Troy Industrial Development Authority - Regular Meeting

10:12 we're going to call finance committee for the IDA open and presentation. Morning everyone. Morning. My name is Chris Stevens. I'm a senior auto manager with SK company. Um and here present the audit for the um the IDA. Um you should have two um documents for the IDA. one say report to the board of directors smaller package and then one that says financial statements independent auditors report. Uh we'll start with the one that says report to the board of [Applause] directors. Um now this particular report is a report that's quiet under professional standards general over the general results of the audit and provide some information you should be aware of uh related to the qualitative aspects of accounting practices u management is responsible for the selection and use of appropriate accounting policies. Um significant account policies uh used by the IDA are describing no aid of the financial statements. Uh there were no new counter policies adopted in the current fiscal year and the applica application of existing policies did not change year-over-year. Uh we noted no transactions into by the IDA that lack authority authoritative guidance or consensus and all significant transactions appear to be recorded in the proper accounting period. Um all accounting all finance statements do include accounting estimates. Um they are an integral part in preparing financial statements. Um certain estimates can be particularly sensitive to the financial statements. Uh we do highlight probably the most expensive uh most uh significant estimate for the IDA. Um and that's really relate to the estimated value of the land held to development um which was based on an appraisal by a third party appraisal company. Uh we evaluate the key factor assumption and believe the uh estimates reasonable given

circumstances. Uh difficulties in accounting performing the audit. We're happy to uh to report that we did not encounter any significant significant difficulties during the audit process. Um disagree disagreements with management. We're also happy to report we did not have any disagreements with management related to accounting or auditing matters uh during the audit. Um corrected and uncorrected misstatements. Um, under professional standards, we are required to accumulate all known and likely statements that we identify as part of our audit and communicate those to proper level management unless they're clear clearly trivial. Um, uh, and we also report those significant vines to you. Uh, there were no such misstatements identified during the current year audit. Management's representation. Uh, we have requested certain representations from management. um and a letter they will sign and provide to us. Um it will be dated same date of the auditors report. Uh that letter just essentially confirms all the assertions that they provided to us during the audit process as well as uh the fact that they cons they consider all the information they provided to us complete and accurate. Uh management's consultation with other independent accountants. Um management reached out to a third party accounting firm related to an account accounting or auditing matter of that firm under question standards is required to communicate to us. uh and we're required to required required to report those communications to you. Uh best of our knowledge, there have been no um no consultations with other thirdparty accountants. Um section related to other matters. We do highlight the fact that um uh government accounting standards board uh considers uh requires the um something called the management discussion analysis be included for financial statements that has been emitted from the financial statements. uh that is not something we would audit if it was there. So it's lack of so the fact it's not there doesn't impact our audit opinion. Um we were also engaged to report on the

supplemental schedule of supplemental information straight leases. this information that's required by New York State um to accompany the finance statements subject subject that to um auditing uh procedures as well as some additional procedures required as I mentioned is fairly stated in relation with fin stick as a whole and we do we're not engaged to report on the agency's annual report which you'll be looking at today um that's a Paris report required by New York state uh our responsibility professional standards is to read it to ensure that is not materially inconsistent with information we gathered either in the financial statements themselves or during our audit. Um we do not issue an opinion on it. So that is the um reported any [Applause] questions. Okay. All right. Um so next report we'll go over there some financial statements. We'll start on page one. Uh so the first three four pages three pages for the IDA of this report are our auditors report um includes our opinion as well as provides uh some additional information related to uh our responsibilities management's responsibilities um the top of the first page provides our opinion as our opinion the financial statements referred to above present fairly in all mature respects the financial position of the authority as of December 31st 2024 and 2023 and the changes in it financial position and it cash flows. in accordance with generally accepted counter principles. That's what we call an unmodified or a clean opinion. It's the highest level assurance you can get under an audit. Um basis for opinion. We did perform our audit in accordance with Trump auditing standards generally accepted United States of America as well as those standards applicable under government auditing standards issued by the controller general of the United States. Responsibilities and management. Um while we did assist with the preparation of these financial statements, management is responsible

for these financial statements. They're responsible for the fair presentation in accordance with counter principles generally accepted United States of America as well as implementing a system of internal controls that allows the preparation of financial material or error. Uh our responsibility under autism I mean there's a lot of information here. I'm not going to read this word for word for you. Certainly word read it to summarize our objective is attainable reasonable assurance that your financial statements are fairly standal assurance. It's a high level assurance but it's not absolute assurance which is not every transaction audit is a test via sampling. So there is a always a chance that that something could have been overlooked or not included in our test work that could have led to a statement of financial statements. um required supplementing information. Um we do some information that's included with um I'm sorry this is this is related to your management discussion analysis and that's generally what they call required information that g uh government audit standards government accounting standards board wants to accompany finance statements. Um that particular information is not included in the finance statements. um it's not something that we would audit if it was though the fact is missing does not impact our opinion on the audit. On the top of page three, uh the financing do include supplementary information which is not necessarily required under government accounting standards board requirements, but it's required by New York State. It's just information related to the um street lease um lease agreements you have um with your organizations. We did subject that that information was subjected to audit procedures uh performed in the audit well some additional audit procedures um including um reconcil underlying account records and that we believe that information is fairly stated in all material specs in relation to the basics

