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PHONE: 315.435.3770 FAX: 315.435.3669 ONGOVED.COM Audit Committee Agenda March 23, 2023 8:30 A.M. Call to Order Meeting of the Audit Committee 1. Approval of the Minutes of the October 6, 2022 Meeting of the Audit Committee Action Items:
Review and Discussion of the 2022 Audit of the Agency Committee Action Requested:
a. A resolution of the Committee recommending to the Board approval of the 2022 Audit of the Agency.
Representative: Mike Lisson, Auditor, Grossman St. Amour CPAs Adjourn Onondaga County Industrial Development Agency Audit Committee Meeting Minutes October 6, 2022 An Audit Committee meeting of the Onondaga County Industrial Development Agency was held on Thursday, October 6, 2022, 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 7:59 am with the following:
PRESENT:
Janice Herzog Susan Stanczyk Patrick Hogan
PHONE: 315.435.3770 FAX: 315.435.3669 ONGOVED.COM Audit Committee Agenda March 23, 2023 8:30 A.M. Call to Order Meeting of the Audit Committee 1. Approval of the Minutes of the October 6, 2022 Meeting of the Audit Committee Action Items:
Review and Discussion of the 2022 Audit of the Agency Committee Action Requested:
a. A resolution of the Committee recommending to the Board approval of the 2022 Audit of the Agency.
Representative: Mike Lisson, Auditor, Grossman St. Amour CPAs Adjourn Onondaga County Industrial Development Agency Audit Committee Meeting Minutes October 6, 2022 An Audit Committee meeting of the Onondaga County Industrial Development Agency was held on Thursday, October 6, 2022, 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 7:59 am with the following:
PRESENT:
Janice Herzog Susan Stanczyk Patrick Hogan
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Jeff Davis, Barclay Damon Law Firm Brian Gerling, Barclay Damon Law Firm 1
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Jeff Davis, Barclay Damon Law Firm Brian Gerling, Barclay Damon Law Firm Matthew Pelligra, Office of Economic Development Parminder Banga, Cryomech, Inc.
Rich Dausman, Cryomech, Inc.
Suhail Partawi, Hinsdale Road Bruce Armistead, Hinsdale Road Anthony D’Elia, Hinsdale Road Chad Hill, Hinsdale Road APPROVAL OF AUDIT MEETING MINUTES – MARCH 8, 2022 Upon a motion by Patrick Hogan, seconded by Susan Stanczyk, the OCIDA Audit Committee approved the minutes of the March 8, 2022 meeting. Motion was carried.
Upon a motion by Patrick Hogan, seconded by Susan Stanczyk, the OCIDA Audit Committee approved a resolution to transmit the summary self-evaluation without comment to the Governance Committee for review and recommendation to the Board. Motion was carried.
1
Nancy Lowery stated there are no changes to the Committee Charter.
Upon a motion by Patrick Hogan, seconded by Susan Stanczyk, the OCIDA Audit 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.
Nancy Lowery gave a short review of the Annual Report.
Upon a motion by Patrick Hogan, seconded by Susan Stanczyk, the OCIDA Audit Committee approved a resolution to transmit the 2022 Committee Annual Report to the Governance Committee for review and recommendation to the Board. Motion was carried.
Mike Lisson stated the presentation was sent in advance. He stated from the audit standpoint there are not a lot of major changes coming down the pipeline. He stated there are a few new accounting standards but really are not going to apply to the Agency until the year 2023 or 2024. He stated it is going to be a quiet year and a routine audit. He stated they will review the normal risk assessment and controls and processes. He stated they will work closely with Alexis Rodriguez and the Economic Development team who have always been great to work with. He stated he expects it to be a smooth sailing audit.
Patrick Hogan asked if Grossman St. Amour has the ability to expand the audit scope. Mike Lisson stated yes and anything that comes up keep him posted. He stated they are willing to help with anything the Agency needs.
2
Upon a motion by Patrick Hogan, seconded by Susan Stanczyk, the OCIDA Audit Committee adjourned the meeting at 8:04 am. Motion was carried.
____________________________________ Nancy Lowery, Secretary 3 Annual Meeting March 23, 2023 Michael Lisson, CPA, CITP Partner
Syracuse, New York 13202 1 315.424.1120 • www.gsacpas.com
REQUIRED COMMUNICATIONS ANNUAL FINANCIAL INFORMATION FINANCIAL STATEMENTS INVESTMENT POLICY COMPLIANCE REPORT ON INTERNAL CONTROL & OTHER COMPLIANCE OTHER INFORMATION Required Communications Required by Generally Accepted Governmental Auditing Standards (GAGAS) AU‐C Section 260, The Auditor’s Communication with Those Charged with Governance Those Charged with Governance Responsible for overseeing strategic direction of entity Responsible for obligations related to accountability Oversees the financial reporting process, including internal controls Slide 1 Required Communications (continued) Auditor’s Responsibilities with Regard to the Financial Statement Audit We form and express an opinion on your financial statements. Does not relieve management or the board of their responsibilities Further described in the annual engagement letter Planned Scope and Timing of the Audit Communicated on October 6, 2022 We carried out our audit consistent with the planned scope and timing previously communicated Significant Risks Identified:
Revenue Recognition Investment in real property A significant risk for our audit purposes are risks relating to amounts or disclosures in the financial statements that require special audit consideration because of the likelihood and magnitude of the potential misstatement. We consider certain factors to determine whether a risk is a significant risk.
Slide 2 Required Communications (continued) Qualitative aspects of significant accounting practices The notes to financials describes significant accounting practices Pollution remediation obligations (note 2) Investment in real property ‐ $29.5m (note 2) Financial assistance program (note 3) Tax abatement programs (note 4) Property leases and bonds payable (conduit debt‐$68.8m) (note 9) Note payable to Onondaga County ‐ $25.9m (note 12) Significant estimates Depreciable lives (5 to 39 years) Pollution remediation obligations Financials and notes are fairly consistent with prior year and are fairly presented.
