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HomeMy WebLinkAboutMN-IURAAC-2023-04-27 108 E. Green St. Ithaca, NY 14850 (607) 274-6565 MEETING MINUTES ITHACA URBAN RENEWAL AGENCY Audit Committee 8:30 A.M., Thursday, April 27th, 2023 Members: Karl Graham, Vice-Chair; Chris Proulx; Laura Lewis (Mayor); Donna Fleming; George McGonigal (Common Council Liaison) Excused: None. IURA Staff: Nels Bohn; Anisa Mendizabal; Charles Pyott City Staff: Lisa Nicholas, Director of Planning & Development Department Guests: None. I. Call to Order Vice-Chairperson Graham called the meeting to order at 8:33 A.M. II. Review of Audit Committee Membership & Charge Membership: Each member of the IURA Board is appointed to the Audit Committee. (Chair: vacant; Vice-Chair: Karl Graham) Responsibilities: 1. Oversee preparation of an annual audit of the Agency prepared by an independent accounting firm; 2. Review the results of external audits and develop recommendations to the Agency to address any issues or concerns raised by the external auditor; 3. Review and approve internal controls to safeguard its assets; and 4. Investigate problems in financial reporting, internal control or compliance as they arise. III. Additions/Deletions to/from Agenda None. IV. Public Comments (3 min. max. per person) None. V. Review of Draft Meeting Minutes: April 28, 2022 Fleming moved, seconded by Graham, to approve the meeting minutes, with no modifications. Carried Unanimously: 4-0 Approved: 5/24/24 VI. New Business A. Election of Committee Vice-Chairperson & Nomination of Chairperson Graham asked if any other Committee members would like to serve as Chairperson or Vice-Chairperson. No Committee members responded. Lewis nominated Graham to serve as Chairperson. No objections were raised. Graham nominated Fleming to serve as Vice-Chairperson. No objections were raised. Graham moved, seconded by Lewis: Appointment of IURA Audit Committee Chairperson WHEREAS, the IURA By-Laws provide that the committee membership shall elect its own committee Vice-Chairperson and nominate to the IURA Board a member to serve as Chairperson of the Audit Committee, and WHEREAS, officers of each committee serve a one-year term, but continue to hold office until their successor is selected or appointed, and WHEREAS, the current Audit Committee officers are: • Chairperson: Vacancy • Vice-Chairperson: Karl Graham, and WHEREAS, at their April 27, 2023 meeting, the IURA Audit Committee elected Donna Fleming as Vice- Chair and nominated Karl Graham as Chair of the IURA Audit Committee; now, therefore be it RESOLVED, that the IURA hereby appoints Karl Graham as Chair of the IURA Audit Committee. Carried Unanimously: 4-0 B. Approval of Audited 2022 IURA Financial Statements The Committee reviewed and approved Insero & Company’s Financial Audit Report, which raised no issues, findings, recommendations, or concerns. (Since the IURA is considered a blended component of the City of Ithaca, this audit only represents a small proportion of the larger City audit.) Graham moved, seconded by Lewis: Approval of 2022 IURA Financial Audit Report WHEREAS, the Ithaca Urban Renewal Agency (IURA) derives the majority of its finances from grants awarded to the City of Ithaca, and WHEREAS, for financial reporting purposes, the IURA is a blended component unit of the City of Ithaca whose financial activity is reported in the Special Grant Fund, a governmental fund of the City of Ithaca financial statements, and WHEREAS, the IURA contracts separately from the City to have its finances audited within 90 days of the end of its fiscal year to comply with the Public Authorities Accountability Act, and WHEREAS, the IURA received an audited 2022 IURA financial report on March 27, 2023, and WHEREAS, at its April 14, 2023 meeting, the IURA Governance Committee reviewed the financial report and attached correspondence and recommended its approval to the IURA Audit Committee, and WHEREAS, at its April 27, 2023 meeting, the IURA Audit Committee reviewed the financial report and attached correspondence and recommends IURA approval of the financial audit; now, therefore, be it RESOLVED, the IURA hereby approves the Financial Report of the Ithaca Urban Renewal Agency for the period January 1, 2022 through December 31, 2022, prepared by the accounting firm of Insero & Company, LLP. Carried Unanimously: 4-0 C. Review Internal Controls & Separation of Duties Graham walked through the following Internal Controls and Separation of Duties: (continued on following page) D. Review HUD PY2021 Annual Community Assessment (ACA) Report Graham reported the IURA received HUD’s most recent Annual Community Assessment (ACA) report (excerpted below) for the City, examining the IURA’s performance in administering its Community Development Block Grant (CDBG) Program and HOME Investment Partnerships Program (HOME) grant awards. • Areas of program funds invested to support low-income, immigrant, minority and homeless individuals and the agencies that support them. • The City was compliant with administration caps for CDBG and HOME. • The City has exceeded requirements with the CDBG low-mod income beneficiary threshold in 2021 by expending 100% of CDBG resources in low-moderate income communities. • Ithaca met the HOME commitment and expenditure deadlines during the reporting period. • Ithaca has used CDBG funds to support a transitional housing program for very low-income homeless women. This program provided sustained positive change in the lives of the women they served by incorporating rental stewardship classes, financial education, vocational and job seeking skills, and personal goal setting workshops. • The City continued to invest HOME funds into a Tenant Based Rental Assistance Housing Scholarship Program that provided rental assistance to homeless youth. The support provided one-on-one staff support and life skills training to help participants secure and maintain safe and stable housing. • Ithaca was very communicative throughout the review process and satisfactorily made adjustments and updates when necessary. The City provided timely explanations during the CAPER review process and all items of question were addressed thoroughly. • Ithaca has not conducted required inspections of HOME assisted units since 2016. The City was noted to reconvene inspections in 2019, however the pandemic set the schedule on hold. The City explained to HUD last year that inspections were to reconvene by September 30, 2022. Currently, the City remains out of compliance of 24 CFR 92.504(d). • Ithaca did not meet the CDBG timeliness test as of 6/2/22 at 1.70, which should be at 1.5 or below. VII. Adjournment The meeting was adjourned by consensus at 8:51 A.M. — END — Minutes prepared by C. Pyott, edited by N. Bohn.