[00:00:01]
GOOD MORNING.[1. Meeting called to Order]
HERE BY THE ALLOY AREA DIRECTOR CORPORATION BOARD OF DIRECTORS MEETING.IT'S WEDNESDAY, SEPTEMBER 27TH, 2023.
IT'S 9:18 AM AND HALL MEETING, YOUR HONOR, UH, SUZIE OFFICE.
UH, ANY PUBLIC COMMENTS THIS MORNING? NO MA'AM.
[4. Consider and act upon the recommendation to approve the September 28, 2022 AADC Meeting Minutes.]
MOVING ON TO OUR CONSENT AGENDA.NUMBER FOUR, CONSIDER AND ACT UPON THE RECOMMENDATION TO APPROVE THE SEPTEMBER 28TH, 2022 AT A C MEETING.
IS ANYONE HAVE A CHANCE TO LOOK AT THE MINUTES? IS THERE A MOTION TO APPROVE? SO MOVED.
IS THERE A SECOND? SECOND MOTION AND A SECOND ON THE FLOOR.
ANY DISCUSSION? ALL IN FAVOR, PLEASE SAY AYE.
[5. Consider and act upon the election of the 2023 Alamo Area Development Corporation (AADC) Board of Directors Chair and Vice Chair.]
NEW BASIS.CONSIDER AN ACT ON THE ELECTION OF THE 2023 ALAMO AREA DEVELOPMENT CORPORATION, BOARD OF DIRECTORS, CHAIR, AND VICE CHAIR.
UH, IS THERE ANY, ANY RECOMMENDATION, ANY VOLUNTEERS, ANYBODY INTERESTED IN SERVING IN THIS POSITION? AS THE CHAIR AND THE VICE CHAIR DON'T ALL VOLUNTEER AT ONCE.
THE ONLY OTHER TWO THAT WE HAVE RIGHT NOW ON THE, ON THE BOARD OBVIOUSLY ARE MAYOR DENNIS AND JUDGE KELLY BECAUSE EVERYBODY ELSE IS HERE.
SOUNDS LIKE YOUR NOMINEES
AND THE CHAIR HOLDS MEETINGS AND THE VICE CHAIR WILL SIT IN THE CHAIR'S PLACEMENT.
I, I WOULD VOLUNTEER FOR WHICHEVER YOU WOULD PREFER ME IN.
WHICH ONE WOULD YOU PREFER? I DON'T CARE.
ANYONE INTERESTED IN THE CHAIR POSITION? I COULD DO THE CHAIR IF YOU'D LIKE.
I, I NOMINATE MAYOR SCHROER OR CHAIR AND MAYOR DE LEON FOR VICE CHAIR.
SO WE HAVE A MOTION FOR MAYOR SCHROER AND HE NEEDS TO BE CHAIRED VICE CHAIR PERSPECTIVE.
[6. Consider and act upon the recommendation from the Executive Director to approve the Alamo Area Development Corporations (AADC) Annual Financial Audit Report for the year ended December 31, 2022 - Julio Elizondo]
CONSIDER AND ACT UPON THE RECOMMENDATION FROM THE DIRECTOR TO APPROVE THE IOWA AREA DEVELOPING CORPORATIONS.A E D C ANNUAL FINANCIAL AUDIT REPORT FOR THE YEAR DECEMBER 30 MORNING OCTOBER 23.
AND I'M NOT GONNA SIT 'CAUSE I'M NOT GONNA PRESENT THIS, BUT IT'S GONNA BE, WE'VE GOT MIKAY, MATT MATHESON, AND ALYSSA RUSSO FROM FORBIS, UH, AND ALYSSA WILL PRESENT IT TO YOU ON THE FINANCIAL RESULTS.
I WAS THE SENIOR MANAGER ON THE A A B C AUDIT THIS YEAR.
SHE IS THE PARTNER ON THE JOB.
AND SO WE'RE GONNA GO OVER THE RESULTS OF THE AUDIT.
THE FIRST PART IS THE SCOPE OF OUR AUDIT WAS FOR DECEMBER 31ST, 2022.
AND CONDUCTED IN LINE WITH ACCOUNTING PRINCIPLES ACCESSIBLE IN THE UNITED STATES.
WE DO AN AUDIT THAT GIVES YOU REASONABLE ASSURANCE OVER THE FINANCIAL, SO WE'RE NOT GONNA LOOK AT EVERY TRANSACTION AND THAT'S THE HIGHEST LEVEL OF ASSURANCE THAT WE CAN PROVIDE.
