PRESENT:

­­­JOE GILLIS, FINANCE COMMITTEE
DAN ROUNDS, FINANCE COMMITTEE
MIKE FITZGERALD, FINANCE COMMITTEE
SCOTT D. HENZE, EXECUTIVE DIRECTOR

OTHERS: Mark Curley, Citizens Securities, Inc., Rick Bell, Genoa Asset Management,(Zoom)

The meeting opened at 10:02 a.m.

IDA’S MISSION:

“The Fulton County IDA’s mission is to drive economic growth and prosperity by preparing shovel-ready sites for development including commercial enterprise, diverse housing options, workforce development and tourism”.

 Scott Henze read the IDA Mission Statement aloud.

• In 2022, the IDA transferred dollars within a Money Market account to invest in Treasury Bills.
• In 2024, the IDA had accumulated five (5) separate Treasury Bill investment accounts.
• In August of 2024, the IDA combined Treasury Bill 4 & 5 into one Treasury Bill 4.
• Since that time, the IDA has maintained four (4) Treasury Bill accounts of varying dates of maturity.
• The IDA has reinvested the Treasury Bill based upon rate and not necessarily by date of maturity or anticipated rate variability.
• The IDA has been utilizing NBT as its banking institution.
• The IDA Board has agreed to consider alternative options.

DISCUSSION:

T-Bill’s

• Joe Semione was able to secure guest speaker Mark Curley from Citizens Bank to introduce some additional options specific to our current T-Bill assets (IE 24-Month Ladder Approach)
• Following our meeting, Mike Fitzgerald was able to obtain a similar 1-12 Month Ladder offering through our current financial institution NBT
• Essentially, each program would manage our T-Bill renewals for us, while providing some incremental advantages in pricing
• Original T-Bill structure was a 12 month ladder portfolio with maturities every 3 months.  Over the years the IDA board as moved away from this structure based on the rate environment.

DISCUSSION:

FAST NY and POWER UP Grant Requirements

• FAST NY ~$8.9M Requires ~$900k local funding
• POWER UP ~$15.3M Award Requires ~$2M local funding
• While reimbursements will be received on some of the money that will be paid by the FCIDA, the timing of those reimbursements may require short-term funding
• IDA Executive Director is still working with the various NYS agencies  to finalize the grant disbursement time tables for each grant.  Based on feedback, the IDA may need to obtain bridge loan financing to pay for work before being reimbursed by the grant.

DISCUSSION:

Finance Committee Notes & Recommendations

• While a laddered approach solution to T-Bills may prove beneficial, we believe it is important to explore all of our options before committing to a specific strategy
• That said, the current interest rate we receive on our existing ICS account is 3.5%.  These deposits are fully insured through the FDIC, are competively priced relative to the current T-Bills available, and completely liquid.
• In the near-term, the Finance Committee supports moving funds from the (2) maturing T-Bills into the ICS account
• We also support utilizing the ICS account in the near-term for other pending deposits, or as additional Treasury Bills mature
• Finance Committee will continue to explore options that:
  1. Meet regulatory requirements
  2. Earn the best interest rates
  3. Provide short-term flexibility
• Finance Committee will provide monthly updates to the Board until a go-forward strategy has been clearly identified to present to the Board for consideration and approval

DISCUSSION:

1. EXECUTIVE SESSION:

1. Upon a majority vote of its total membership, taken in an open meeting pursuant to a motion identifying the general area or areas of the subject or subjects to be considered, a public body may conduct an executive session for the below enumerated purposes only, provided, however, that no action by formal vote shall be taken to appropriate public moneys:

1. matters which will imperil the public safety if disclosed;
2. any matter which may disclose the identity of a law enforcement agent or informer;

• information relating to current or future investigation or prosecution of a criminal offense which would imperil effective law enforcement if disclosed;

1. discussions regarding proposed, pending or current litigation;
2. collective negotiations pursuant to article fourteen of the civil service law;
3. the medical, financial, credit or employment history of a particular person or corporation, or matters leading to the appointment, employment, promotion, demotion, discipline, suspension, dismissal or removal of a particular person or corporation;

• the preparation, grading or administration of examinations;
• the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.

MOTION:       To go into Executive Session for the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.

MADE BY:                 Dan Rounds
SECONDED:              Joe Semione
DISCUSSION:            None
VOTE  :                       Unanimous
TIME  :                       2:40 p.m.

MOTION:                   To go out of Executive Session.

MADE BY:                 Dan Rounds
SECONDED:              Mike Fitzgerald
DISCUSSION:            None
VOTE:                         Unanimous
TIME:                         3:26 p.m.

C. Close  Meeting:
MOTION: To close the meeting at 3:27 p.m.
MADE BY: Dan Rounds
SECONDED: Mike Fitzgerald
DISCUSSION: None
VOTE: Unanimous