Difficulties encountered in performing the audit None. Management is well prepared and was extremely helpful in assisting and preparing information for the audit Slide 3 Required Communications (continued) Uncorrected and corrected misstatements There were no uncorrected misstatements that were not recorded by management Entries during the course of the audit related to depreciation expense ($17k), OED expense not required to be funded per Onondaga County ($699k) and interest on note payable to Onondaga county ($487k) Slide 4 Required Communications (continued) Disagreements with management None to report Management Representations Letter dated March 23, 2023 Management Consultations with Other Independent Accountants No consultations have been noted Compliance with All Ethics Requirements regarding independence Appropriate safeguards applied to eliminate/reduce identified threats to independence, primarily related to non‐audit services provided. Non‐audit services include:
Preparation of the financial statements (deemed a “significant threat”) Other Audit Findings or Issues None to report Slide 5 Annual Financial Information Financial Statements Unmodified (“clean”) audit opinion (pgs 1‐3) Change in format and wording of opinion this year Report on required supplementary information (RSI) Other information Management’s Discussion and Analysis (pgs 4‐7) Statements of Net Position (pg 8) Statements of Revenues, Expenses & Changes in Net Position(pg 9) Statements of Cash Flows (pgs 10‐11) Notes to financial statements (pgs 12‐21) Supplemental Schedule (NYS requirement) (pgs 22‐23) Slide 6 Annual Financial Information Net Position Summary Year Ended December 31,
Cash and cash equivalents $ 4,051,978 $ 2,975,229 $ 5,069,972 Receivables ‐ agency fees 417,245 282,570 269,149 Receivables ‐ White Pines pass through 209,113 ‐ ‐ Receivables ‐ PILOT pass through 32,471 32,765 ‐ Capital assets 4,766,163 4,488,414 4,502,156 Investment in real property 29,508,083 6,180,006 ‐ Total assets 38,985,053 13,958,984 9,841,277 Current liabilities 624,164 749,875 386,715 Note payable to Onondaga County 25,888,840 1,747,910 ‐ Total liabilities 26,513,004 2,497,785 386,715 Net position:
Net investment in capital assets 4,766,163 4,488,414 4,502,156 Unrestricted 7,705,886 6,972,785 4,952,406 Total net position $ 12,472,049 $ 11,461,199 $ 9,454,562 Slide 7 Annual Financial Information Change in Net Position Summary Year Ended December 31,
Operating revenues $ 2,887,193 $ 2,334,950 $ 2,803,839 Operating expenses 1,392,265 326,923 1,951,084 Operating income (loss) 1,494,928 2,008,027 852,755 Other revenues (expenses) (484,078) (1,390) 1,577 Change in net position 1,010,850 2,006,637 854,332 Net position ‐ beginning of year 11,461,199 9,454,562 8,600,230 Net position ‐ end of year $ 12,472,049 $ 11,461,199 $ 9,454,562 Slide 8 Annual Financial Information Financial Highlights Operating Revenues increased $552,243 in 2022 compared to a decrease of $1,079,180 in 2021. This was primarily due to the following:
Increase in overall Agency fees received of $799,429 compared to 2021.
Significant Agency fees included $570,458 from Baldwinsville Senior Housing Preservation LLC, $567,500 from LOSO, LLC, $140,201 from Fayette Manlius LLC and $126,025 Old Seneca Turnpike LLC;
Decrease of $828,554 in 2022 for reimbursement of costs related to the White Pine Commerce Park from Onondaga County; and Increase of $373,811 for reimbursement of development costs from a utility company for work related to the White Pine Commerce Park.
Increase of $206,203 of pass‐through income related to White Pine Commerce Park.
Slide 9 Annual Financial Information Financial Highlights (continued) Operating Expenses increased $1,065,342 in 2022. Development costs increased $660,933 related to White Pine Commerce Park and pass through expense of $206,203 increased also related to the White Pine Commerce Park. General and administrative increased $187,379 primarily due to a cancelled project fee of $155,000.
Slide 10 Annual Other Reporting Investment Policy Compliance Required by NYS Public Authorities Law section 2925 No non‐compliance matters noted or identified Report on Internal Control over Financial Reporting and on Compliance and Other Matters No material weaknesses or non‐compliance matters noted Slide 11
(A DISCRETELY PRESENTED COMPONENT UNIT
December 31, 2022 and 2021
(A Discretely Presented Component Unit of the County of Onondaga, New York) Table of Contents Independent Auditor’s Report 1‐3 Required Supplementary Information:
Management’s Discussion and Analysis (Unaudited) 4‐7 Financial Statements:
Statements of Net Position ‐ December 31, 2022 and 2021 8 Statements of Revenues, Expenses and Changes in Net Position ‐ For the Years Ended December 31, 2022 and 2021 9 Statements of Cash Flows ‐ For the Years Ended December 31, 2022 and 2021 10 ‐ 11 Notes to Financial Statements 12 ‐ 21 Supplementary Information:
Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) 22 ‐ 23 INDEPENDENT AUDITOR’S REPORT Board of Directors Onondaga County Industrial Development Agency Syracuse, New York Report on the Audit of the Financial Statements We have audited the financial statements of the Onondaga County Industrial Development Agency (the Agency), a component unit of the County of Onondaga, New York (the County), as of and for the years ended December 31, 2022 and 2021, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the Agency, as of December 31, 2022 and 2021, and the changes in its financial position and its cash flows thereof for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Agency and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements The Agency's management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to continue as a going concern for one year beyond the financial statement date.
Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Agency’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on pages 4‐7 be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Agency's basic financial statements. The supplemental schedule of revenue bonds and other bonds (conduit debt obligations), as required by New York State General Municipal Law §859 (1) (b), are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplemental schedule of revenue bonds and other bonds (conduit debt obligations) is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedule of revenue bonds and other bonds (conduit debt obligations) is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 23, 2023, on our consideration of the Agency’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulation, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Agency’s internal control over financial reporting and compliance.
Syracuse, New York March 23, 2023
(A Discretely Presented Component Unit of the County of Onondaga, New York)
This section of the Onondaga County Industrial Development Agency’s (the Agency), a discretely presented component unit of Onondaga County, New York (the County), annual financial report presents our discussion and analysis of the Agency’s financial performance during the year ended December 31, 2022. It should be read in conjunction with the Agency’s financial statements and accompanying notes.