on estimates taken as a whole other information uh this section just refers to our consideration of your annual report um we do we do read it to make sure that it is uh materially consistent with the financial statements as well as information gathered during our audit. However, we do not issue an opinion on that information. And the last paragraph refers to the government audit standards report which we will cover um at the end of the presentation. Um page four, this is your statement of net position for the IDA. It provides you all the current assets um all the assets organization, all the liabilities as well as the net difference which is your net position. Um and we provide a a comparative presentation um year-over-year. You can see it's decent increase in cash related to from positive cash flow from operations. Uh on the liability side, your due to other governments is significantly higher than the prior year. That's because your annual fee to the city of Troy of 125,000 was not paid till after year end. That's sitting on a liability um at December 31st, 2024. um brings an overall net position of $854,000 uh at the end of December 31st. Page five, your statement of revenues, expenses, you change the net position. This is income statement of the organization. Does that show you total revenues uh operating expenses on your net income or loss which is for you term is titled change in that position. Uh administrative fees down a little bit. uh those can fluctuate year and year based on the number of projects you close as well as the value of the projects. They're generally a set fee uh percentage of of the project um amount also in the current year. That's slightly lower than past years because you did um have a project that was involved with LDC. So we did share some of the revenue sharing uh with the LDC

in the current year about $67,000. Um total operating expenses down a little bit year-over-year. Um also decrease in professional fees as you had significant expenditures really due to geotech investigation in the prior year. Um economic development you did have one uh grant which was related to the capital region uh transportation council grant that was approved in this current year was paid out $25,000. uh over year-over-year, your operating loss was consistent about $14,000 compared to uh about $11,000 in the prior year. Overall net change in positive change in net position of of 20 just under $28,000, which brings your total net position up to $854,000. Uh next page, page six. This is your statement of cash flows. This provides information related to the source and use of cash by the organization in the current year. the year-over-year you did provide uh a positive positive uh cash flow from operations of about 116,000 some proceeds for some interest income which brought your net increase to cash of $158,000 uh for the current fiscal year. And that little section down the bottom that just reconciles your operating loss to your net cash provided by operations. Starting on page seven and going to page 10. Uh these are the um the account policy organization. Um there's been no change year over year related to these these policies and they are considered to be in accordance with generally accepted account principles. Uh no BMH10 prior information cash equivalents did have approximately uh $662,000 in cash that was unsecured. So it wasn't covered by FDI insurance. um that was uh collateralized by the bank. Bank held um bonds in your name in

excess of that amount to cover that amount to cover that shortfall. Um note C uh describes information related to your land healthy development. There was no change in that year-over-year. Uh note D just describes uh several years ago there was a board designation related to the Troy Wayfinder project that still has not been expended. uh and note e provides some information related to your related party transactions provides your rel your uh services provided by the city of Troy as well pay $125,000 a year for those services. You share the board with the the uh CRC. Um you do have the revenue sharing agreement with LDC which uh again you did pay out 67,000 to LDC related to a project under that agreement in the current year. Starting on page 12 is um this is what we call the government audit standard report. This is issued whenever we do an audit in accordance generally it's government auditing and standards. Um we do report on your internal control over financial reporting. Our consideration of your internal control is to the extent that allows us to plan and perform our audit. Uh we do not test your controls to to the degree that allows us to uh provide an opinion on effectiveness of your internal controls. However, if we become aware of deficiency internal controls that we consider material weakness or or significant deficiency, we would report that here. Um, we're happy to report we did not identify uh any non uh any deficiencies internal control that are required to be reported under government auditing standards. Also, under government standards, we are required to consider your compliance with laws and regulations that have a direct material impact on the financial statements. um those result the results of those tests uh did um did generate one particular issue in the current year that we did describe in the schedule of finance and questions cost as items 2024-1

um and that's on page 14 essentially what happened here was there was um starting in September the end of December there were several pilot payments that were received and just were not remitted to the tax authority within the time frame established by New York state law. Um, under the under the New York State law, um, specifically article 8, title 11, section 1964A, pilot payments received by the authority should be remitted to the affected jurisdictions within 30 days of receipts. These amounts were received. It was not a huge amount, like $500,000. It was only $35,000 amount that's material to your financial statements that were reported here. um the uh mons received weren't remitted to the tax endurance until March of 2025. So much well beyond the 30-day requirement. Um the fact is you could be subject to late penalty payment penalties and interest from the tax jurisdictions. In addition, the authority could be exposed to possible litigation allow allowable under law. Uh we've made a couple recommendations related to this. Um, we recommend that you, you know, establish policies and procedures to strengthen the oversight of the pilot tracking process to ensure that when they're received, they're admitted timely. Um, also we recommend that, uh, you consider setting up a separate cash account for the pilot payments. That does a couple things. It separates those payments from your cash because they're not those are your agency funds. You shouldn't really be in those with your cash accounts. But also if you had a separate cash account and it had a balance on it in any given period of time, it would be an automatic signal that you'd have a pilot payment received. Um and we also did include um discuss this with Randy and uh we did uh he did include um response um their response here as well that you can read. You say litigation, you mean the city of Troy still on? It could be any tax. Oh, because Okay.

