September 3, 2008 Fiscal Audit Committee Meeting Notes
Quoted Text
FISCAL/AUDIT COMMITTEE MEETING NOTES SEPTEMBER 3, 2008
4:00 P.M.
COMMITTEE MEMBERS PRESENT: S. JORDAN, W. CHAPMAN OTHER BOARD MEMBERS: B. LEWIS STAFF PRESENT: J. LAHUT, J. CALLANDER OTHER ATTENDEES: NONE
I. Preliminary August Budget Reports The Committee reviewed the first 8-months activities. Investment income was substantially off targets during declining interest rates. Chairperson Jordan expressed concern over the impact of the softening economy on the Authority’s revenues. Overall income is below budgeted amounts but expenses are in line. Cash on hand is nearly $4,000,000. II. Expense Detail Reports The Committee reviewed expenses for the past month. Mr. Callander answered questions about project expenditures. III. Loans Status Mr. Callander reviewed the report and provided clarification relating to those obligations not current. IV. Other Business Mr. Lahut updated the Committee on the NYS OSC performance audit.
The meeting concluded at 4:45 p.m.
Do the meeting notes above reflect accountability, transparancy and full disclosure? Missing are the details re: "obligations not current"?
If you visit the web site and look for Board Meeting minutes, you'll also note that there are none posted since July. There was a meeting held on Wed., Sept. 10. I assume that there was also one conducted in August.
I have been regularly checking the NYS Office of the State Comptroller web site for the results of the audit of the Schenectady Metroplex. Though the audit began in April 2008 and the field work was reported to have been completed on August 1st, there has been no report released.
Brad, I think you can FOIL for some of this information. But it will depend on what records you are requesting. The link below is a letter of denial to someone who FOILED for some records regarding the Metroplex / Parker INN:
The State is sitting on the audit results until after the elections. You don't need a CPA to realize County taxpayers are being ripped off. Bow Tie theatre-flop/ Big Hose-now $3 million in taxpayer money still not opened. Taxpayers have been moved to a vulnerable third position behind a financial institution and developer/Van Dyke up for auction after two Metrograft handouts. Despite lies, no interest whatsoever in pre-auction purchase.
Brad and Kevin are right its time to pull the plug on this socialistic experiment. It has not created jobs. It has not improved sales tax nor property tax revenues. It has enriched millionaires. The Democrats claim they need more time to work on this. Let's cut the Metrograft revenue in half, giving the other half to the County for property tax relief. This would result in a 10% property tax decrease without a major County layoff. Time is ticking by and the Majority County Democrats need to announce major cuts in either payroll or Metrograft or both.
Right on Benny, I just wish the uninformed voters in Schenectady County, who keep voting these morons into office every year, would see that it's time for all who are part of the tax and spend regime now in power to be kicked to the curb and let's vote people into office that really care about the taxpayers.
most folks are very happy paying 'other folks' to do their work....and that's why the metroplex exists......just like police officers, nurse assistants, house keepers and any immigrant that picks a head of lettuce.......putting our finger in this hole in the damn will help,,,a little.....but, we have to start some where......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
The City budget which shows that both sales tax and property tax receipts are down, proving once again that Metrograft is a total bust. Fixing up a 2 block area, by handing out property tax give aways while every other City neighborhood business district is in free fall, is telling.
While millions are being wasted the County Democrats want to raise your property taxes Countywide again. That's why Tony and Judy must get involved they are in the Majority and from Rotterdam. We all know Farley authored this thing but now what? More millions down the pishaloo?
Gee....I guess Schenectady's improved credit rating means s!@# now.......where is that damn leprechaun and that pot 'o' gold????? The only $$ left to get would be the working folks.......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Gee....I guess Schenectady's improved credit rating means s!@# now.......where is that damn leprechaun and that pot 'o' gold????? The only $$ left to get would be the working folks.......
