July 2024 – Finance — 7-18-24 OCIDA Finance Commitee Meeting Materials ====================================================================== 335 MONTGOMERY STREET, FLOOR 2M, SYRACUSE, NY 13202 315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET Finance Committee Meeting Agenda July 18, 2024 8:30 AM Call to Order the Meeting of the Finance Committee A. Approval of Minutes: October 12, 2023 Action Items: 1. Review of proposed 2025 draft budget. Representative: Nate Stevens, Treasurer Adjourn Page 1 of 4 Onondaga County Industrial Development Agency Finance Committee Meeting Minutes October 12, 2023 A finance meeting of the Onondaga County Industrial Development Agency was held on Thursday, October 12, 2023, 335 Montgomery Street, Floor 2M, Syracuse, New York. Susan Stanczyk called the meeting to order at 8:30 AM with the following: PRESENT: Susan Stanczyk Janice Herzog Patrick Hogan Fanny Villarreal Cydney Johnson Kevin Ryan Elizabeth Dreyfuss ALSO PRESENT: Robert M. Petrovich, Executive Director Nathaniel Stevens, Treasurer Nancy Lowery, Secretary Alexis Rodriguez, Assistant Treasurer Karen Doster, Recording Secretary Jeff Davis, Barclay Damon LLP Amanda Fitzgerald, Barclay Damon LLP APPROVAL OF FINANCE MEETING MINUTES- June 22, 2023 335 MONTGOMERY STREET, FLOOR 2M, SYRACUSE, NY 13202 315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET Finance Committee Meeting Agenda July 18, 2024 8:30 AM Call to Order the Meeting of the Finance Committee A. Approval of Minutes: October 12, 2023 Action Items: 1. Review of proposed 2025 draft budget. Representative: Nate Stevens, Treasurer Adjourn Page 1 of 4 Onondaga County Industrial Development Agency Finance Committee Meeting Minutes October 12, 2023 A finance meeting of the Onondaga County Industrial Development Agency was held on Thursday, October 12, 2023, 335 Montgomery Street, Floor 2M, Syracuse, New York. Susan Stanczyk called the meeting to order at 8:30 AM with the following: PRESENT: Susan Stanczyk Janice Herzog Patrick Hogan Fanny Villarreal Cydney Johnson Kevin Ryan Elizabeth Dreyfuss ALSO PRESENT: Robert M. Petrovich, Executive Director Nathaniel Stevens, Treasurer Nancy Lowery, Secretary Alexis Rodriguez, Assistant Treasurer Karen Doster, Recording Secretary Jeff Davis, Barclay Damon LLP Amanda Fitzgerald, Barclay Damon LLP APPROVAL OF FINANCE MEETING MINUTES- June 22, 2023 Upon motion by Patrick Hogan, seconded by Elizabeth Dreyfuss, the OCIDA Board approved the finance meeting minutes of June 22, 2023. Motion was carried. Upon motion by Patrick Hogan, seconded by Elizabeth Dreyfuss, the OCIDA Board approved the finance meeting minutes of June 22, 2023. Motion was carried. ACTION ITEMS 1. Self-Evaluation of the Committee: Motion of the self-evaluations was made by Patrick Hogan and seconded by Elizabeth Dreyfuss. Motion carried unanimously. 2. Review of the Committee Charter: Nancy Lowery stated that there were no changes to the Committee Charter. Susan Stanczyk read the action requested of “A Resolution of the Committee to transmit the Committee Charter with/without comments to the Governance Page 2 of 4 Committee for review and recommendation to the Board”. A motion was made by Elizabeth Dreyfuss and seconded by Patrick Hogan. Motion passed unanimously. 3. Draft Annual Report (2023 Fiscal Year): Nancy Lowery gave a brief introduction to the Draft Annual Report. Susan Stanczyk read the action requested of “A Resolution of the Committee to transmit the Committee Annual Report with/without comment to Governance Committee for review and recommendation to the Board.” A motion to approve the Draft Annual Report was made by Patrick Hogan and seconded by Elizabeth Dreyfuss. Motion passed unanimously. ACTION ITEMS 1. Self-Evaluation of the Committee: Motion of the self-evaluations was made by Patrick Hogan and seconded by Elizabeth Dreyfuss. Motion carried unanimously. 