I think the problem is that if there's a late you don't you don't charge them for it if it's our well not paying it right. I'm not sure I understand the question. I mean if the if the pilot payment is late and if if they're late if they're late in remitting it to us then they get charged a late fee. Yes. But if it's late if we we didn't pay it. Well I think that's what the issue is. the tax jurisdictions could charge just when we collect a late fee, it used to be sent out to the taxing jurisdictions within 30 days. The issue was it just we held on to it a little too long. So not late fee. In this case, it was just the pilot payment came in. Pilot payment. It was a combination of both. Yeah, combination of both. And so it just didn't get, you know, paid out to the taxing jurisdictions within the 30 days. Oh, I see what you're saying. Okay. Yeah. All right. Um and the last few pages of the plan statements, this is the the supplemental schedule that are required by New York state law. This provides some information to the straight lease agreements you have with different projects. Provides information name, owner's address as well as the tax exemptions that they provided as well as some FTE um information they received um related to those projects as well. again. Are you setting up a separate account for public? Well, that that was their recommendation and it uh I mean my my response was um it seems like it could be it makes sense um for a couple of reasons. one is keeping separate, you know, the, you know, the cash from the pilot payments, um, but also having it in a separate account, then, you know, that when money comes in, it's to go right back out. Um,

and the only thing I added to the suggestion was, you know, I mean, I would I would think or hope that there's some technology at the bank or or or that you could use where there would be an alert set up. Um, in QuickBooks, you can set up a ticker anytime you receive a revenue in that account and right person could set it up in QuickBooks or maybe the bank can set it up when with the account where there's an alert that says, "Hey, this money came in. It needs to go out in 30 days." So, um, that's the best we could come up with. So, we are setting up a separate account. I I I I accept that recommendation. Okay. Um I don't know if that requires board action or if that's just an administrative action. Generally setting up of accounts and closing accounts board approves. You can you know once we have the full recommendation developed at next board meeting we could direct the CFO to open the accounts and start using the protocols that you adopt. Right. Any other questions? I know this is a lot of template information for the first few pages, but could you go back to page two and to the last paragraph? Just put it in plain English what it's it is the required supplementary information. Uh that's uh generally the uh general government accounting standards board has established certain required supplement information. So information in act that's required to accompany the financial statements. So it's not a basic part of the financial statements. One of them is management discussion analysis and then depending on other things the government may have there might be additional schedules you should have. uh the MBA management discussion

analysis just really gives management discussion an an opportunity to explain what happened in the organization in the current year and provide information and uh in context to the financial statement user really and manage the stuff reason we wouldn't audit it their their judgment their insight as to what's going on what the future plans are uh stuff like that uh generally it shows up in you generally the first few pages of the finance statements. Um, it's not it's more significantly when you have like a school district or governmentwide financial statements with a much larger government, whether it be a county or city of Tory, I'm sure, probably has one. Um it's um provides a lot more information as well as describing the financial statements which those financial statements to a person are much more complex and much more not something that you normally would look at and understand what's going on. You have to have you have to have knowledge behind it. So okay so it's reasonable that it's not part of what we have. Yeah. We have a handful of publicities that don't do it. Okay. Not alone by any stretch of the imagination. Any other questions? I think we need a motion to accept this, right? Yeah. The motion to I guess send this to the full board for approval. Yeah. Anyone want to make that motion? Motion. Second. All in favor? Hi. Hi. All right. Thank you. Need to close this and then open up the CRC financials. Right. Motion to close. Seconded by

with Tasha. Natasha. All in favor? I. [Applause] All right. It is now 10:33. I'm going to open up the TRC [Applause] financial. Okay. All right. So in CRC again you should have two two uh individuals one report audit report. Start with a pork report. [Music] I think I have [Applause] here. I'm going to take the previous ones out of your way. That helps clear. Yeah. All right. Okay. All right. Similar to the idea, this this particular uh required communication standard under the qualitative aspect of the kind of practices uh management is responsible for selection of use of the common policy appropriate kind of policies. uh there were no significant changes on the to the kind of policies used by the organization the current year when the judicial policies were adopted and the application of the policy was were not changed. We noted no transactions on by the uh the corporation um during the year which lacked authoritative guidance or consensus and all significant uh transactions had been uh recognized in the final statements in

the proper accounting period. um county estimates are integral to preparation of financial we do highlight probably the most significant uh account of policy uh estimate here and that's really related to man's deductibility of the working capital loan uh from the Troy LDC um along with uh they also pledged sale proceeds from the sale of some of the property health uh development relate to that um and we believe that the factors assumptions used developed estimate were reasonable given the circumstances. Uh we do not um encounter any significant difficulties um during the audit or have management related to accounting or reporting or auditing matters. Um corrected and uncorrected misstatements. We are required to uh accumulate all known and likely misstatements identified during the audit and communicate those to the appropriate level management and highlight the couple adjustments proposed during the current year to you here. Uh there was an adjustment to record approval on build legal fees also adjustments uh related to some administration fees that were uh inadvertently build twice during the current fiscal year. uh management representation letter. We have requested certain representations from management. Um in that letter they confirmed to us all the assertions they made during the audit as well as um confirmed that the information they provided to us is complete and accurate. Uh that report date will be changed to match the the financial statement report date when the reports are issued. Um management's consultation with other independent accountants. Uh we're not aware of any consultation with a third party accountant by the CRC during the current fiscal year. Um on the other other matter sections again we highlight that management has not included in management discussion