SCHENECTADY COUNTY Metroplex cautious on economy Downturn should not hurt projects, officials say BY MICHAEL LAMENDOLA Gazette Reporter
The steel frame of Clinton Square is slowly forming downtown, but could it be the last construction seen in Schenectady County for a while because of the nation’s economic problems? Economic development offi cials say they’re concerned, but they’re also cautiously optimistic. Among concerns are that the credit crunch could make financing tight for projects and that state and federal governments could pull back on the grants the Metroplex Development Authority taps to spur economic development, said Metroplex Vice Chairman Bradley Lewis, who is also a professor of economics at Union College. Clinton Square, for instance, incorporates a $1.4 million Restore New York grant from the state in its $3.7 million cost. If the state were to curtail this funding source, Metroplex could have problems, Metroplex Chair- man Ray Gillen said. Metroplex is hoping to tap the grant program to offset costs to redevelop the former Alco site on Erie Boulevard. Gillen said the state is supposed to award some $150 million under the program this year. A spokeswoman from the state Economic Development Corp., which administers the grant program, said the Legislature appropriated the money in the 2006-07 budget and the project remains under development. In its Albany MarketView report for the second quarter, CB Richard Ellis, a worldwide organization involved in real estate, is forecasting a soft market for office space and industrial space in 2009. But county economic development officials express guarded optimism. “We have some things to work out, but we have some good prospects,” Lewis said. Lewis said Metroplex continues to receive approximately $7 million annually through a portion of the county’s sales tax. It can also bond up to $75 million. “We have already been looking at a broader range in using the money,” Lewis said. POSITIVE STEPS Metroplex is putting more money into facade programs and is extending their reach into other neighborhoods, Lewis said. Participants must match the grants, and they often exceed them. Also, the bigger projects under development in the county, such as the construction of the Golub headquarters on Nott Street, are already fully financed. Lewis added that the Capital Region economy is somewhat insulated from other markets. “We are fortunate in one way that the Capital Region economy has been pretty diverse and hasn’t had the extreme highs and extreme lows seen in the housing markets,” he said. Housing in the Capital Region is not subject to speculation and home prices are stable, Lewis said. “I think it will be hard for anyone not to be affected somewhat, but I don’t see us having the really severe problems that some people have,” he said. Metroplex is working with New York Development on plans in Glenville to build 250,000 square feet of commercial space and multifamily homes, which could range from apartments and townhouses to condominiums. They will be built in a park-like setting that connects people to Town Hall and the county library branch. The project, once built out, could be worth up to $100 million. Gillen said Metroplex is keeping to its strategy of working with large developers, such as the Galesi Group, because they have a better ability to obtain private financing than smaller developers. Metroplex in recent years has only contributed a small portion of its money toward projects, preferring to use “other people’s money” for the bulk of financing, Gillen said. This philosophy, he said, helps Metroplex “leverage a lot of private investment and helps it continue to add jobs and bring investment to county.” Schenectady County currently is seeing or will see 1.1 million square feet of industrial and commercial space under construction or renovation — one of the largest totals in years, Gillen said. “This is a work in process right now as the national economy struggles,” he said. The largest projects are: 240,000 square feet in new construction for the Golub headquarters; 200,000 square feet for the renovation of General Electric’s Building 53; 200,000 square feet for the renovation of Center City; 157,000 square feet in new construction for Lowe’s Home Improvement Warehouse in Glenville; 24,375 square feet at Clinton Square, built over three stories. It is scheduled for completion in early 2009.
PETER R. BARBER/GAZETTE PHOTOGRAPHER Iron workers Larry Crandell, left, and Eric Broogerman of Schenectady, tighten bolts on the main structure of a new building at the corner of State and Clinton streets in Schenectady on Monday.
Right on Kevin. Troy has no Metrograft, no new tax increases, Downtown booming with private investments. Metrograft has wasted millions in idiotic schemes like 2 separate handouts to the closed Van Dyke, and $3 million in counting to the Big Hose {still unopened}. Joe and Angelo should propose the immediate termination of Metrograft as part of emergency County budget talks. No audit-no peace!
Logged
The State is sitting on the audit results until after the elections. You don't need a CPA to realize County taxpayers are being ripped off. Bow Tie theatre-flop/ Big Hose-now $3 million in taxpayer money still not opened. Taxpayers have been moved to a vulnerable third position behind a financial institution and developer/Van Dyke up for auction after two Metrograft handouts. Despite lies, no interest whatsoever in pre-auction purchase.