The annual financial report of the Agency consists of two parts: Management’s Discussion and Analysis (this section) and the basic financial statements and footnotes. The Agency is a self‐supporting entity. The accounts are recorded in accordance with a proprietary fund type and consist of an enterprise fund. Proprietary fund type operating statements present increases and decreases in net position. The financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. The Agency does not maintain separate fund accounts.
Condensed Comparative Financial Information Year Ended December 31,
Cash and cash equivalents $ 4,051,978 $ 2,975,229 $ 5,069,972 Receivables ‐ agency fees 417,245 282,570 269,149 Receivables ‐ White Pines pass through 209,113 ‐ ‐ Receivables ‐ PILOT pass through 32,471 32,765 ‐ Capital assets 4,766,163 4,488,414 4,502,156 Investment in real property 29,508,083 6,180,006 ‐ Total assets 38,985,053 13,958,984 9,841,277 Current liabilities 624,164 749,875 386,715 Note payable to Onondaga County 25,888,840 1,747,910 ‐ Total liabilities 26,513,004 2,497,785 386,715 Net position:
Net investment in capital assets 4,766,163 4,488,414 4,502,156 Unrestricted 7,705,886 6,972,785 4,952,406 Total net position $ 12,472,049 $ 11,461,199 $ 9,454,562 ‐4‐
(A Discretely Presented Component Unit of the County of Onondaga, New York)
FINANCIAL STATEMENTS (continued) The change in assets, liabilities and net position categories for the year ended December 31, 2022 compared to December 31, 2021 included the following:
Total operating cash increased $1,042,621 due to current operations, which included an increase of cash from Agency fees of $710,940 and $507,927 from National Grid for various grants. The Agency spent $1,857,846 in cash expenses, with $750,744 being related to the White Pine Commerce Park site in 2022. Investment in real property represents the spending related to the White Pine Commerce Park for purchases of land, including incidental costs to purchase such land. The agency spent $23,328,077 for these purchases of in real property during 2022.
Current liabilities decreased $125,711, primarily due to the timing of professional fees related to the White Pine Commerce Park site, offset by a net increase of $357,062 of an escrow for an Agency project. The note payable to Onondaga County of $25,888,840 represents the advances and accrued interest against a note agreement entered into with Onondaga County in 2021 (amended in 2022) which provides up to $45,000,000 of available credit to assist the Agency in funding its program incentives, projects, asset development and work related improvements. The primary use of the advances are related to the White Pine Commerce Park.
The Agency’s total net position increased $1,010,850. Operating revenues exceeded operating expenses by $1,494,928 in the current year, a net decrease of $513,099 from prior year. Operating expenditures totaling $1,392,265 primarily consists of White Pine Commerce Park development costs totaling $725,928 which increased $660,933 compared to 2021. General and administrative expenses totaling $338,064 primarily consist of ordinary business expenses of the Agency, such as rent, professional fees and other Agency related expenses. In addition, included within the $338,064 was an expense of $155,000 for a cancelled project whereby such agency fees were recorded as receivables in 2021.
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(A Discretely Presented Component Unit of the County of Onondaga, New York)
Condensed Comparative Financial Information (continued) December 31,
Operating revenues $ 2,887,193 $ 2,334,950 $ 2,803,839 Operating expenses 1,392,265 326,923 1,951,084 Operating income (loss) 1,494,928 2,008,027 852,755 Other revenues (expenses) (484,078) (1,390) 1,577 Change in net position 1,010,850 2,006,637 854,332 Net position ‐ beginning of year 11,461,199 9,454,562 8,600,230 Net position ‐ end of year $ 12,472,049 $ 11,461,199 $ 9,454,562 Change in financial categories between the year ended December 31, 2022 and the year ended December 31, 2021 include the following:
Operating Revenues increased $552,243, net in 2022 compared to a decrease of $1,079,180 in 2021. This was primarily due to the following: 1) Increase in overall Agency fees received of $799,429 compared to 2021. Significant Agency fees included $570,458 from Baldwinsville Senior Housing Preservation LLC, $567,500 from Trey Jay LOSO, LLC, $140,201 from Fayette Manlius LLC and $126,025 from 1046 Old Seneca Turnpike, LLC. 2) Decrease of $828,554 in 2022 for reimbursement of costs related to the White Pine Commerce Park from Onondaga County and a utility company which were not recurring transactions in 2022; 3) Increase of $373,811 of grants from a utility company for work related to the White Pine Commerce Park and 4) Increase of pass‐through income of $206,203 compared to 2021 for services primarily related to White Pine Commerce Park that will be reimbursed by a Company that will utilize the Park.
Operating Expenses increased $1,065,342 in 2022. The most significant increase pertains to development costs at the White Pine Commerce Park which increased $660,933. In addition, pass‐through expense increased $206,203 compared to 2021 for services primarily related to White Pine Commerce Park that will be reimbursed by a Company that will utilize the Park. General and administrative increased $187,379 primarily due to a cancelled project fee of $155,000.
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(A Discretely Presented Component Unit of the County of Onondaga, New York)
Analysis of Overall Financial Position and Results of Operations The Agency is engaged in activities to support economic growth in Onondaga County, including job creation and retention, and increasing the net wealth of the County. The Agency does not receive any general appropriations from local, county or state government to support its operations. The Agency collects revenue for its operating purposes from the issuance of bonds and straight lease transactions and from interest on investments. In the year ended December 31, 2022, the Agency received $2,010,510 from agency and other fees, an increase of $710,940 from the prior year.
The Agency’s staff services are provided by the Onondaga County Office of Economic Development. The Agency compensates the County for these services based on budgeted expenses; in 2022, the County did not charge the Agency for the expenses incurred.