analysis is required by governmental counters board. Um the emission of this information does not impact our opinion on the financial statements. Um we were engaged to report on the schedule of embdebtedness u which accompany the financial statements. That's uh not that information is required by government audits uh account board requirements but it's required by New York state uh respect to the supplementary information. We made certain inquirs to management to validate the form content and methods of preparation as well as some other procedures u audit performed audit that allow us to express an opinion on an information um in our audit opinion. Uh we and we also were not engaged to report on the agency's annual report. Um that's the Paris report required by public authority authority law. We didn't do it to ensure that it's not materially inconsistent with the financial statements or information we gathered this is report to the board of directors. Is there any questions? All right. Okay. Starting on page one. Page three is our auditor's report. Uh top page one our audience meeting state here that we believe the finance state is done fairly in all material respect the financial position of the corporation. The changes in the financial decision and its cash flows for the years unended. This is what we call an unmodified or clean opinion. Highest level assurance you can get. The basis for our opinions. We did perform our audit our audit standards generally accept United States of America as well as those standards uh contained in government audit standards issued by the controller general of the United States uh responsibilities and management for the financial statements. While we did assist with the preparation of the financial statements, management is ultimately responsible for the

preparation and fair presentation of the financial statements in accordance with the counter 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 these financials that are free from material misstatement and error. Our responsibility on those auditors is to plan and perform our audit that allows us to pro provide reasonable assurance over those financial statements. uh reasonable assurance is a high level assurance assurance every we don't look at every transaction that flows through the organization during the current fisc school year [Music] uh required supplement information again we're highlighting the fact that MDNA is not included with the financial statements but that uh does not impact our audit opinion topic page three uh the supplementary information that refers to the the schedule of deadness attached to the back uh we subject that to audit procedures during our audit of the financial statements as well from additional procedures um during our audit and that we believe that's information that's fairly stated in all material steps in relation to financial statements taken as a whole. Um the other information section just refers to that we do refer your annual report um to ensure that it's it's um you know not materially inconsistent with these financial statements or or audit. We do not issue an opinion on it. Uh and the last section uh refers to our report on the government auditing standards. We'll quickly go over that when we get to it at the end. Starting at page four, this is your statement in net position for the organization. Um see year-over-year you did see a a decrease in cash. That's from negative cash flow from operations. um year-over-year have you still have non-curren asset relationship receivable from the LDC of $215,000 the total assets of $326,000 uh there were no liabilities at

year end uh page five um is your schedule of revenues uh statement of revenue expenses and change in net position. So this is the income statement of the organization. Your revenue from project fees of $4,500 combined with your uh operating expenses like economic development and grants of 62,000 professional fees of an additional 6200 brings a net operating expenses to 68,000 or net operating loss of uh just under $64,000 for the current fiscal year. um and an overall change in net position of of just under negative $60,000 for the year. Brought your net position from $36,000 down to $326,000 during the current fiscal year. Uh page six, this is just payment cash flows related to your source and use the cash during the current fiscal year. Um, you see your proceeds and project fees offset against payments made for operating expenses brings net cash used and operating activities of $79,000 did receive some interest in the current year. So, your net decrease in cash was uh $75,000 for the current fiscal year. And that little section down the bottom just reconciles your net operating loss to your net cash flow from from operations. Uh starting at page seven and going to the top of page nine uh are the eight of the fin statements. These represent the account policies and organizations. Uh they are there as mentioned in the board report. There are no changes to these policies current year and they are considered to be in accordance with generally accepted account principles. No B provides information relating cash uh in your depository risk. Uh at December 31st, 2024, all your cash deposits were covered by FDIC insurance. Note C provides us some information related related parties,

city, employ without compensation. Uh you do share the board with the Troy IDA. Um and of course the information relates to the the Troy LDC and the receivable that they owe you for working capital loan of $213,000. Starting at page 10, this is a a government audit report might secure reference as a yellow book report. This is a report that's uh that's issued when we do an audit in accordance with generally accepted counter principles uh government auditing standards. I'm sorry. Um we report internal control. Uh our consideration of internal control that allows us to plan and perform the audit, not to the extent that allows us to issue an opinion on the effectiveness of internal control. However, if we become aware of deficiencies internal control that are reportable under government audit standards, we report those here. We're happy to report we did not identify any deficiencies internal control that are reportable under government auditing standards. On the top of page 11, we do consider the organization compliance laws and regulations that can have a direct material effect to the financial statements. Um and we would report here any non-compliance we identified identify any non-compliance report the current year audit. And that last page is the schedule date shows the activity in the current year outstanding state and government debt. These amounts are not general debt of the organization. They're what's called conduit debt. So their debt that was issued through the organization but someone else owes the money back in this case RPI. So you can see the outstanding amounts current year payment as well as current year payments um information that is required by New York

State [Applause] that second. All in favor? I thank you. All right. With that, it is Thank you again. 10:45 and we're going to start with the IDA meeting. [Applause] These are definitely packet. [Applause] [Music] [Applause] accident. Uh, no. There's one on the back of this. There's my experience. [Applause] First off is the approval of minutes from February 21st, 2025 board meeting. Do we have enough people from February to vote on that? [Applause] Oh, never.

I missed one. You did. You left your vacation. I I don't know. [Applause] What's the issue? Uh, just making sure we have enough people that were at the February meeting to approve the minutes. Well, you were here. You were here. I wasn't. Oh, you weren't here. No. Oh, Jeff's not here. So, only four of us. Only four of us here, though. And we need five as a five. Yeah. So, table that, I suppose. And, uh, we have the executive director's report. Okay. So, I've been here about a year now, and in the course of that year, um, I've done a few pilot agreements, learned a few things. Um, I uh started the process of getting um a contract in place with a a technology firm that would help us administratively. Um and uh so I'm going to just report on those two things. uh on the form router contract. Um I you know my objective was to get that in place and have it operational much sooner. Um so that it would have helped us in uh not just in the application process for um for applicants that come in but also particularly with the uh annual reporting of all of the uh pilot

