SLC INDUSTRIAL DEVELOPMENT AGENCY
AUDIT AND FINANCE COMMITTEE
AUDIT ENTRANCE CONFERENCE
Date: January 21, 2014
Time: 10:03 AM
Audit Dates: January 21 – 24, 2014
Present: Andrew McMahon (Audit Committee Chair), Mark Hall, R. Joseph Weekes Jr., Donald
Hooper, Derek VanHouse, Kimberly Gilbert, Tom Plastino, Lori Sibley
Tom Plastino hits some of the high points of a summary of significant events during 2013 that staff
prepared for the auditors (copies distributed to Committee members). He mentions the Fockler
Industries equipment lease, a robotic welder, which is a unique project for the IDA. Don Hooper notes
the project appears to be one that demonstrates a willingness on behalf of the IDA to assist a company
in order to allow them to proceed with their project goals.
Mr. Plastino notes that there were two phases involved in the funding process for St. Lawrence
Brewing. He explains the loan process, which involved multiple partners and two disbursements. Mr.
Plastino wants to give the auditors and committee a better understanding of the different phases of this
particular loan process.
Kimberly Gilbert notes that the National Grid/CITEC, Inc. marketing initiative was completed in 2013
and all expenses were accepted by National Grid. CITEC had informed the IDA that National Grid
had remitted the full grant amount to CITEC earlier in January, with the check expected to arrive this
week from CITEC.
Tom Plastino advises the group we are still waiting for additional documentation from the St.
Lawrence County Fire Training Facility before moving forward with an agreement whereby the Civic
Development Corporation would provide financing for the St. Lawrence County Fire Training
Facility. The process has been delayed while we await proof of funding from other sources that have
committed funds to the project.
Although several inquiries were made in 2013, Kimberly Gilbert mentions that there were no viable
loans presented to the St. Lawrence County Local Development Corporation Micro Enterprise
Business Program.
Mark Hall notes the Newton Falls Railroad project and the Canton Industrial Building project appear
to be unique in nature. Andy McMahon expresses his concern for slow payments from the State on
some of these current projects and the impact this will have on the Agency’s finances. Kimberly
Gilbert advises the group that the documentation required for reimbursement from the State for the
railroad and other projects is to be finalized at the end of this month. Tom Plastino notes that staff
continues to follow up regularly in efforts to be kept informed of further developments concerning the
timeframe for reimbursements.
Andy McMahon inquires about industry trends in the audit profession. Don Hooper notes that
additional regulations and requirements will be expected of the audit team, due to enhancements to
professional standards.
As a result of a question posed by Mark Hall, Kimberly Gilbert notes that Lot 18 & Lot 19
improvements and the Canton Industrial Park improvements have grant awards tied to them. Requests
for reimbursement will be submitted once the State finalizes and releases the request forms.
IDA staff exit the room at 10:25 am to allow IDA Audit and Finance Committee members the
opportunity to discuss matters directly with the auditors.
With no further questions or comments, the audit entrance conference concludes at 10:35 am.