Capital Assets and Investment in Real Property As of December 31, 2022, the Agency’s investment in capital assets was $4,766,163, net of depreciation. The Agency’s capital assets include the White Pine Commerce Park of ($3,621,793) (WPCP, formerly known as the Clay Business Park), land, buildings and equipment. WPCP is currently an undeveloped industrial park in the Town of Clay. The Agency acquired the land in the park for the purpose of attracting a large commercial/industrial project in the Town of Clay. WPCP parcels purchased currently are generally classified as investment in real property, totaling $29,508,083, as the Agency is working with a Company who will utilize the WPCP. The Agency previously acquired property on North Salina Street, in the City of Syracuse, and is leasing the premises to Onondaga Community College to house a workforce development training program. Finally, the Agency invested in the rehabilitation of the real property at 800 Hiawatha Blvd, also in the City of Syracuse, whereby its capital asset of land is $604,840 Contacting the Agency’s Financial Management This financial report is designed to provide Onondaga County citizens and taxpayers, and the clients of the Agency, with a general overview of the Agency’s finances. If you have questions about this report or need additional financial information, contact the Executive Director, Onondaga County Industrial Development Agency, 335 Montgomery Street, 2nd Floor, Syracuse, New York 13202.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Net Position
Current assets Cash and cash equivalents ‐ unrestricted $ 4,051,978 2,975,229 Receivables ‐ agency fees 417,245 282,570 Receivables ‐ White Pines pass through 209,113 ‐ Receivables ‐ PILOT pass through 32,471 32,765 Total current assets 4,710,807 3,290,564 Non‐current assets Capital assets, net 4,766,163 4,488,414 Investment in real property 29,508,083 6,180,006 Total non‐current assets 34,274,246 10,668,420 Total assets $ 38,985,053 $ 13,958,984
Current liabilities Accounts payable $ 10,200 $ 692,110 Payables ‐ White Pines pass through 199,431 ‐ Payables ‐ PILOT pass through 32,471 32,765 Escrows and deposits 382,062 25,000 Total current liabilities 624,164 749,875 Non‐current liabilities Note payable to Onondaga County, including accrued interest 25,888,840 1,747,910 Total non‐current liabilities 25,888,840 1,747,910 Total liabilities 26,513,004 2,497,785 Net investment in capital assets 4,766,163 4,488,414 Unrestricted Net Position 7,705,886 6,972,785 Total net position 12,472,049 11,461,199 $ 38,985,053 $ 13,958,984 The accompanying notes are an integral part of these financial statements ‐8‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Revenues, Expenses and Changes in Net Position Year Ended December 31,
Operating revenue:
Agency and other fees $ 2,145,185 $ 1,345,756 Reimbursement ‐ Onondaga County ‐ 663,002 Reimbursement of developmental costs ‐ 165,552 Pass‐through income ‐ White Pines 209,113 2,910 Rent income 11,500 11,500 Subsidies, grants, and donations 507,927 134,116 Other income 13,468 12,114 Total operating revenues 2,887,193 2,334,950 Operating expenses:
General and administrative 338,064 150,685 Development costs ‐ White Pines 725,928 64,995 Financial assistance grants ‐ 41,907 Pass‐through expense ‐ White Pines 209,113 2,910 Depreciation expense 16,898 16,898 Professional fees 69,300 33,546 Other expenses 4,106 5,436 Seminars and meetings 28,856 10,546 Total operating expenses 1,392,265 326,923 Operating income 1,494,928 2,008,027 Non‐operating income (expenses):
Interest income 2,449 739 Interest expense (486,527) (2,129) Total non‐operating income (expenses) (484,078) (1,390) Change in net position 1,010,850 2,006,637 Net position ‐ beginning of the year 11,461,199 9,454,562 Net position ‐ end of year $ 12,472,049 $ 11,461,199 The accompanying notes are an integral part of these financial statements ‐9‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows Years Ended December 31,
Cash flows from operating activities Cash received for agency and other fees $ 2,010,510 $ 1,299,570 Cash received for reimbursement ‐ 828,554 Cash received for grants 507,927 134,116 Cash received for rent and other fees 24,968 23,614 Cash received and due to other governments ‐ (76,075) Cash received for escrows, net 357,062 ‐ Cash paid for economic development (725,928) (47,686) Cash paid for contractual support services ‐ ‐ Cash payments for professional services (78,982) (175,164) Cash payments for general and administrative expenses (1,019,974) (212,015) Cash payment for financial assistance grants ‐ (70,759) Cash payments for other operating expenses (4,106) (5,436) Cash paid for seminars and meetings (28,856) (10,546) Net cash flows from operating activities 1,042,621 1,688,173 Cash flows from capital and related financing activities Proceeds from note payable to Onondaga County 23,654,403 1,745,781 Purchases of capital assets (294,647) (3,156) Investments in real property (23,328,077) (5,526,280) Net cash flows from capital and related financing activities 31,679 (3,783,655) Cash flows from noncapital financing activities Net cash received for interest on notes outstanding 2,449 739 Net cash flows from financing activities 2,449 739 Change in cash and cash equivalents 1,076,749 (2,094,743) Cash and cash equivalents ‐ beginning of year 2,975,229 5,069,972 Cash and cash equivalents ‐ end of year $ 4,051,978 $ 2,975,229 The accompanying notes are an integral part of these financial statements ‐ 10 ‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows (continued) Years Ended December 31,
Reconciliation of operating income to net cash flows from Operating activities:
Operating income $ 1,494,928 $ 2,008,027 Adjustment to reconcile operating income to net cash flow from operating activities:
Depreciation 16,898 16,898 Changes in:
Receivables ‐ agency fees (134,675) (46,186) Receivables ‐ White Pines pass through (209,113) ‐ Receivables ‐ PILOT pass through 294 ‐ Accounts payable (681,910) (214,491) Payables ‐ White Pines pass through 199,431 ‐ Payables ‐ PILOT pass through (294) (76,075) Escrows and Deposits 357,062 ‐ Net cash flows from operating activities $ 1,042,621 $ 1,688,173 The accompanying notes are an integral part of these financial statements ‐ 11 ‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The New York State Industrial Development Agency Act of 1969 provided for the use of industrial revenue bond financing for the expansion and growth of industry in New York State. The Onondaga County Industrial Development Agency (the Agency) was created in accordance with the provisions of this Act in 1970 by a resolution passed by the County of Onondaga, New York (the County) Legislature.
The Agency is a special‐purpose government, a financing authority, which is a separate legal entity, governed by a board consisting of seven board members. The Agency was formed to promote and develop the economic growth of the County and to assist in attracting industry to the County through bond and sale/leaseback financing programs and other activities. The Agency created under this Act is a corporate governmental agency constituting a public benefit corporation.