recipients. Unfortunately, that didn't happen. So, um, so D had to go through the old way once again and, uh, for purposes of the Paris report this year had to go out and, you know, basically manually do all those, um, reports um, which my objective was to make that easier. Didn't happen. Um, uh, we still need to get that contract in place. Uh Justin and I talked about that. Um and so, you know, moving forward, we hope that, you know, by this time next year, this will all be uh resolved. Um, in terms of the in terms of the what kind of what I've learned on uh doing pilot agreements, um, it it made me uh kind of look a little harder at uh the I I don't even know what we refer it to as the uniform uniform tax exemption policy. Uniform tax exemption policy. Uh, that is in our bylaws. Uh, it's a policy that's pretty old. probably needs to be looked at and updated uh to better reflect the kind of projects we're doing, but also the way in which we're doing them. Uh and so I'm I'm sort of recommending that that is something that gets done this year. Um I don't know if we if that's something that like a subcommittee of the board would generally governance committee would work on that and and get something to the point where they're comfortable recommending it up to the full board. Right. So I would do we have a governance committee. Yes, you do. Yeah, we do. Okay. So who's But I think with Sue on it or [Music] think

probably. Yeah. Well, we'll we'll check into who's on the governance committee. Part of the organizational resolution we're doing today is going to populate the governance committee. Okay. All right. So, you've been warned. Yep. So, forewarned that we're going to we're going to convene that committee and and try to move uh make some positive uh changes uh in that regard. If are there like standards for bylaws for these types of entities so that we don't start going off? Yeah, we have examples from all over the state for uniform tax exemption policies and project review or evaluation policies which both of those you're supposed to have and we have some older I mean before my time almost I think uh versions that just every now and again it's good to kind of open them up and revisit them and I think this exercise would be more of a whole cloth approach to get something contemporary. Okay. Uh the only other thing I had to uh report on was uh I know we talked at the last meeting about doing a cash flow analysis and whether or not uh we could park more of our cash into an interestbearing account. Um and uh that it was on us administrators to uh do something on that um in conjunction with Matt. But um I don't have anything to report cuz uh we never really touched base. Um but it's it's still on the it's still on our to-do list. Refer the executive director's report. Any questions? No. Hear none. Motion to accept. Second. All right. All in favor? Fine.

Okay. Moving on to new business. We have the annual meeting [Applause] [Applause] resolution. Just as a point of reference, this is a resolution that the board adopts every year. uh concurrently with the presentation of your annual audit and management letter. Uh so along with ex along with accepting the the annual audit uh the board takes this opportunity to attend a bunch of annual housekeeping uh for lack of a better term. Uh the the board readopts certain policies that you're required to revisit each year. Your investment and uh your property disposition policies. Um the resolution also attends to uh electing board officers, establishing the committees as we just mentioned uh reappointing appointment uh authority staff um and dealing with also the intro of the annual parish report which has also been uh printed out by DA I think here as well. So that's the uh the premise the the discussion items to go through. you've already uh visited your uh your audit and your management letter discussion. Uh the open item for discussion before on kind of an omnibus vote uh would be the annual officer election and the only point of um clarification I'll offer there is as Jeff uh is chair uh and appointed as chair. So that's not an elected position by the board, but the positions of vice chair, treasurer, and secretary are uh open for discussion and and approval each

year. Can I just make a comment? So I uh for full disclosure here, I I have to admit that I have not had a chance to review the Paris report. Um, so, uh, I mean, I have full confidence that it's in good order. Um, but, uh, I just throw that out there as if we want to. Um, if if it would be possible to buy a little more time on that. Yeah, if you want to pull that item. Um, and as part of your a part of you approving your annual parish report, there's a an annual exercise to review all of your active projects and take a look and see if there's any outliers or anything that um jumps out in terms of job uh production or job commitments or investment or compliance, that kind of thing. So, if you want to park that one, uh it could be provisionally filed uh by DA uh before uh the end of Monday. Uh if you want to stay compliant with filing, but do your your project review after that or hold the whole thing and file it in April. Entirely up to you. I like having two options. Okay. Uh but yeah, if if if it's okay if we pull like sort of formally uh approving the report until next month and file everything next month do the provisional filing, right? Yeah. I mean I guess a provisional filing is fine with me. Yeah. Once it's filed, it's in um and today can also preload the audit. I mean that's being accepted and all the other mission statement all those other boxes to check can be attended to but u in terms of finalizing

your project data you'd keep your Paris window open until we revisit the the report I think if if that makes sense. I'm just technically from your end when you're hitting the button. Yeah I can I don't think I can submit um I can submit the there's four different parts. Maybe I could submit the financial. [Music] That's what you want me to do is submit the financial one and then not the other three. Is it because you don't you don't know that you're going to be able to get through it for it to be approved? Well, I think just that Randy hasn't had the time at the staff level to go through it and and guide you through, you know, notes on each project. Um, that kind of thing. I think they probably want to drill down on on the performance measures and give you an opportunity to react. Is it like taxes? Did you file an extension for another month or Oh, I've I'm aware of some that are two years late. So, we're talking about 20 days maybe or 25 days in terms of the next meeting cycle. So, no one's going to be sending any uh bad boy letters or anything, you know. Okay. If it were to go 6 months or a year, you'd be kind of at risk for for filing and stuff like that. they do publish an annual kind of naughty list and say which authorities haven't haven't uh hit their deadlines but okay if we're doing a month cycle sometimes just for scheduling purposes or even the audits sometimes can get more intensive and take more time and it pushes calendars a little bit so okay do you have to docu verify all the numbers with each pilot like employment and all that that data is in there that data is in there and it's in and and D has has gathered all that she's put the report together. But, you know, again, just for, you know, I haven't had a chance to to to review it. And, you know, I just probably think it's good practice that I do that before you formally approve.

