HomeMy WebLinkAboutMN-IURAAC-2016-05-26Approved: 6/21/17
108 East Green Street
Ithaca, New York 14850
(607) 274-6559
(607) 274-6558 (fax)
MINUTES
ITHACA URBAN RENEWAL AGENCY
Audit Committee
Common Council Chambers, City Hall
8:30 A.M., Thursday, May 26, 2016
Members: Svante Myrick, Eric Rosario, Karl Graham
Excused: Chris Proulx, Tracy Farrell, Stephen Smith (Common Council Liaison)
Staff: Nels Bohn, Lynn Truame
Public: None
Guests: None
I. Call to Order
Myrick called the meeting to order at 8:30 A.M.
II. Review of Audit Committee Membership & Charge
Membership:
Each member of the IURA is appointed to the Audit Committee.
Chair: Eric Rosario
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. Agenda Additions/Deletions
None.
Ithaca
Urban
Renewal
Agency
IURA Audit Committee Minutes
May 26, 2016
Page 2 of 3
IV. Public Comment (3‐minute maximum per person)
None.
V. Review of Draft Meeting Minutes: April 23, 2015
Rosario moved, seconded by Myrick, to approve the April 23, 2015 meeting minutes, with no
modifications.
Carried Unanimously 3‐0
VI. New Business
A. Election of Audit Committee Chairperson & Vice‐Chairperson
Myrick moved, seconded by Graham:
2016 IURA Audit Committee Election of Vice‐Chairperson
& Nomination of 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
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: Eric Rosario
Vice‐Chairperson: Karl Graham, and
WHEREAS, at their May 26, 2016 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 Eric Rosario as Committee
Chairman, and be it further
RESOLVED, that the IURA Audit Committee hereby elects Karl Graham as Committee Vice‐
Chairperson.
Carried Unanimously 3‐0
IURA Audit Committee Minutes
May 26, 2016
Page 3 of 3
B. Approval of Audited 2015 IURA Financial Statements
Rosario moved, seconded by Myrick:
Approval of Audited 2015 IURA Financial 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 separate 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 2015 IURA financial report on March 24, 2016, and
WHEREAS, at their May meetings, both the IURA Governance Committee and the IURA Audit
Committee reviewed the report and attached correspondence and recommends the following;
now, therefore, be it
RESOLVED, that the Financial Report of the Ithaca Urban Renewal Agency for the period January
1, 2015, through December 31, 2015, prepared by the accounting firm of Insero & Company,
formerly Ciaschi, Dietershagen, Little, Mickelson & Company, LLP, be 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.