Machine-extracted (OCR) from the official document — formatting is approximate; the official copy governs.
ONONDAGA COUNTY
INDUSTRIAL DEVELOPMENT AGENCY
POSITIVE ASSURANCE REPORT OVER INVESTMENT PRACTICES
December 31, 2025
INDEPENDENT ACCOUNTANT’S REPORT
To the Board of Directors
Onondaga County Industrial Development Agency
Syracuse, New York
We have examined management's assertion, herein, that the Onondaga County Industrial Development Agency’s
(the Agency) compliance with the New York State Public Authorities Law section 2925 applicable to the Agency’s
adoption of comprehensive investment guidelines for the year ended December 31, 2025. Management is
responsible for the Agency’s assertion. Our responsibility is to express an opinion on management's assertion about
the Agency’s compliance with the specified requirements based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the standards applicable to attestation engagements contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about the Agency's compliance with the New York State Public Authorities Law section 2925 applicable to the Agency's adoption of comprehensive investment guidelines. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of risks of material misstatement of management's assertion, whether due to fraud or error. In making an assessment of the risks of material misstatement, the practitioner considered and obtained an understanding of internal control relevant to the subject matter in order to design procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. Accordingly, no such opinion is expressed. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement. Our examination does not provide a legal determination on the Corporation's compliance with the specified requirements. In our opinion, the Agency complied, in all material respects, with the aforementioned requirements for the year ended December 31, 2025. This report is intended solely for the information and use of management, the audit committee and Board of Directors, others within the Agency, and for compliance with the New York State Public Authorities Law and is not intended to be and should not be used by anyone other than these specified parties. Syracuse, New York March 5, 2026
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
POSITIVE ASSURANCE REPORT
I) Designation of Depositories
The Agency authorizes one or more bank or trust company (each an "authorized depository") for deposit
of Agency funds. Each authorized depository shall follow New York State General Municipal Law (GML)
regarding all cash and financial assets of the agency.
Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
II) Purchase of Investments
The Agency's purchase of investments policy requires that all purchased obligations shall be purchased
through, delivered to and held in the custody of an authorized depository. Any obligation held in the custody
of a bank or trust company shall be held pursuant to a written custodial agreement as described in GML
§10.
The Agency's permitted investments include: (a) special time deposit accounts in an authorized banking
depository or trust company secured in the same manner prescribed by GML §10; (b) Certificates of
Deposit; (c) obligations of the United States of America; (d) obligations guaranteed by agencies of the
United States of America, where the payment of principal and interest is guaranteed by the United States
of America; and (e) obligations of the State of New York.
Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
III) Collateralizing Deposits
All deposits of the Agency in excess of the amount insured under the provisions of the Federal Deposit
Insurance Act shall be secured by eligible collateral. Eligible collateral consists of any one, or combination,
of the following: (a) eligible securities with an aggregate market value as provided by GML §10, equal to the
aggregate amount of deposits; (b) eligible surety bond for an amount at least equal to 100% of the
aggregate amount of deposits and the agreed upon interest, if any, executed by a qualified insurance
company; (c) eligible letter of credit as security for the payment of 140% of the aggregate amount of
deposits; and (d) irrevocable letter of credit issued by a qualified federal home loan bank.
Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
IV) Diversification
The Agency will diversify its investments with regard to maturity schedule, types of investment and
entities with which the Agency transacts business.
Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
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ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
POSITIVE ASSURANCE REPORT
V) Standards for Qualifications of Investment Bankers, Brokers & Other Investment Advisors
The Agency shall maintain a list of financial institutions and dealers approved for investment purposes and
establish appropriate limits to the amount of investments, which can be made with each financial institution
or dealer.
Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
VI) Operations, Audit and Reporting
The Agency shall provide quarterly financial reports to the Board, regarding financial assets, investments
held by the Agency and the selection of investment bankers, brokers, agents, dealers or auditors.
Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
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