SO UNMODIFIED OPINION, WHICH IS THAT HIGHEST LEVEL OF ASSURANCE THAT WE CAN PROVIDE FOR THE FINANCIALS.
WE ALSO CONFIRMED THAT OUR TEAM AND OUR FIRM'S INDEPENDENT OF A A B C AND THAT WE MEET ALL OF OUR ETHICAL REQUIREMENTS RELATED INDEPENDENCE.
AND THAT OUR AUDIT ALSO DOES NOT RELIEVE MANAGEMENT FOR THE BOARD FROM THEIR RESPONSIBILITIES OF OVERSIGHT OF THE FINANCIALS AND THE ACCURACY OF INFORMATION, AS WELL AS DEVELOPMENT OF FEDERAL CONTROLS.
SO THEN WE PRESENT ON SOME QUALITATIVE ASPECTS OF THE, OF THE FINANCIALS.
SO WE LOOK AT THE AUDIT AND THE FINANCIAL STATEMENTS.
WE, WE ALSO LOOK AT ACCOUNTING POLICIES, DETERMINE IF THOSE ARE IN LINE WITH GAP AND UNREASONABLE FOR YOUR UM, ORGANIZATION.
THOSE POLICIES ARE DESCRIBED, DESCRIBED IN ONE OF THE FINANCIAL STATEMENTS AND WE HAD NO ISSUES WITH ANY OF THE POLICIES.
WE ALSO LOOK FOR UNUSUAL POLICIES.
SO THAT CAN BE EITHER A DEPARTURE FROM GAP OR SOMETHING THAT'S UNUSUAL FOR THE INDUSTRY.
AND WE NOTED NONE OF THOSE THIS YEAR.
BEST LOOK FOR ALTERNATIVE ACCOUNTING TREATMENTS.
SO ANYTHING THAT'S TREATED DIFFERENTLY THAN MAYBE AN INDUSTRY STANDARD.
[00:05:01]
AND FOR A D C, THERE WERE NONE.WE ALSO PAY PARTICULAR ATTENTION TO ANY PARTS, PARTS SQUARE MANAGEMENT HOUSE ESTIMATE WHERE THERE'S JUDGMENT INVOLVED AND HAVE MORE LEEWAY WAIT FOR SOME DISCRETION THERE.
AND WHEN WE LOOKED AT THOSE, UM, ESTIMATES, WE HAD NO CONCERNS WITH MANAGEMENT ESTIMATES.
WE'D ALSO BRING, BRING TO YOUR ATTENTION ANY FINANCIAL STATEMENT DISCLOSURES THAT PARTICULARLY SENSITIVE FINANCIAL INFORMATION.
A A D C DOES NOT HAVE ANY OF THOSE.
AND THEN FINALLY WE LOOK AT THE APPLICATION OF ACCOUNTING PRINCIPLES AND IF THERE WAS ANY CONCERNS THAT WE HAD, WE WOULD BRING THAT TO YOU AND THERE WERE NONE.
SO WHEN WE DO OUR AUDIT, WE SET SORT OF THREE THRESHOLDS OF MATERIALITY.
WE SET A REALLY HIGH THRESHOLD OF ANYTHING OVER THAT AMOUNT.
WE WOULD BRING IT TO MANAGEMENT AND HAVE THEM MAKE AN ADJUSTMENT IF IT WAS OVER THAT SO THAT, THAT WE COULD SAY THAT THESE FINANCIALS WERE FREE FROM MATERIAL MISTING.
WE ALSO SAID A REALLY LOW THRESHOLD THAT KIND OF SAYS ANYTHING BELOW THAT WE'RE NOT EVEN GONNA BRING TO MANAGEMENT'S ATTENTION BECAUSE IT'S NOT MATERIAL TO THE ORGANIZATION THAT KIND OF IN BETWEEN ZONE.
IF THERE WAS ANYTHING IN THERE, WE BRING IT TO MANAGEMENT AND THEN THEY HAVE THE OPTION TO MAKE THAT ADJUSTMENT OR TO NOT.
SO WE HAD NO ADJUSTMENTS THAT MANAGEMENT RECORDED.
THE ONLY ONE THAT WE HAD THAT WE PASSED ON WAS FROM LAST YEAR'S AUDIT.
THERE WAS A RECEIVABLE RELATED TO THE GRANT THAT HAD BEEN RECORDED IN THE WRONG PERIOD.
