Committee shall:
Present annually to the Agency’s members a written report of how it has discharged its duties and met its responsibilities as outlined in the charter.
Obtain any information and training needed to enhance the Committee members’ understanding of the issuance of debt by the Agency Review the Committee’s charter annually, reassess its adequacy, and recommend any proposed changes to the Members of the Agency. The Finance Committee charter will be updated as applicable laws, regulations and standards change.
Conduct an annual self‐evaluation of its performance, including its effectiveness and compliance with the charter and request member approval for proposed changes. Finance Committee Charter 5‐C.2
Adopted February 11, 2010
page6
OCIDA 2021 Budget Draft 1.a. Operational Expenses 2018 Actuals 2019 Actuals 2020 Budget 2020 YTD 2021 Budget Onondaga County Office $ 551,834 $ 655,749 $ 900,000 $ 277,633 $ 1,008,000 Marketing $ - $ 2,220 $ 15,000 $ - $ - Legal Services $ 28,782 $ 220,106 $ 20,000 $ 57,644 $ 50,000 Accounting Services $ 1,499 $ 1,499 $ 2,000 $ 1,558 $ 2,000 Annual Audit $ 13,000 $ 13,000 $ 13,000 $ 13,000 $ 13,000 Other Professional Services $ 1,980 $ 1,260 $ 20,000 $ 11,088 $ 20,000 Insurance $ 5,877 $ 6,914 $ 8,000 $ 5,664 $ 6,000 Office Expenses $ 4,454 $ 8,201 $ 3,000 $ 2,797 $ 5,000 Meetings $ 2,593 $ 19,182 $ 15,000 $ 8,253 $ 15,000 Rent $ 58,881 $ 58,841 $ 65,000 $ 14,905 $ 65,000 Other Operating Exp $ 27,067 $ 55,402 $ 25,000 $ 1,098 $ 25,000 Subtotal Operational Expenses $ 695,967 $ 1,042,373 $ 1,086,000 $ 393,639 $ 1,209,000 1.b. Agency Program Expenses 2018 Actuals 2019 Actuals 2020 Budget 2020 YTD 2021 Budget Project Expenses $ 12,500 $ 12,500 $ - $ - $ - Property Reserve $ - $ - $ 150,000 $ - $ 150,000 WPCP Marketing $ 16,107 $ 30,514 $ 25,000 $ 14,333 $ 25,000 WPCP Development $ 468,975 $ 277,993 $ 200,000 $ 25,157 $ 200,000 North Salina $ 28,143 $ 5,702 $ 10,000 $ 6,824 $ 7,000 800 Hiawatha $ 699,722 $ 90,508 $ 55,000 $ 4,550 $ 55,000 Subtotal Program Expenses $ 1,225,447 $ 417,217 $ 440,000 $ 50,864 $ 437,000 Total Operational and Program Expenses $ 1,921,414 $ 1,459,590 $ 1,526,000 $ 444,503 $ 1,646,000 OCIDA 2021 Budget Draft 2. Revenue 2018 Actuals 2019 Actuals 2020 Budget 2020 YTD 2021 Budget Agency Revenues $ 1,427,729 $ 1,887,593 $ 1,483,000 $ 2,200,440 $ 1,603,000 Interest Income $ 9,507 $ 8,036 $ 6,000 $ 636 $ 6,000 Lease Payments $ 12,250 $ 13,750 $ 12,000 $ 6,500 $ 12,000 Other Operating Income $ 14,159 $ 179,622 $ 25,000 $ 1,337,870 $ 25,000 Subsidies Grants Donations $ 277,209 $ 130,119 $ - $ 2,744 $ - Total Revenues $ 1,740,854 $ 2,219,120 $ 1,526,000 $ 3,548,190 $ 1,646,000 Revenue - Expenses $ (180,560) $ 759,530 $ - $ 3,103,687 $ - page7