The County Legislature appoints the entire governing board and there is a potential for the County to impose its will on the Agency, and as such, the Agency is considered a discretely presented component unit of the County based on the criteria set forth by the Governmental Accounting Standards Board (GASB).
Measurement Focus and Basis of Accounting The Agency operates as an enterprise fund. Enterprise funds utilize an “economic resources” measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position, financial position, and cash flows. All assets and liabilities (whether current or noncurrent) and deferred inflows and outflows associated with their activities are reported. Fund equity is classified as net position.
The Agency utilizes the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or an economic asset is used.
Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Income Tax Status The Agency is a governmental corporation, exempt from federal and state income taxes. New York State Public Authorities Law, Title 10, Section 2975‐A established a cost recovery of central governmental services to various public authorities. On November 1 of each year, the Director of the Division of Budget determines the assessment amount owed under this section by each industrial development agency in New York State. ‐ 12 ‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Cash and Cash Equivalents Cash and cash equivalents consist of cash held in checking and money market accounts.
Accounts Receivable Accounts receivable are stated at their outstanding balances. The Agency considers all accounts receivable to be fully collectible. If collection becomes doubtful, the Agency will either set up an allowance for doubtful accounts or if deemed completely uncollectible, the accounts will be charged against income in the current period. Unpaid balances remaining after the stated payment terms are considered past due. Recoveries of previously charged off accounts are recorded when received.
Management did not believe an allowance for doubtful accounts was necessary at December 31, 2022 and 2021.
Capital Assets Capital asset purchases are recorded at historical cost or fair market value at the date of acquisition. Depreciation expense is recorded on a straight‐line basis over the assets’ estimated useful life of 5 to 39 years. The Agency’s policy is to capitalize all additions greater than $1,000 with a useful life of more than 5 years.
Pollution Remediation Obligations Pollution remediation obligation are obligations to address the current or potential detrimental effects of existing pollution by participating in pollution remediation activities. Obligations to clean up spills of hazardous wastes or hazardous substances and obligations to remove contamination such as asbestos are pollution remediation obligations. Pollution remediation activities may include the following: (1) pre‐ cleanup activities, such as site assessments and site investigations, (2) cleanup activities, (3) government oversight and enforcement‐related activities and (4) operation and maintenance of the remedy, including post remediation monitoring. Pollution remediation outlays including outlays for property, plant and equipment are expensed when a liability is incurred. The Agency will capitalize certain pollution remediation outlays for properties for which it anticipates a future sale. The Agency will only capitalize amounts that would result in the carrying amount of the property to not exceed its estimated fair value upon completion of the remediation. The Agency currently has a parcel of land with known pollution and is currently performing various remediation activities. The carrying amount of this parcel of land is $604,840 as of December 31, 2022 and 2021.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Investment in Real Property The Agency considers investment in real property to be real property that is acquired and held primarily for the purpose of income or profit and has a present service capacity based solely on its ability to generate cash or be sold to generate cash. Investment in real property purchases are recorded at cost, including (1) the contract/purchase price; (2) the costs of closing the transaction and obtaining title, including commissions, options, legal fees, title search, insurance, and past due taxes; (3) the costs of surveys; and (4) the cost of preparing the property for its intended use.
At December 31, 2022, investment in real property consists of land related to the White Pine Commerce Park purchased with the intention to expand the Park to approximately 1,250 acres to meet the larger geographic footprint necessary to support future development. The investment in real property balance at December 31, 2022 is comprised of the purchase price and following incidental costs: Purchase price $ 27,913,077 Administrative costs:
Insurance 6,872 Taxes and tax credits 21,380 Closing costs 69,191 Option agreement fee 100,000 Legal fees 1,104,703 Site analysis and developmental costs 292,860 Balance ‐ December 31, 2022 $ 29,508,083 Operating Revenues and Non‐Operating Revenues The Statements of Revenues, Expenses, and Changes in Net Position distinguishes between operating and non‐operating revenues. Operating revenues, such as fee and rental income, result from exchange transactions associated with the principal activities of the Agency. Exchange transactions are those in which each party to the transaction receives or gives up essentially equal values. Non‐operating revenues arise from exchange transactions not associated with the Agency’s principal activities and from all non‐exchange transactions.
Revenue Recognition Agency and other fee revenue are recognized by the Agency at the date of closing when the related bonds are issued. Interest income is recorded when earned.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Net Position GASB requires the classification of net position into three components. These classifications are displayed in three components below:
a. Net investment in capital assets ‐ capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. b. Restricted net position ‐ net position with constraints placed on their use either by (1) external groups such as creditors or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislation.
c. Unrestricted net position ‐ all other assets that do not meet the definition of net investment in capital assets or restricted net position.
It is the Agency’s policy to first apply restricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position is available.
The Agency provided grants to small businesses and not‐for‐profit corporations for the purpose of acquiring personal protective equipment (PPE) and/or installing fixtures necessary to prevent the spread of COVID‐ 19 in accordance with New York State General Municipal Law (GML) enacted in June 2020. The grants could not exceed $10,000 and must meet eligibility criteria as described in GML. The total amount of grants disbursed were $0 and $70,759 for the year ended December 31, 2022 and 2021, respectively.
The Industrial Development Agency Act (the "Act") of New York State sets forth the powers that the Agency can carry out. In accordance with the Act, the Agency was created to stimulate economic development, growth, and general prosperity for the people of Onondaga County by using incentives, rights, and powers in an efficient and cooperative manner. Qualified Agency projects are eligible for sales, mortgage, and real property tax exemptions. The Agency many also assist a projects' financing by issuing taxable and tax exempt bonds and by providing information on complementary financing such as fixed asset and working capital lending programs.