AND SO THIS YEAR'S JUST THE REVERSAL OF THAT.
AND THEN THE LAST PIECE IS THAT WE GET A REP REPRESENTATION LETTER FROM MANAGEMENT CONFIRMING THAT THEY TAKE RESPONSIBILITY FOR THE FINANCIALS, ALL OF THAT INFORMATION.
AND WE DO WANNA POINT OUT THAT BECAUSE OF THE RULES FOR COMPONENT UNITS AND HOW THEY CONSOLIDATE TOGETHER, A, B, C WILL BE A BLENDED COMPONENT UNIT OF ACOG GOING FORWARD.
SO THIS WILL BE THE LAST STANDALONE AUDIT OF A A B C.
AND GOING FORWARD IT WILL BE PART OF THE A C O G AUDIT.
THAT'S ALL I HAVE FOR THE AUDIT.
SO CLEAN OUT OPINION, NO INTERNAL CONTROL DEFICIENCIES OR ANYTHING LIKE THAT TO COMMUNICATE.
I'M SO GLAD PEOPLE LIKE ME LIKE TO DO THIS.
UH, SO MS. BOARD, DO WE HAVE, UM, A MOTION TO APPROVE THE, THE A A D C ANNUAL FINANCIAL AUDIT REPORT? SO MOVED.
ANY DISCUSSION? ALL IN FAVOR, PLEASE SAY AYE.
OPPOSED? THANK YOU AGAIN VERY MUCH.
[7. Consider and act upon the recommendation to approve the AADC Financial Report. – Julio Elizondo A. Balance Sheet B. Revenues and Expenditures]
YOU.NUMBER SEVEN, CONSIDER AN ACT UPON THE RECOMMENDATION TO APPROVE THE A A D C FINANCIAL.
MEMBERS OF THE CHAIR, UH, BOARD.
I'M YOUR CHIEF CHIEF FINANCIAL OFFICER.
I'LL BE PRESENTING THE A A D C FINANCIALS FOR AUGUST.
UM, THE BALANCE OVER OUR BALANCE SHEET, UH, AT THE END OF AUGUST WE DID THE ONLY ACT, THE ONLY RAW ACTIVITY WE REALLY SAW FOR THE MONTH WAS WE ALREADY THEIR CASH INTO A CD WHICH INSURANCE BANK CAN TRUST.
UH, THEY GAVE US A VERY GREAT, UH, RATE AT 5%.
UM, SO THAT'S WHY THAT'S BASICALLY THE ONLY DIFFERENCE ON THE BALANCE SHEET FOR THE MONTH.
MOVING OVER TO THE, UH, STATEMENT OF REVENUES AND EXPENDITURES, UH, AGAIN, THE ONLY ACTIVITY THAT WE HAD A MONTH WAS, UH, 8,000 IN INTEREST OR YEAH, 8,000 IN INTEREST.
SO SITTING AT A CURRENTLY AT A, UH, DEFICIT FOR THE YEAR, BUT KIND OF USING FUNDS THAT WE HAD, UH, REMAINING FUNDS CARRY OVER REQUEST THE PRIOR YEAR FOR GRANTS.
UM, THAT CONCLUDES MY PRESENTATION.
UM, YEAH, PRESENTATION OVER FINANCIAL.
DO Y'ALL HAVE ANY QUESTIONS ON BY THAT? THANK YOU VERY MUCH.
THIS IS ALSO SOMETHING WE NEED ACTION ON.
IS THERE A MOTION TO APPROVE? MOVE TO APPROVE.
SECOND, SECOND, AND A SECOND ON THE FLOOR.
ALL IN FAVOR, PLEASE SAY A AYE.
[8. Items to be placed on the agenda for the next AADC Board of Directors meeting.]
I BE PRESSED ON THE AGENDA FOR THE NEXT A A D C BOARD OF DIRECTORS MEETING.IS THERE ANYTHING THAT THIS BOARD WOULD LIKE TO HAVE PRESS ON THE NEXT AGENDA? HEARING NONE.
IF SOMETHING SHOULD COME UP, PLEASE CONTACT SUSIE AND DAR DIANE AND WE'LL HAVE THAT PLACED ON THE AGENDA.
NUMBER NINE, UH, IS TO BE SCHEDULED.
SO WE DO NOT HAVE A DEFINITE DATE RIGHT NOW
[00:10:01]
AND NO OTHER ACTION TODAY.SO IT'S 9 28 AND THIS BOARD IS ADJOURNED.