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PHONE: 315.435.3770 FAX: 315.435.3669 SYRACUSECENTRAL.COM Finance Committee Meeting Agenda August 18, 2022 8:00 AM Call to Order the Meeting of the OCIDA Finance Committee A. Approval of the Minutes of the October 19, 2021 Meeting of the Committee
PHONE: 315.435.3770 FAX: 315.435.3669 SYRACUSECENTRAL.COM Finance Committee Meeting Agenda August 18, 2022 8:00 AM Call to Order the Meeting of the OCIDA Finance Committee A. Approval of the Minutes of the October 19, 2021 Meeting of the Committee
1. Review of proposed OCIDA 2023 draft 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 19, 2021 A Finance Committee meeting of the Onondaga County Industrial Development Agency was held on Tuesday, August 10, 2021 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 8:17 am with the following:
PRESENT:
Victor Ianno Patrick Hogan Steve Morgan
ABSENT:
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Karen Doster, Recording Secretary Jeff Davis, Barclay Damon Law Firm Amanda Podlas, Barlcay Damon Law Firm APPROVAL OF FINANCE COMMITTEE MEETING MINUTES – AUGUST 10, 2021 Upon a motion by Steve Morgan, seconded by Patrick Hogan, the OCIDA Finance Committee approved the Finance Committee meeting minutes of August 10, 2021. Motion was carried.
1. Review of proposed OCIDA 2023 draft 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 19, 2021 A Finance Committee meeting of the Onondaga County Industrial Development Agency was held on Tuesday, August 10, 2021 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 8:17 am with the following:
PRESENT:
Victor Ianno Patrick Hogan Steve Morgan
ABSENT:
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Karen Doster, Recording Secretary Jeff Davis, Barclay Damon Law Firm Amanda Podlas, Barlcay Damon Law Firm APPROVAL OF FINANCE COMMITTEE MEETING MINUTES – AUGUST 10, 2021 Upon a motion by Steve Morgan, seconded by Patrick Hogan, the OCIDA Finance Committee approved the Finance Committee meeting minutes of August 10, 2021. Motion was carried.
Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Finance Committee approved a resolution to transmit the summary evaluation 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 summary evaluation without comment to the Governance Committee for review and recommendation to the Board. Motion was carried.
Upon a motion by Steve Morgan, seconded by Patrick Hogan, the OCIDA Finance Committee approved a resolution to transmit the Committee Charter without comment to the Governance Committee for review and recommendation to the Board. Motion was carried.
Upon a motion by Steve Morgan, seconded by Patrick Hogan, the OCIDA Finance Committee approved a resolution to transmit the 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.
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.
Steve Morgan stated the expenses have dropped significantly from what was budgeted for 2021 and asked what the leading reason is for that. Nate Stevens stated he has been working with the County to finalize the county contract.
Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Finance Committee approved a resolution to transmit the 2022 Agency budget to the full Board for adoption. Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Board adjourned the meeting at 8:20 am. Motion was carried.
____________________________________ Nancy Lowery, Secretary
Steve Morgan stated the expenses have dropped significantly from what was budgeted for 2021 and asked what the leading reason is for that. Nate Stevens stated he has been working with the County to finalize the county contract.
Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Finance Committee approved a resolution to transmit the 2022 Agency budget to the full Board for adoption. Upon a motion by Patrick Hogan, seconded by Steve Morgan, the OCIDA Board adjourned the meeting at 8:20 am. Motion was carried.
____________________________________ Nancy Lowery, Secretary OCIDA 2023 Draft Budget (as of August 15, 2022) 1. Operating Expenses/Program Expenses 2021 Actual 2022 Budget 2022 YTD 2023 Budget Onondaga County - Contractual Support Services $ - $ 800,000 $ 342,021 $ 816,000 General & Administrative $ 215,680 $ 529,700 $ 795,787 $ 540,294 Financial Assistance Grants $ 41,907 $ 42,000 $ - $ 42,840 Pass-through expense (PILOT Payments) $ 2,910 $ 3,000 $ 6,198,826 $ 3,060 Depreciation Expense $ 16,898 $ 17,000 $ - $ 17,340 Professional Fees $ 33,546 $ 34,000 $ 18,220 $ 34,680 Other Expenses $ 5,436 $ 5,500 $ - $ 5,610 Seminars & Meetings $ 10,546 $ 10,600 $ 25,865 $ 10,812 Interest Expense $ 2,129 $ 2,200 $ - $ 2,244 Subtotal Operational Expenses $ 329,052 $ 1,444,000 $ 1,181,892 $ 1,472,880 OCIDA 2023 Draft Budget (as of August 15, 2022) 1. Operating Expenses/Program Expenses 2021 Actual 2022 Budget 2022 YTD 2023 Budget Onondaga County - Contractual Support Services $ - $ 800,000 $ 342,021 $ 816,000 General & Administrative $ 215,680 $ 529,700 $ 795,787 $ 540,294 Financial Assistance Grants $ 41,907 $ 42,000 $ - $ 42,840 Pass-through expense (PILOT Payments) $ 2,910 $ 3,000 $ 6,198,826 $ 3,060 Depreciation Expense $ 16,898 $ 17,000 $ - $ 17,340 Professional Fees $ 33,546 $ 34,000 $ 18,220 $ 34,680 Other Expenses $ 5,436 $ 5,500 $ - $ 5,610 Seminars & Meetings $ 10,546 $ 10,600 $ 25,865 $ 10,812 Interest Expense $ 2,129 $ 2,200 $ - $ 2,244 Subtotal Operational Expenses $ 329,052 $ 1,444,000 $ 1,181,892 $ 1,472,880 OCIDA 2023 Draft Budget (as of August 15, 2022) 2. Revenue 2021 Actual 2022 Budget 2022 YTD 2023 Budget Agency Revenues $ 1,345,756 $ 1,401,000 $ 1,627,622 $ 1,429,020 Onondaga County Reimbursement $ 663,002 $ - $ - $ - Development Costs Reimbursement $ 165,552 $ - $ - $ - Pass-through Income (PILOT Payments) $ 2,910 $ - $ 6,198,826 $ - Rent Income $ 11,500 $ 12,000 $ 8,500 $ 12,240 Subsidies Grants Donations $ 134,116 $ - $ 505,291 $ - Other Income $ 12,114 $ 25,000 $ 5,418 $ 25,500 Interest Income $ 739 $ 6,000 $ 273 $ 6,120 Total Revenues $ 2,335,689 $ 1,444,000 $ 2,147,105 $ 1,472,880 Revenue - Expenses $ 2,006,637 $ - $ 965,212 $ - OCIDA 2023 Draft Budget (as of August 15, 2022) 2. Revenue 2021 Actual 2022 Budget 2022 YTD 2023 Budget Agency Revenues $ 1,345,756 $ 1,401,000 $ 1,627,622 $ 1,429,020 Onondaga County Reimbursement $ 663,002 $ - $ - $ - Development Costs Reimbursement $ 165,552 $ - $ - $ - Pass-through Income (PILOT Payments) $ 2,910 $ - $ 6,198,826 $ - Rent Income $ 11,500 $ 12,000 $ 8,500 $ 12,240 Subsidies Grants Donations $ 134,116 $ - $ 505,291 $ - Other Income $ 12,114 $ 25,000 $ 5,418 $ 25,500 Interest Income $ 739 $ 6,000 $ 273 $ 6,120 Total Revenues $ 2,335,689 $ 1,444,000 $ 2,147,105 $ 1,472,880 Revenue - Expenses $ 2,006,637 $ - $ 965,212 $ -