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Glens Falls CDC approves 2024 audit engagement, accepts city transfer to cover prior obligations
Summary
At a Jan. 9 meeting, the Glens Falls Civic Development Corporation approved year-end reports, engaged an auditor for its 2024 audit and agreed to pay monthly bills after a city transfer cleared earlier short-term borrowing tied to prior audits.
Glens Falls Civic Development Corporation members on Jan. 9 approved their minutes and year-end financial report for the 12 months ending Dec. 31, 2024, engaged an auditor for the 2024 audit and approved payment of the bills listed on this month’s schedule A.
The actions follow a city transfer of funds that the corporation said will allow it to repay short-term borrowing from the Industrial Development Agency (IDA) and cover immediate bills. The group also reviewed an audit engagement letter for the 2024 audit and voted to move forward with the engagement.
Board members opened the meeting by approving the Dec. 12, 2024, minutes and the year-end financial statements. Treasurer-level reporting identified a city transfer of $13,500 received to cover bank obligations and to reimburse the IDA for earlier advances. The corporation recorded a $5,000 audit bill from 2023 and two Fitzgerald Morris bills totaling $272, producing a Schedule A total of $5,272 for the month that the board authorized for payment.
At the meeting staff noted the CDC historically borrows from the IDA because the CDC has no independent revenue stream. Members said, per a mayoral suggestion, a small amount of ARPA funds was obtained late last year and will cover last year’s repayment and some 2024-audit-related costs; the board said this means the CDC will not need to borrow for at least the near term.
The CDC also noted it continues to operate while an outstanding bond related to the Crandall Public Library remains open; another bond previously issued to the hospital has been paid down. The board agreed to reconvene in April to review the completed audit and otherwise adjourned without further business.
Ending: The CDC recorded the engagement with the audit firm and authorized the listed payments; members said the audit will be reviewed when it is complete in spring.