And to the extent that there's any outliers, part of that annual exercise is if you know if you have a company leave town or you know you have a dramatic drop in employment or something like that, you would make note of it. And in some instances it's a function of the economy and it's not something that you would react to as a board. But sometimes there's instances where you have a business closure or an exit. You think about, you know, bringing them in and there you have a process for that uh for termination and recapture of of pilots. for example, you can stop them uh if there was the case with the cookie factory. Yeah, that one uh was curtailed, was ended. Um voluntarily though, we got them to to exit early because they didn't have the jobs there and they were late on pilot payments. So, they they were uh successfully convinced to wrap it up themselves as opposed to you having to step in and and put them kind of call them on the carpet, if you will. Um, but the the annual review of the parish report, part of that is to kind of like a health check in all your projects. And I think what what Randy suggesting is we're not ready to get that critique put on the table for you. So, next month that would be part of the meeting schedule, what that means in terms of the resolution. Um, audit D the govern committee. Yep. Section 8. Uh we would just uh put a pin in that. We can adopt everything else. It's just the Paris. The annual report itself is section 8. So we can table that one. Otherwise the discussion would be on vice chair, treasur and secretary. And you'll have to forgive me. Maybe D can recite who's holding those positions now. you want to rotate some chairs or keep things same. That's uh that's up for

discussion. I know Ryan's the vice is the vice chair doing a hell of a job. I'm not sure, but I feel like Sue Burl is the secretary and she's not here. So regret absent people often get volunteered, but it's entirely up to you. All right. So, do you guys want to start with vice chair then for the election process? Just motion to nominate somebody, right? Yeah. If there's a discussion, if you want to stay there, speak up and uh we can visit each one of these and if there's a consensus, just fill in the names. So, it's up to you folks. Motion to nominate Ryan. Second. All in favor? I opposed. Thank you guys. Congratulations. Uh, you got that going for you? Yeah. One re-election. We're good to go. Uh, treasurer, anybody interested? Albert. Albert does a great job, if you don't mind. Choice now. I'll do it. All in favor? I. Any opposed? All right. Congratulations, Secretary. Anyone interested? You don't even have to do anything. Fairly ceremonial. Stephanie. Okay. All in favor? All oppose. Congratulations. Thank you. You are now a United States Marine. Good luck.

Second of the last two. So for Albert Latasha and me said he second very informal but was for yours. I didn't hear anything. I'll take the motion. Uh Latasha made the motion. I'll second it. Thank you. The the only other real items to focus on uh before our goal roll call uh on the amended organizational resolution is to revisit the audit and finance committee and the governance committee. The committee of the whole is indicated for audit and finance and that's the format that you just went through uh prior to this meeting to review the audit which is largely what the audit and finance committee is charged with. Uh the governance committees indicated as TBD uh Randy indicated that we're uh usually it's kind of a quiet committee unless we have a mandated policy or a legal change come down from the state. uh but there seems to be uh an appetite for bandwidth to revisit some policies this year. So uh if you want to step out of the committee the whole and designate three or four board members to really focus on that stuff. I actually can designate well this is a suggestion by the board and I would I guess uh if folks want to get into policy making and the sausage making as they say well I mean you know again particularly it would be looking at the uh uniform tax exempt policy um I can't think of a better place to learn so I'd like to okay so there's two I'll He sent around an email that was

really interesting to me. Right. Okay. So, we've got Ryan. Ryan. Yeah. Okay. Great. [Music] We can approve that resolution minus section eight. Yeah. So there motion to approve uh motion to approve with the tableabling of section 8. Second. Second it. All in favor? Any [Applause] oppose. All right. The only other note Date I have is the hard copy. I don't think it makes a difference. Hard copy I got. Yeah, that's why I already did it online. [Applause] Didn't we agree to a governance? Yeah, we agreed to a governance. You got that right, Mike. Alex, Albert, and Ryan. Finance. That's still okay. I see. Okay. Okay. All right. So, good move. Uh, any old business? Hearing none. [Applause] financials. As of February 28th, we had total assets of $1,158,2427 with $733,688 in cash. uh the total liabilities of $259,872 which left a fund balance of $898,355. No significant changes to the financial

position. Lastly, we have the statement of activity for the month of February. We had a surplus of $12,438. our most significant source of revenue. That's our annual administration fee and expenses within our accounting fees. Um can you just the receivables? Those were pilots that were built in February that we did not receive payment for in February. Some of those we have received. Okay. There's nobody over 30 days. There are any other questions for the financials? Hearing none. Take a motion to accept. I'll second. Seconded. All in favor? I. Any opposed? Passes. Uh with that time for the uh German. Can I make a motion? Motion. Second. Seconded. All in favor? Any opposed? We are [Applause] adjourned. It is 11:07. We are going to call to open the CRC meeting. Not done yet. [Laughter] Get in the [Applause] club. Um, [Applause] uh, I think we can approve the minutes.

