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PHONE: 315.435.3770 FAX: 315.435.3669 SYRACUSECENTRAL.COM Finance Committee Meeting Agenda August 10, 2021 8:00 AM Call to Order the Meeting of the OCIDA Finance Committee A. Approval of the Minutes of the October 13, 2020 Meeting of the Committee
1. Review of proposed OCIDA 2022 Budget.
Representative: Nate Stevens, Treasurer Call to Adjourn the Meeting of the OCIDA Finance Committee Onondaga County Industrial Development Agency Finance Committee Meeting Minutes October 13, 2020 A Finance Committee meeting of the Onondaga County Industrial Development Agency was held on Tuesday, October 13, 2020 at the 333 West Washington Street, Syracuse, New York in the large conference room on the first floor.
Chairperson Victor Ianno called the meeting to order at 8:01 am with the following:
PRESENT:
Victor Ianno Steve Morgan Patrick Hogan
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nancy Lowery, Secretary Nate Stevens, Treasurer Karen Doster, Recording Secretary Carolyn Evans-Dean, Economic Development Amanda Mirabito, Barclay Damon Law Firm APPROVAL OF FINANCE COMMITTEE MEETING MINUTES – AUGUST 11, 2020 Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Finance Committee approved the Finance Committee meeting minutes of August 11, 2020. Motion was carried.
Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Finance Committee approved a resolution to transmit the Finance Committee summary evaluations without comment to the Governance Committee for review and recommendation to the Board. Motion was carried.
Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Finance Committee approved a resolution to transmit the Finance Committee Charter without comment to the Governance Committee for review and recommendation to the Board. Motion was carried.
Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Finance Committee approved a resolution to transmit the Committee Annual Report without comment to the Governance Committee for review and recommendation to the Board. Motion was carried.
Patrick Hogan asked for an explanation on the year to date rent. Nate Stevens stated the year to date rent is expensed in the books as $14,000 but is budgeted as $60,000. He stated this is simply a lag in the billing and he expects the total to be around $60,000 this year and next year. 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 full Board for adoption. Motion was carried.
Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Board adjourned the meeting at 8:06 am. Motion was carried.
____________________________________ Nancy Lowery, Secretary 2 OCIDA 2022 Draft Budget (as of August 2021) 1.a. Operational Expenses 2019 Actuals 2020 Actuals 2021 Budget 2021 YTD 2022 Budget Onondaga County Office $ 655,749 $ 413,547 $ 1,008,000 $ 281,488 $ 1,008,000 Marketing $ 2,220 $ 657 $ - $ 728 $ - Legal Services $ 220,106 $ 200,734 $ 50,000 $ 19,733 $ 50,000 Accounting Services $ 1,499 $ 1,558 $ 2,000 $ 1,558 $ 2,000 Annual Audit $ 13,000 $ 13,000 $ 13,000 $ 14,000 $ 14,000 Other Professional Services $ 1,260 $ 11,050 $ 20,000 $ 15,360 $ 20,000 Insurance $ 6,914 $ 5,664 $ 6,000 $ 5,809 $ 6,000 Office Expenses $ 8,201 $ 10,070 $ 5,000 $ 4,500 $ 10,000 Meetings $ 14,004 $ 7,259 $ 15,000 $ 6,298 $ 15,000 Rent $ 58,841 $ 59,613 $ 65,000 $ 29,418 $ 65,000 Other Operating Exp $ 60,580 $ 282,446 $ 25,000 $ 44,406 $ 25,000 Subtotal Operational Expenses $ 1,042,373 $ 1,005,596 $ 1,209,000 $ 423,299 $ 1,215,000 1.b. Agency Program Expenses 2019 Actuals 2020 Actuals 2021 Budget 2021 YTD 2022 Budget Project Expenses $ 12,500 $ - $ - $ - $ - Property Reserve $ - $ - $ 150,000 $ - $ 150,000 WPCP Marketing $ 15,014 $ 15,014 $ 25,000 $ 11,579 $ 25,000 WPCP Development $ 277,992 $ 782,823 $ 200,000 $ 292,180 $ 200,000 North Salina $ 6,873 $ 6,873 $ 7,000 $ 1,170 $ 7,000 800 Hiawatha $ 90,508 $ 20,438 $ 55,000 $ 7,475 $ 55,000 Subtotal Program Expenses $ 402,888 $ 825,149 $ 437,000 $ 312,404 $ 437,000 Total Operational and Program Expenses $ 1,445,262 $ 1,830,745 $ 1,646,000 $ 735,703 $ 1,652,000 OCIDA 2022 Draft Budget (as of August 2021) 2. Revenue 2019 Actuals 2020 Actuals 2021 Budget 2021 YTD 2022 Budget Agency Revenues $ 1,887,593 $ 2,424,936 $ 1,603,000 $ 858,872 $ 1,609,000 Interest Income $ 8,036 $ 1,577 $ 6,000 $ 591 $ 6,000 Lease Payments $ 13,750 $ 11,000 $ 12,000 $ 6,250 $ 12,000 Other Operating Income $ 179,622 $ 1,343,337 $ 25,000 $ 510,195 $ 25,000 Subsidies Grants Donations $ 130,119 $ 241,225 $ - $ - $ - Total Revenues $ 2,219,120 $ 4,022,075 $ 1,646,000 $ 1,375,908 $ 1,652,000 Revenue - Expenses $ 773,858 $ 2,191,330 $ - $ 640,205 $ -