The Agency has instituted a Uniform Tax Exemption Policy ("UTEP") (last revised 9/15/20) which provides guidelines for the granting of real property, mortgage recording, and sales and use tax exemptions. To be eligible for financial assistance, the recipient of the financial assistance must abide by the requirements of this policy and complete an application process as instituted by the Agency.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
In accordance with New York State General Municipal Law, the Agency has instituted a Recapture Policy (last revised 9/15/20) which allows for the recapture of financial incentive assistance provided to recipients for failure to comply with such Recapture Policy. New York State requires a mandatory recapture of the New York State portion of sales and use taxes for recipients for which the recipient was a) not entitled to; b) in excess of the amounts authorized by the Agency; c) for property or services not authorized by the Agency; and/or d) for a recipient that has failed to comply with material term or condition to use of the property or services in the manner required by any of the project documents between the recipient and the Agency. With respect to all other financial assistance provided to the recipient, the Agency shall have the right to suspend, discontinue, recapture or terminate financial assistance to any recipient to the extent that: a)for projects that utilized local sales and use tax exemptions, the project was not entitled to such exemptions, such exemptions were in excess of the amounts authorized by the Agency, and/or such exemptions were for property or services not authorized by the Agency; b) the recipient, upon completion of their project, fails to reach and maintain at least 75% of its employment requirements for job creation and/or retention; c) the total investment actually made with respect to the project at the project's completion date is less than 75% of its investment requirement; d) the recipient fails to provide annually to the Agency certain information to confirm that the project is achieving the investment, job retention, job creation, and other objectives of the project; or e) there otherwise occurs any event of default under any project document or material violation of the terms and conditions of any project document. The Agency has not made any commitments as part of the agreements other than to reduce taxes. The Agency has chosen to disclose information about its tax abatement agreements individually. The Agency has listed all of its projects that were approved for the periods ended December 31, 2022 and 2021: December 31, 2022 Abatement Project Mortgage Sales PILOT Total Fayette Manlius, LLC $ 66,825 $ 228,800 $ 1,841,278 $ 2,136,903 Immediate Mailing Services, Inc. 3,600 88,000 31,661 123,261 J.W. Didado Electric, LLC 51,479 323,000 303,658 678,137 1046 Old Seneca Turnpike, LLC 143,287 1,084,800 ‐ 1,228,087 Cryomech, Inc. 105,200 637,934 324,042 1,067,176 Peregrine 92,326 350,000 1,080,029 1,522,355 Baldwinsville Senior Housing Preservation ‐ ‐ 8,722,137 8,722,137 $ 462,717 $ 2,712,534 $ 12,302,805 $ 15,478,056 ‐ 16 ‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
December 31, 2021 Abatement Project Mortgage Sales PILOT Total Camillus Mills Redevelopment Co., Inc. & Camillus Mills Phase II, LLC $ 84,750 $ 349,800 $ ‐ $ 434,550 UR‐Ban Villages PFA, LLC 116,587 1,163,592 1,088,875 2,369,054 Taft Solar, LLC & SLH II LLC ‐ 37,128 183,116 220,244 NYCANNA LLC ‐ 800,000 ‐ 800,000 RPNY Solar 5 LLC 12,200 55,340 156,652 224,192 SSC Cicero LLC ‐ ‐ 33,049 33,049 Stewart Hancock Partners LLC & Dunn Tire LLC 37,425 250,000 284,900 572,325 Ultra Dairy LLC ‐ 180,000 253,677 433,677 Ranalli Super DC LLC 225,000 1,920,000 3,859,115 6,004,115 C2 NY Sentinel Heights Solar LLC ‐ 306,250 1,243,328 1,549,578 Brolex Plank Road LLC 38,250 204,400 ‐ 242,650 DL Manufacturing, Inc. & Metz Properties LLC 13,125 76,000 363,531 452,656 Treyjay LOSO LLC 353,700 2,500,000 ‐ 2,853,700 OYA Camillus A LLC ‐ 295,810 611,799 907,609 OYA Camillus B LLC ‐ 300,673 625,963 926,636 Milton Real Properties of Massachusetts LLC & Southworth‐ Milton, Inc. d/b/a Milton CAT ‐ 1,040,000 ‐ 1,040,000 $ 881,037 $ 9,478,993 $ 8,704,005 $ 19,064,035
The Agency follows an investment and deposit policy, the overall objective of which is to adequately safeguard the principal amount of funds invested or deposited; conform with federal, state and other legal requirements; and provide sufficient liquidity of invested funds in order to meet obligations as they become due. Oversight of investment activity is the responsibility of the Executive Director. Monies must be deposited in Federal Deposit Insurance Corporation (FDIC) insured commercial banks or trust companies located within and authorized to do business in New York State (the State). Collateral is required for deposits and certificates of deposit not covered by FDIC insurance. Obligations that may be pledged as collateral are those identified in New York State General Municipal Law, Section 10 and outlined in the New York State Comptroller’s Financial Management Guide.
Interest Rate Risk Interest rate risk is the risk that the fair value of investments will be affected by changing interest rates. The Agency has an investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.) ‐ 17 ‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Credit Risk The Agency’s policy is to minimize the risk of loss due to failure of an issuer or other counterparty to an investment to fulfill its obligations. The Agency’s investments and deposit policy authorizes the Agency to purchase the following types of investments:
Obligations of the United States of America;
Obligations where payment of principal and interest are guaranteed by the United States of America; Obligations of New York State;
Special time deposit account; and Certificates of deposit.
Custodial Credit Risk Custodial credit risk is the risk that, in the event of a failure of a depository financial institution, the reporting entity may not recover its deposits. In accordance with the Agency’s investment and deposit policy, all deposits of the Agency including certificates of deposit and special time deposits, in excess of the amount insured under the provisions of the Federal Deposit Insurance Act (FDIA) shall be secured by a pledge of securities with an aggregate value equal to the aggregate amount of deposits.
The Agency restricts the securities to the following eligible items:
Obligations issued, or fully insured or guaranteed as to the payment of principal and interest, by the United States of America, an agency thereof or a United States government sponsored corporation; Obligations partially insured or guaranteed by an agency of the United States of America; Obligations issued or fully insured or guaranteed by the State of New York;
Obligations issued by a municipal corporation, school district or district corporation of New York State;
Obligations issued by states (other than New York State) of the United States of America rated in one of the two highest rating categories by at least one Nationally Recognized Statistical Rating Organization (NRSRO).
