Glens Falls authorities approve year-end financials, audit engagements and change bank signers; board discusses moving cash into short-term CDs

Glens Falls public-authority members approved year-end financial reports, authorized audit engagements and changed bank signatories during a combined meeting on Jan. 2.

Mark (speaker identified in the record) presented the financial report for the 12 months ending Dec. 31, 2025, noting $33,500 of December income from 178 Maple Street and customary year-end accruals for payroll, rent and legal expenses. Jeff Flagg and finance staff reported about $140,000 invested in existing certificates of deposit and roughly $120,000 of cash on hand. Flagg asked the board to authorize adding $40,000 to CD investments to earn higher short-term interest, explaining the board has been using staggered maturities to maintain liquidity.

The board moved to accept the financial report as presented and approved payment of Schedule A bills (IDA bills totaling $887). The boards also approved audit engagement letters from Anderson Advisory and Lutz/Selig/Zoranda (the transcript lists the engagement firms as provided in the meeting packet) and directed Jeff Flagg to sign the engagements and post copies in the authority records.

Chair also proposed updating bank account signers to remove former Mayor Bill Collins and add Mayor Diana Palmer; the board approved that change by motion. Boards discussed investment limitations under the investment policy and the legal constraint that public authority investments must protect principal while generating income. No formal, binding authorization to transfer a specific $40,000 was recorded as an executed resolution in the transcript; Flagg requested the authorization and the board discussed options, including 6- and 9-month CDs and consulting an investment-advisory firm referenced as "3 plus 1."