2. Review of the Committee Charter: Nancy Lowery stated that there were no changes to the Committee Charter. Susan Stanczyk read the action requested of “A Resolution of the Committee to transmit the Committee Charter with/without comments to the Governance Page 2 of 4 Committee for review and recommendation to the Board”. A motion was made by Elizabeth Dreyfuss and seconded by Patrick Hogan. Motion passed unanimously. 3. Draft Annual Report (2023 Fiscal Year): Nancy Lowery gave a brief introduction to the Draft Annual Report. Susan Stanczyk read the action requested of “A Resolution of the Committee to transmit the Committee Annual Report with/without comment to Governance Committee for review and recommendation to the Board.” A motion to approve the Draft Annual Report was made by Patrick Hogan and seconded by Elizabeth Dreyfuss. Motion passed unanimously. 4. 2024 Agency Budget: Susan Stanczyk read the action requested of “A Resolution of the Committee to transmit the 2024 Agency Budget to the full Board for adoption.” Nate Stevens gave a brief introduction to the budget. Patrick Hogan noted that despite the increased activity of the Board, the office is doing a good job staying under budget. A motion was made by Patrick Hogan and seconded by Elizabeth Dreyfuss. Motion passed unanimously. Motion to adjourn made by Patrick Hogan and seconded by Elizabeth Dreyfuss at 9:40 AM. Alexis Rodriguez, Secretary Page 3 of 4 4. 2024 Agency Budget: Susan Stanczyk read the action requested of “A Resolution of the Committee to transmit the 2024 Agency Budget to the full Board for adoption.” Nate Stevens gave a brief introduction to the budget. Patrick Hogan noted that despite the increased activity of the Board, the office is doing a good job staying under budget. A motion was made by Patrick Hogan and seconded by Elizabeth Dreyfuss. Motion passed unanimously. Motion to adjourn made by Patrick Hogan and seconded by Elizabeth Dreyfuss at 9:40 AM. Alexis Rodriguez, Secretary Page 3 of 4 OCIDA 2025 Budget 1. Operating Expenses/Program Expenses 2024 Budget 2024 YTD 2025 Budget Onondaga County - Contractual Support Services $ 950,000 $ 222,654 $ 950,000 General & Administrative $ 1,300,000 $ 248,628 $ 1,300,000 Other Pass-through Expense $ 3,700,000 $ 2,692,045 $ 3,700,000 Depreciation Expense $ 30,000 - $ 30,000 Professional Services $ 350,000 $ 18,397 $ 350,000 Marketing Expense $ 200,000 $ 37,746 $ 200,000 Other Expenses $ 200,000 $ 2,065 $ 200,000 Conferences/Project Events $ 50,000 - $ 50,000 Office Expenses/Meeting Expenses $ 50,000 $ 1,643 $ 50,000 Total Operating/Program Expenses $ 6,830,000 $ 3,223,177 $ 6,830,000 OCIDA 2025 Budget 1. Operating Expenses/Program Expenses 2024 Budget 2024 YTD 2025 Budget Onondaga County - Contractual Support Services $ 950,000 $ 222,654 $ 950,000 General & Administrative $ 1,300,000 $ 248,628 $ 1,300,000 Other Pass-through Expense $ 3,700,000 $ 2,692,045 $ 3,700,000 Depreciation Expense $ 30,000 - $ 30,000 Professional Services $ 350,000 $ 18,397 $ 350,000 Marketing Expense $ 200,000 $ 37,746 $ 200,000 Other Expenses $ 200,000 $ 2,065 $ 200,000 Conferences/Project Events $ 50,000 - $ 50,000 Office Expenses/Meeting Expenses $ 50,000 $ 1,643 $ 50,000 Total Operating/Program Expenses $ 6,830,000 $ 3,223,177 $ 6,830,000 2. Revenue 2024 Budget 2024 YTD 2025 Budget Agency Revenues $ 3,000,000 $ 2,333,264 $ 2,800,000 Other Pass-through Income $ 3,700,000 $ 2,692,045 $ 3,700,000 Rent Income $ 15,000 $ 6,122 $ 15,000 Grant Income/Reimbursement $ 15,000 - $ 15,000 Other Income $ 50,000 $ 51,238 $ 50,000 Interest Income $ 50,000 $ 138,900 $ 250,000 Total Revenue $ 6,830,000 $ 5,221,568 $ 6,830,000 Revenue - Expenses $ - $ 1,998,391 $ - Page 4 of 4 2. Revenue 2024 Budget 2024 YTD 2025 Budget Agency Revenues $ 3,000,000 $ 2,333,264 $ 2,800,000 Other Pass-through Income $ 3,700,000 $ 2,692,045 $ 3,700,000 Rent Income $ 15,000 $ 6,122 $ 15,000 Grant Income/Reimbursement $ 15,000 - $ 15,000 Other Income $ 50,000 $ 51,238 $ 50,000 Interest Income $ 50,000 $ 138,900 $ 250,000 Total Revenue $ 6,830,000 $ 5,221,568 $ 6,830,000 Revenue - Expenses $ - $ 1,998,391 $ - Page 4 of 4