The Agency maintained cash balances of $3,172,022 and $2,975,229 in cash and cash equivalents at December 31, 2022 and 2021, respectively, with financial institutions insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per bank for interest bearing and non‐interest bearing accounts. The remaining balance was collateralized by a third party in accordance with New York State General Municipal Law, Section 10 and the Agency’s policies.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Capital asset activity for the year ended December 31, 2022 was as follows:
Beginning Ending Balance Increases Decreases Balance Non depreciable land:
White Pine Commerce Park $ 3,327,146 $ 294,647 $ ‐ $ 3,621,793 435 North Salina 17,084 ‐ ‐ 17,084 800 Hiawatha 604,840 ‐ ‐ 604,840 Subtotal 3,949,070 294,647 ‐ 4,243,717 Depreciable:
Buildings 634,422 ‐ ‐ 634,422 Furniture and Fixtures 6,018 ‐ ‐ 6,018 Subtotal 640,440 ‐ ‐ 640,440 Total capital assets 4,589,510 294,647 ‐ 4,884,157 Accumulated depreciation:
Buildings 97,603 16,267 ‐ 113,870 Furniture and Fixtures 3,493 631 ‐ 4,124 Total 101,096 16,898 ‐ 117,994 Net capital assets $ 4,488,414 $ 277,749 $ ‐ $ 4,766,163 Capital asset activity for the year ended December 31, 2021 was as follows:
Beginning Ending Balance Increases Decreases Balance Non depreciable land:
White Pine Commerce Park $ 3,327,146 $ ‐ $ ‐ $ 3,327,146 435 North Salina 17,084 ‐ ‐ 17,084 800 Hiawatha 604,840 ‐ ‐ 604,840 Subtotal 3,949,070 ‐ ‐ 3,949,070 Depreciable:
Buildings 634,422 ‐ ‐ 634,422 Furniture and Fixtures 2,862 3,156 ‐ 6,018 Subtotal 637,284 3,156 ‐ 640,440 Total capital assets 4,586,354 3,156 ‐ 4,589,510 Accumulated depreciation:
Buildings 81,336 16,267 ‐ 97,603 Furniture and Fixtures 2,862 631 ‐ 3,493 Total 84,198 16,898 ‐ 101,096 Net capital assets $ 4,502,156 $ (13,742) $ ‐ $ 4,488,414 ‐ 19 ‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The Agency owns the White Pine Commerce Park, which is a business park located in the Town of Clay, northern Onondaga County. The Agency is developing the business park to be a build‐ready site suitable for an array of local and global market sectors. Land acquisition related to the White Pine Commerce Park is included in investment in real property, including incidental costs incurred. In addition, on February 9, 2023, the Agency’s board approved the sale of its property at 435 North Salina Street for $190,000. As of December 31, 2022, the net book value of this property was $537,636.
The total amount of industrial development, civic facility and pollution control financing issued through the Agency outstanding as of December 31, 2022 amounted to approximately $68,800,024. These financing obligations are not obligations of the Agency as the Agency acts a conduit for the obligations. The Agency does not have the obligation to repay the principal and interest of such obligations, as such, the obligations are not reflected as long‐term obligations of the Agency.
The Agency will reimburse the County for a portion of the cost of operation of the Onondaga County Office of Economic Development. In exchange for this funding, the staff of the office provides operational and project implementation support services for the Agency. There were no funds committed by the Agency for the year ended December 31, 2022. There were no outstanding support service expenses due at December 31, 2022 and 2021.
In accordance with its corporate purpose, the Agency has issued bonds to promote and develop various businesses within the County. The Agency holds legal title to the properties, under which such bonds were issued in order for business to acquire or renovate various facilities. The Agency’s primary function is to arrange financing between borrowing companies and bondholders (conduit debt). For providing this service, the Agency receives administration fees from the borrowing companies. Total bonds outstanding were $68,800,024 and $88,427,932 at December 31, 2022 and 2021, respectively, which represent non‐ recourse debt of the Agency. The Agency does not have the obligation to repay the principal and interest of such obligations, as such, the obligations are not reflected as long‐term obligations of the Agency.
The Agency has entered into PILOT agreements with various companies whereas the company will make annual payments in lieu of taxes to the Agency and the Agency will remit the annual payments to the appropriate tax jurisdictions. The Agency records a liability for any amounts paid by companies to the Agency but not distributed to the tax jurisdictions as of yearend. A total of $9,220,708 and $9,483,434 of PILOT payments passed through the Agency for the years ended 2022 and 2021, respectively. Total due to other governments was $32,471 and $32,765, respectively, at December 31, 2022 and 2021. ‐ 20 ‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
On February 1, 2016, the Agency entered into a lease agreement with Onondaga Community College (OCC) which allowed OCC to lease building space for educational purposes. In lieu of a monthly rental fee, OCC agreed to perform improvements to the space that became the property of the Agency upon installation and will not revert back to OCC upon lease termination on January 31, 2021. The initial terms of the lease agreement were amended and the new terms commenced on July 1, 2016. The lease agreement now provides for guaranteed rent of $9,000 per year through the new lease termination on January 31, 2026.
On October 7, 2021 the Agency entered into an Optional Advance Limited Recourse Demand Promissory Grid Note (the Note) with Onondaga County (the County). The County made available $20,000,000 to assist the Agency in funding its program incentives, projects, asset development, and work related improvements. The Note bears interest at an annual rate of the greater of 0.91% per annum or the applicable federal rate, capitalized on an annual basis. The unpaid principal balance and accrued interest is payable in full on demand, which is to be a minimum of five years from the commencement of the Note, absent the occurrence and continuance of an event of default. Prepayments must be made in the amount of excess application fees generated and received by the Agency, and are to be applied first to any unpaid interest. On October 27, 2022, the Note was amended whereby the total available was increased to $45,000,000. The Note requires the Agency to comply with certain federal regulations as the monies from Onondaga County were from the American Rescue Plan Act (“ARPA”). The Agency is deemed a contractor as evidenced by the Note, therefore the Note is not classified as a subaward under 2 CFR §200.1.
