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HomeMy WebLinkAboutMN-IURAAC-2025-04-25 108 E. Green St. Ithaca, NY 14850 (607) 274-6565 MEETING MINUTES ITHACA URBAN RENEWAL AGENCY Audit Committee 9:00 A.M., Friday, April 25th, 2025 Members: Karl Graham, Chairperson; Donna Fleming, Vice-Chairperson; Shaianne Osterreich Excused: Robert Cantelmo (Mayor); Siobhan Hull Common Council Liaison: Ducson Nguyen IURA Staff: Nels Bohn; Anisa Mendizabal; Charles Pyott [virtual] City Staff: Lisa Nicholas, Director of Planning & Development Department Guests: None I. Call to Order Chairperson Graham called the meeting to order at 9:04 A.M. II. Review of Audit Committee Membership & Charge Membership: Each member of the IURA Board is appointed to the Audit Committee (Chair: Karl Graham; Vice-Chair: Donna Fleming). 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. Approved: 5/28/26 V. 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. Moved by Graham, seconded by Osterreich: 2025 IURA Audit Committee Election of Vice-Chairperson and Nomination of Chairperson WHEREAS, the IURA By-laws provide that the committee membership shall elect its own committee Vice-Chairperson and nominate to the Agency 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 committee officers are: Chairperson: Karl Graham Vice-Chairperson: Donna Fleming, and WHEREAS, at their April 25, 2025 meeting, the IURA Audit Committee called for nominations for Vice- Chair and Chair of the IURA Audit Committee; now, therefore be it RESOLVED, that the IURA Audit Committee hereby nominates Karl Graham as Committee Chairman, and be it further RESOLVED, that the IURA Audit Committee hereby elects Donna Fleming as Committee Vice- Chairperson. Carried Unanimously: 3-0 B. Approval of Audited 2024 IURA Financial Report Graham explained that Insero & Company’s FY2024 Financial Audit Report once again 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. The IURA audit is required to be conducted within 90 days of the end of each fiscal year. Bohn added that the audit is performed based on a modified accrual basis. He noted that while the IURA possesses a number of significant assets, most of them are restricted in terms of the uses they can be employed for (e.g., HODAG funds can only be used towards affordable rental housing). Moved by Fleming, seconded by Osterreich: Approval of 2024 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 2024 IURA financial report on March 18, 2025, and WHEREAS, at its April 18, 2025 meeting, the IURA Governance Committee reviewed the financial report and attached correspondence and recommended its approval, and WHEREAS, at its April 25, 2025 meeting, the IURA Audit Committee reviewed the financial report and attached correspondence and recommended the following action; now, therefore, be it RESOLVED, the IURA hereby approves the Financial Report of the Ithaca Urban Renewal Agency for the period January 1, 2024 through December 31, 2024, prepared by the accounting firm of Insero & Co. CPAs, LLP. Carried Unanimously: 3-0 VI. Adjournment The meeting was adjourned by consensus at 9:18 A.M. — END — Minutes prepared by S. Dean, edited by C. Pyott/N. Bohn.