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HomeMy WebLinkAboutMN-IURAGOV-2011-03-18Adopted 4-15-11 City 108 East Green Street Ithaca, New York 14850 (607) 274-6559 MINUTES IURA Governance Committee 8:30 AM, Friday, March 18, 2011 3rd Floor Conference Room, City Hall Present: Susan Cummings, Kathy Schlather, David Whitmore Excused: Carolyn Peterson Staff: Nels Bohn, Sue Kittel, Alice Vargo I. Call to Order The meeting was called to order at 8:35 a.m. by Chairperson Cummings. II. Additions to or deletions from the agenda - None III. Public comment - None IV. Approval of meeting minutes: Meeting Minutes for January 21, 2011 The January 21, 2011 minutes were distributed at the meeting, and will be reviewed at the April 15th meeting. V. New Business A. Public Authorities Accountability Act (PAAL) 1. Agency member acknowledgement of fiduciary duties and responsibilities. Bohn updated members that he has loaded all required 2010 information on the Public Authorities Reporting Information System (PARIS) web site, but that the annual plan information cannot be submitted until the certified financial audit is submitted. He reviewed that IURA finances are consolidated with City financial statements, which are over one year late. It is his understanding from the City Controller that the 2009 City audit of financial statements will be completed in May and the 2010 City audit will be completed by September 30, 2011. According to PAAL, public authorities are now required to submit certified financial statements within 90 days of the end of the fiscal year, or April 1st. He noted that HUD requires audits to be submitted within 270 days of the end of the fiscal year. Members reviewed the Acknowledgement form. Bohn explained that PAAL requires each Agency member to sign an acknowledgement of fiduciary duties and responsibilities. Ithaca Urban Renewal Agency IURA Governance Minutes March 18, 2011 Page 2 of 3 2. Annual Agency member evaluation Bohn reported that the 2009 amendment to the PAAL now requires every public authority to conduct an annual board evaluation of its performance. He distributed the evaluation forms for review. The forms are to be filled out confidentially by each member and compiled by staff for review by the Governance Committee. He indicated he would pass out the evaluation forms at the next IURA meeting. 3. Mission statement & measurements – Bohn reviewed the PAAL requirements for adoption of a mission statement and measurement goals. Members reviewed excerpts of the Agency’s authority, it Urban Renewal Plan, written description of the Agency and other materials. Schlather prepared a draft IURA mission statement which members refined. The Committee agreed by consensus to recommend the Agency adopt the following IURA Mission Statement. “The Ithaca Urban Renewal Agency secures and manages resources to improve the social, physical and economic characteristics of the City of Ithaca by expanding access to quality affordable housing, strengthening neighborhoods and the local economy, and supporting other community development activities.” 4. IURA Investment guidelines Bohn stated that PAAL requires the Agency to adopt investment guidelines and annually review and approve the guidelines. Bohn reviewed the proposed investment guidelines and reported on current investments of the Agency. He noted that any bank interest earned on CDBG funds must be returned to HUD annually. Whitmore moved, seconded by Schlather, the following: IURA Investment Guidelines WHEREAS, the New York State Public Authorities Law requires each public benefit corporation to adopt investment guidelines regarding the investing, monitoring, and reporting of funds of the corporation, and Whereas, at their March 18, 2011 meeting, the IURA Governance Committee reviewed this matter and recommended the following action; now, therefore be it RESOLVED, that the IURA hereby adopts the IURA Investment Guidelines, dated March 14, 2011 as herein attached. Carried Unanimously IURA Governance Minutes March 18, 2011 Page 3 of 3 B. Other - none VI. Old Business A. 2011 HUD Entitlement Action Plan Kittel announced that the Planning & Economic Development Committee of Common Council recommended approval of the IURA-adopted 2011 Action Plan without change. B. Other Project updates were provided and members discussed the Breckenridge Place affordable housing project at 100 W. Seneca Street and coal tar remediation at the manufactured gas plant site in the Northside neighborhood (aka Markles Flats). VII. Staff Report A. Common Council matters of interest to the IURA Bohn reported that the Planning & Economic Development Committee advanced Collegetown zoning amendments and other regulatory changes to implement the 2009 Collegetown Urban Plan & Conceptual Design Guidelines. B. Other - none VIII. Other Business A. Review of IURA financials: February 2011 – members reviewed the February 2011 financials. B. Next Meeting: April 15, 2011 IX. Adjournment The meeting was adjourned at 10:10 a.m. by consensus. END Minutes prepared by A. Vargo, edited by N. Bohn j:\community development\admin files\minutes\governance- b&a\2011\3 march\march 18 gov nb edit.doc