HomeMy WebLinkAboutMN-IURAAC-2015-04-23Approved: 5/26/16
108 East Green Street
Ithaca, New York 14850
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MINUTES
ITHACA URBAN RENEWAL AGENCY
Audit Committee
Common Council Chambers, City Hall
8:30 A.M., Thursday, April 23, 2015
Members: Svante Myrick, Eric Rosario, Karl Graham, Ellen McCollister (Common Council Liaison)
Excused: Chris Proulx, Tracy Farrell
Staff: Nels Bohn, JoAnn Cornish, Lynn Truame, Charles Pyott
Public: None
Guests: None
I. Call to Order
Myrick called the meeting to order at 8:38 A.M.
II. Agenda Additions/Deletions
None.
III. Public Comment (3‐minute maximum per person)
None.
IV. New Business
A. Election of Audit Committee Chairperson & Vice‐Chairperson
Bohn explained that the Audit Committee only meets, when necessary, to address specific issues
relating to the annual audit. (The Governance Committee also participates in the process.)
Myrick moved, seconded by Rosario:
Appoint IURA Audit Committee Chairperson
WHEREAS, the IURA By‐laws provide that the committee membership shall elect its own
committee Vice‐Chairperson and nominate a member to serve as Chairperson, and
Ithaca
Urban
Renewal
Agency
IURA Audit Committee Minutes
April 23, 2015
Page 2 of 3
WHEREAS, officers of each committee serve a one‐year term, but continue to hold office until
their successor is selected or appointed, and
WHEREAS, at their April 23, 2015 meeting, the IURA Audit Committee elected Karl Graham as
Vice‐Chairperson, and
WHEREAS, at their April 23, 2015 meeting, the IURA Audit Committee nominated Eric Rosario as
Committee Chairperson; now, therefore be it
RESOLVED, that the IURA hereby appoints Eric Rosario as Chairperson of the IURA Audit
Committee.
Carried Unanimously 3‐0
B. Review of Audited 2014 IURA Financial Statements
Bohn explained that the IURA is audited by the same auditor the City employs. While the IURA is a
public benefit corporation with a unique legal identity from the City, over 50% of its revenues derive
from HUD Entitlement funds awarded to the City of Ithaca and administered by the IURA pursuant to
an administrative agreement. Because of the close governing, administrative and financial relationship
with the City, the Agency is considered to be a component unit of the City for financial reporting
purposes. Therefore, the Agency audit of financial statements is incorporated into the Special Grant
Fund of the City’s financial audit.
The auditors also conduct a single programmatic audit every year, called the “Single Audit” ― the
HOME program was selected this year. The IURA single audit narrative will be included in the City’s
own audit when it is submitted. Bohn reported the auditor identified no deficiencies or concerns with
the IURA audit, so it is an entirely clean audit. The auditor also analyzed the IURA’s separation of duties
and internal controls, but found no concerns.
Graham moved, seconded by Rosario:
Approve Audited 2014 IURA Financial Statements
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 separate from the City to have its finances audited within 90 days of
the end of its fiscal year;
IURA Audit Committee Minutes
April 23, 2015
Page 3 of 3
WHEREAS, at their April 10, 2015 meeting, the IURA Governance Committee reviewed this matter
and recommends the following; now, therefore, be it
RESOLVED, that the Financial Statements of the Ithaca Urban Renewal Agency for the period January
1, 2014, through December 31, 2014, prepared by the accounting firm Ciaschi, Dietershagen, Little,
Mickelson & Company, LLP, are hereby approved.
Carried Unanimously 3‐0
V. Adjournment
The meeting was adjourned by consensus at 8:45 A.M.
— END —
Minutes prepared by C. Pyott, edited by N. Bohn.