The Agency received advances of $23,654,404 and incurred $486,527 of interest during 2022. The annual mid‐term applicable federal rate for December 2022 was 4.34%. No excess application fees were received, therefore no payments were required. The entire principal received and interest incurred as of December 31, 2022 are recorded as non‐current liabilities on the statement of net position as the earliest demand date available to the County is October 2026. As of December 31, 2022, the Agency’s note payable totaled $25,886,711 (included accrued interest of $488,656).
Financial instruments that potentially subject the Agency to credit risk consist principally of receivables.
In preparing the financial statements, management of the Agency has evaluated events and transactions for potential recognition or disclosure through March 23, 2023, the date the financial statements were available to be issued. There were no additional events or transactions that were discovered during the evaluation that required further disclosure, except for as described in Note 6.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) For the Year Ended December 31, 2022 Bonds Current Bonds Outstanding at Project Interest at Interest Outstanding at Incurred Paid During December 31, Term Ending Number Description of Financing Closing Date issuance Rate January 1, 2022 During 2022 2022 2022 Date OCIDA Pollution Control Revenue Bonds 3101‐06‐10‐C (Anheuser‐Busch Project) 2006 Series B July 21, 2006 4.95% $ 2,200,000 $ ‐ $ ‐ $ 2,200,000 7/1/2036 OCIDA Sewage Facilities Revenue Bonds (Bristol‐ 3101‐94‐01A Myers Squibb Company Project) Series 1994 March 29, 1994 5.75% 35,000,000 ‐ 35,000,000 ‐ 3/1/2024 OCIDA Civic Facility Revenue Bonds (Discovery Center of Science and Technology Project) Series 3101‐95‐01A 1995 July 1, 1995 4.00% 2,498,500 ‐ 164,885 2,333,615 7/1/2025 OCIDA Variable Rate Demand Industrial Development Revenue Bonds (G.A. Braun, Inc.
3101‐07‐16A Project) Series 2007 December 20, 2007 2.27% 2.01% 4,990,000 ‐ 295,000 4,695,000 6/1/2034 OCIDA Multi‐Modal Revenue Bonds (G.A. Braun, 3101‐15‐08B Inc. Project) Series 2015A December 15, 2015 2.03% 2.58% 2,847,000 ‐ ‐ 2,847,000 12/1/2041 OCIDA Multi‐Modal Revenue Bonds (G.A. Braun, 3101‐15‐08B Inc. Project) Series 2015B (Taxable) December 15, 2015 2.97% 3.74% 1,583,813 ‐ 343,613 1,240,200 12/1/2026 OCIDA Tax‐exempt Multi‐Modal Revenue Bonds (Syracuse Label Co., Inc. Project) Series 2015 3101‐15‐04A (reissued) November 16, 2016 1.92% 4,788,049 ‐ ‐ 4,788,049 12/1/2041 OCIDA Multi‐Modal Variable rate Civic Facility Revenue Bonds (YMCA of Greater Syracuse, Inc.
3101‐02‐08A Project) Series 2003A November 9, 2003 2,415,000 ‐ 550,000 1,865,000 11/1/2025 OCIDA Tax‐exempt Revenue Bonds (Old 3101‐17‐04B Thompson Road, LLC Project) Series 2017A/B December 1, 2017 2.87% 9,375,570 ‐ 231,410 9,144,160 12/1/2042 Subtotal $ 65,697,932 $ ‐ $ 36,584,908 29,113,024 The accompanying notes are an integral part of these financial statements ‐ 22 ‐
(A Discretely Presented Component Unit of the County of Onondaga, New York) Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) For the Year Ended December 31, 2022 Bonds Current Bonds Outstanding at Project Interest at Interest Outstanding at Incurred Paid During December 31, Term Ending Number Description of Financing Closing Date issuance Rate January 1, 2022 During 2022 2022 2022 Date OCIDA Variable Rate Demand Industrial Development Revenue Bonds (ICM Controls Corp.
3101‐07‐05C Project) Series 2007 December 20, 2007 6.30% 2.10% $ 1,610,000 $ ‐ $ 1,610,000 $ ‐ 12/1/2027 OCIDA Civic Facility Revenue Bonds (Manlius 3101‐04‐11A Library Project) Series 2005 April 28, 2005 4.00% 4.63% 740,000 ‐ 100,000 640,000 12/15/2029 OCIDA Civic Facility Revenue Bonds (Marcellus 3101‐07‐13A Free Library Project) Series 2007 June 29, 2007 4.00% 4.13% 975,000 ‐ 145,000 830,000 6/1/2027 OCIDA Civic Facility Revenue Bonds (Minoa Free 3101‐03‐07A Library Project) Series 2004A February 1, 2004 5.00% 5.38% 565,000 ‐ 30,000 535,000 2/1/2034 OCIDA Civic Facility Revenue Bonds (Onondaga 3101‐07‐21A Free Library Project) Series 2008 March 1, 2008 4.00% 5.13% 2,070,000 ‐ 105,000 1,965,000 3/1/2037 OCIDA Civic Facility Revenue Bonds (Salina Free 3101‐02‐01A Library Project) Series 2002A December 1, 2002 5.20% 5.68% 295,000 ‐ 55,000 240,000 12/1/2026 OCIDA Variable Rate Demand Civic Facility Revenue Bonds (Syracuse Research Corporation 3101‐05‐15B Project) Series 2005 December 14, 2005 7.70% 1.76% 8,700,000 ‐ 760,000 7,940,000 12/1/2031 OCIDA Variable Rate Demand Civic Facility Revenue Bonds (Syracuse Home Association 3101‐06‐11B Project) Series 2007 June 21, 2007 4.00% 4.00% 7,775,000 ‐ 325,000 7,450,000 6/30/2027 OCIDA Multifamily Housing Revenue Bonds (Baldwinsville Senior Housing Preservation, LLC 3101‐19‐07A Project) Series 2022 May 18,2022 4.00% 4.00% ‐ 20,087,000 ‐ 20,087,000 12/1/2024 Subtotal $ 22,730,000 $ 20,087,000 $ 3,130,000 $ 39,687,000 Carryforward subtotal ‐ previous page 65,697,932 ‐ 36,584,908 29,113,024 Grand Total $ 88,427,932 $ 20,087,000 $ 39,714,908 $ 68,800,024 The accompanying notes are an integral part of these financial statements ‐ 23 ‐