Yeah. Who is there? Uh, it says Jeff, Elbert, Stephanie, Latasha, and Mace. That's No, that's last year's um Oh, that's why I was looking at the wrong thing. Sorry, I was looking like, yeah, this doesn't seem right. It would be this. I don't think we can right because it's the same thing. All right, then we're going to move on to the executive director's report. I don't have anything to report. Any questions? Motion to accept. Second. Seconded. All in favor? Any opposed? Right. New business. Annual meeting resolution. [Applause] So, is this exactly the same as we just Paris? Yes. Section 8. Yes. do a lot of the same on that. Okay. So, with that, you guys just want to move to the annual officer elections. All right. Great. Uh Jeff autolocked in for chair for this one as well. Pardon me. Is Jeff autolocked for the CRC? Uh no, that one is actually subject to vote. So, you know, keep a motion, Jeff. Second.

Give a big primary if you want. All in favor? I. Any oppose? Congratulations. Uh, vice chair. Fine doing that, too. Okay. So, I make a motion. Thank you. Second it. I'll second. Second. All in favor? Any opposed? Thank you. Appreciate it. Uh, treasurer. I'll do it. Motion. Second. Second. All in favor? Any opposed? Passes. Congratulations. Secretary and appreciated. Yeah, I'll do. Motion from Yeah, I'll second. All those in favor? I. Any oppose? All right. Thought you were I thought you were fixing your mouth to say no. Oh, no. I'm sorry. I'm just Yeah, I left my one's good for me. I don't want to confuse things. All right. Um, we're going to have to table section 8 again. Uh, are there any other questions? We need to do a governance committee. Yeah. Oh, yeah. You're right. Yeah. Just for purposes of the CRC, I'm not sure if there's any significant reporting there in the Parish report. Um, other than the bonds that are outstanding for that entity. So, I just to Randy, we might be able to wrap this one and get it uh get it filed before the end of the month if you feel it's appropriate. At this point, the the performance measures on the reporting, it's basically just RPI's bonds as long as they're not in default. I think

you're in shape. Oh, I'll take that recommendation. All right. Two out of three files. So then take a motion or the governance committee thing we have to do the same. All right. Any other questions on the annual report? All right. Uh motion to accept. Seconded. A second. Second. All those in favor. Any opposed? Carries. [Applause] Moving on. Old business or uh I'm sorry, old business. Uh the Troy City Council neighborhood improvement program funding request. Uh this is what you asked this question, right? The neighborhood improvement program is an annual grant the city gives out to uh different people uh throughout the city to do whatever neighborhood improvements they're interested in doing. It's limited to $1,500. Uh they work with the city clerk to use city approved vendors. That way we know they're getting their money's worth. Um done it for years, very successful. Happy to answer any questions about it. I have a question. Who makes the determination how much is actually approved? Because I I saw a requested amount and then the numbers of what was you know didn't always match.

So there is uh the council it is Sue Steel, Tom Casey and myself do the actual approval of awarded amounts. Are these home improvement projects? No. No. So like um if there's flower pot flower pots or a community garden, you could go touch those up or create them. Last year some people did banners in their communities. Some people did um touch-ups on the historical uh lance the historical landmark signs. Um I think a pitching mound maybe for one of the little leagues got put in there. Yeah, it's pretty wide pretty wide category. Can we get another update as the um money is awarded? Yeah, you're asking me to update. Yeah, just update. So, you know, yes, we, you know, they bought the benches, they installed the benches or, you know, or whatever because sometimes there, you know, there were some projects and we just didn't know what happened and didn't see anything. So, yeah. So, there are a couple people who request the money, get awarded the money, don't use the money. The city clerk has them put the receipts out and it's more of a refunding process. So, if you don't use the money, it just goes back into the account to be reused. So, the city council gets the application. So, it goes from the application goes to the clerk. The clerk organizes them, staples them together, then it comes before the subcommittee of the city council. for approval and changes. So, what's the dollar amount that we're being requested for right now? I'm not sure. That's a great question. 10,000. 10,000. And it's M and the city gives city

council city gives how much? Whatever from last year. I don't have that information. [Applause] 10 match. We didn't do it last year. Um I think there's a lot over here. So we didn't get a request last year and they like they had enough to cover it from all the leftover previous year I'm guessing. Yeah, we had significant amount. Not enough to cut to give everybody the full 1500, but it was enough to do. Yeah. Enough that everyone got some of the pie. Well, theoretically, you could be carrying few thousand on the city side, adding 7,000 to that pot to match the 10 that we I think we add the 10,000. I don't think it's the continuation carryover. I think it's more than 10,000. Uh, so I wouldn't know that until I touch base with the clerk to see who didn't spend their money last year. Ideally, there's no carryover because everyone spends their money. And it confirm is there any anyone that is not eligible. So is it cuz you said anyone who wants to do projects in their neighborhood. So there's something that makes someone ineligible. Yes. So, you can't be purchasing tools. It needs to be somewhat renewable. It can't be like a one-time use. Um, and it can't be on personal property. It has to be onetime use like flowers or like one time use. So, the flower bed would be the idea of Okay. You could reuse it times like if someone wanted to

buy it's predominantly tools. That's the thing. We ran into that issue with a bike repair. They wanted to buy tools to put on the bike repair. We're like, can't do that part. Any other questions? All right. Look for a motion then. I know we've been discussing in the past like what's our what's the vision for CRC and how do we determine who gets what but maybe for the future because we seem to get the same hands out all the time but these are nice projects within the city and I I understand that. So maybe it's a matter of advertising. So how what is the outreach because like you said it's if it's the same people coming every year like h who who is supposed to do the outreach and how do other organizations know about what's available? The LDC's had I mean the ARPA programs are good example and there's been other facade programs uh where they were grant-based. They have different purposes and powers and and intents. But this board could have a targeted fund for a particular neighborhood or a particular kind of industry or not for profofit or set the program and then set a budget and then ask for proposals. You could put the question out that way. Um as opposed to just getting ad hoc requests from time to time and that'll help you I think perhaps long term. And we're at a point now where we're being a little more conservative in the amount every year because, you know, we're waiting to get

