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Erie Land Bank reviews finances and administration policies; staff flags FAIR grant awards
Summary
Finance staff reported May balances and pending reimbursements; the board reviewed internal policies recommended by auditors and noted FAIR grant awards listed in the meeting packet.
Finance staff presented the land bank's May financial reports at the June 16 meeting and reviewed audit-related policy recommendations. The board discussed pending reimbursements, grant awards listed in the meeting packet, and next steps for auditor engagement.
Finance report highlights (as reported by staff April): checking balance as of May was $103,270.22; properties held for sale were listed at $42,504, bringing total assets to $158,375.40. The profit-and-loss report showed a negative net income of $7,197.94 for the period; staff said they were awaiting April and May reimbursements totaling just under $87,000, of which $50,000 was earmarked to be reimbursed to the Redevelopment Authority. Staff reported receipt of some reimbursements in June and noted typical timing for processing.
The executive director noted that the meeting packet included copies of two FAIR (Fair Housing / state) awards for Pennsylvania land banks and redevelopment authorities: a listed affordable-housing-creation award and a site-demolition/site-restoration award. According to the packet cited by staff, the land bank's narrative requested the maximum amounts allowed by the program (staff said the applications sought up to $750,000 for affordable housing creation and up to $500,000 for the demolition/site-restoration request); the packet lists awards of $200,000 (affordable housing creation) and $100,000 (structured demolition and site restoration). Staff described the packet figures as the documented awards and said administrative-use options and how to apply the funds to local projects would be discussed as planning continues.
Board members reviewed a set of internal-management policies prepared in response to audit recommendations: IT policy, procurement policy, bank-statement oversight policy, and a quarterly journal-entry policy for the land bank. Staff said the city CIO reviewed the IT policy and identified areas such as multi-factor authentication to align with city IT practice. Board members asked for additional clarification from auditors and requested a formal exit interview or presentation from the auditors to review the recommendations and the procurement thresholds used in the draft policies. Staff said auditors had submitted the reports but were not available to present at the meeting; the board asked staff to schedule the auditors for a follow-up presentation.
Board discussion also touched on procurement thresholds and legal authority; staff said the procurement thresholds in the draft policy were informed by the Pennsylvania Municipal Authorities Act. Members asked staff to return the policies for formal board action after auditors provide guidance and the board has had time to review legal references and recommended thresholds.
The board did not take a formal vote to adopt the draft policies during the June 16 meeting; members instructed staff to arrange an auditor presentation and to return with any clarifying language or figures at a future meeting.