a a new cash injection or a new revenue source soon hopefully. And that's what fills the the coffers here. So, uh, the governance committee, for example, could, uh, come up with a targeted program and a budget and, uh, kind of set the expectations so you know on a year-over-year basis what you have set aside for it as opposed to embracing each one and trying to with the baby or, you know, however you you're dealing with it. So, it's just a a thought. Primary source of revenue is those bonds, right? Bond financing. Yeah. You get an administrative fee when they close. And there were some large ones, you know, 7 to 10 years ago that and they were IDA bonds that got refinanced and put through this entity. Um, so if RPI has another debt restructuring coming up or a maturity or if Sage or another organization that's a not for-profit, the hospital is is part of the Trinity systems. They generally don't have any debt associated locally. It's a national umbrella. So they typically don't come through the CRC uh for local u financing. So uh really RPI and and Sage are your targets. The art center had a little bond once upon a time, but that's that's been paid off. the art center of the capital region. It would make sense if we knew that these did work and proceed and get completed just I'm sure for the city council as well. Yeah. So, a majority of them do get completed. It's outlier uh because it gets carried over. So, so you so we can get that information. Yeah. I just said I didn't have Okay. There should have been a chart. It was in the first I sent it out last year. Was it in this one, too? I saw an email. Well, with on the agenda last month, I included a chart that Maria gave me that showed what they did last year. That's how I

knew that we didn't because they didn't have all that. Um I I thought I copied and pasted everything to this agenda, but I mean the chart didn't make it in there. We did receive it in in our email. So, so that that showed what project they did and what um like how much of each one, you know, like how much it was approved for and then how much was paid out. Is that what you were asking? Like they were carried out. Yeah. Yeah. shows that it was awarded a certain amount and a certain amount. Is that this thing? Yes. Okay. Request. So, is this You're saying it's from 2023. They do it last year. They gave me what was from last year. Okay. Okay. And I noted that. Okay. I said, "Oh, we come to find out we didn't even do we didn't contribute anything last year." I think there was the executive director doing their request. They got lost. Okay. I'm guessing they just covered whatever normally our share with the left. Okay. To make it work. Yeah. Okay. I'm just for clarity sake. It sounds like this is a program that's run by the city council and we're just supporting it. Yeah. And then ideally hopefully we've cut a check for like a portion of it up front like 8,000 and if because a while ago they wouldn't use all the funds. So we would give them like 8,000 up front and then at the end if they needed rest of

it we would cut the check for the remaining 2,000. It sounds like in past years all the time that that only happened in the very beginning. That does sound like a good approach. So it would be up to 10. Yeah. Because like now so we don't really know what the projects online. You know what they are for 2025? No, we haven't had that meeting yet. So, I don't know what projects are. I'm confusing. Are we All right. So, here are we approving something that we don't even know we're approving. You're improving. You're improving funding. You're helping to finance the neighborhood improvement program for potential projects that ultimately the council approves or denies. This is by city council. So that's the timeline of it. So you start with press release, then you put in the funding request. Okay? Then they review, we review the funding request, and then the 329 is the deadline for applications to come in. Okay? And then the committee would meet after that to review the applications that came in. So I understand what D was saying. We could put a cap on the initial payment, but wouldn't it make more sense to come to us after you know other projects and know the funding? Sure. Well, then they won't know how much funding they're working with, like how many they can approve if they don't know if we're going to contribute. So, we could we could do a funding request for uh payment of up to $10,000. Mhm. And then once we have the review, we could come to you and say, "Hey, these are the projects. We could review it on the CRC." Okay. And you might come

back and say we didn't get any applications or we got less than normal. And I know a few people have applied because I have been pushing it pretty hard in my neighborhood. Okay. Because not very well represented last year. Okay. Hoping to see more. Would you be more comfortable with that? Yeah. It just clarifies for me because I thought these were the projects that we were looking at but these not the case coming back. Okay. So, would there be a motion to provide the neighborhood improvement uh grant program with a payment up to $10,000? I'd make a motion for that. Motion seconded. All those in favor? I. Any opposed? Motion carries. Thank you. Um, and then the Tech Valley Center of Gravity sponsor a ship request. Yeah, I just checked out there. She's not here for the presentation. Last month we didn't have Yeah, she just had the packet. I think we need more clarity on that one. All right. So, is there a motion to table? Is that what I'm hearing? I I Yes. Motion to table. Seconded. All those in favor? I. Any opposed? Motion carries. Tabled. The next meeting financials. Our first report is the statement of financial position at February 28th.23,823 with $17,840 cash. the total liabilities of $6,294 balance of

$316,539. There's no significant changes to the statement financial [Applause] position. Lastly, we have the statement of activity. Uh for the month of February, we ran a deficit of $2727. Our only source of revenue was our interest earnings and the largest expense was um a repayment of a fee collected from RPI that was actually supported at the city. He inadvertently deposited in our account. We paid it back out to RPI. All right, we've heard the financial report. Any questions? Motion to accept. A second. Seconded. All those in favor. Any opposed? Carries. Uh, last but not least, adjournment. We have motion for that motion. Sasha seconded. All those in favor? I opposed. Returned. A gas coming.