Extracted text (via pymupdf)
5055 characters
Meeting Minutes
Industrial Development Authority
Regular Meeting
May 14, 2024| 7:30 a.m.
Chandler City Council Chambers
88 E. Chicago Street, Chandler, AZ
Call to Order
The meeting was called to order by President Shannon Wilson at 7:31 a.m.
Roll Call
Commission Attendance
Staff Attendance
President Shannon Wilson
Dawn Lang, Deputy City Manager | CFO
Vice President Chuck Ertl
Tawn Kao, Assistant City Attorney
Secretary Edward Salanga
Kristi Smith, Financial Services Director
Director Lee Kroll
Karla Lange, Management Assistant
Other Attendees
Zach Sakas, Bond Counsel, Greenberg Traurig, LLP
Absent
Treasurer William Nolde
Director James Baglini, Jr.
Director John Lok
Page 2 of 3
Scheduled and Unscheduled Public Appearances
None.
Approval of Minutes
1.
Secretary Salanga moved to approve the February 13, 2024, Regular Meeting Minutes.
Vice President Ertl seconded the motion. Motion approved unanimously (4-0).
Briefing Items
2.
January, February, and March 2024 Financials: Ms. Smith presented the January
Statement of Net Position that explained Total Current Assets with Cash in Bank of
$245,321, Investments of $1,077,702, providing Total Assets of $1,323,023. Intel
application deposit of $3,000 was received and is recorded as a Curent Liability. The
Beginning Net Position is $1,154,013 and a Year-to-Date Change in Net Position of
$166,010, providing an Ending Net Position of $1,320,023. The Statement of Revenues,
Expenditures, and Changes in Net Position for January 31, 2024, includes Operating
Income, of $140,539, no changes in Operating Expenses, and Investment Income of
$4,337, providing a Net Change in Net Position of $144,876 for January.
Ms. Smith presented the February Statement of Net Position that explained Total
Current Assets with Cash in Bank of $245,321, Investments of $1,081,721, providing
Total Assets of $1,327,042. Current Liabilities for the period are $3,000. The Beginning
Net Position is $1,154,013 and a Year-to-Date Change in Net Position of $170,029,
providing an Ending Net Position of $1,324,042. The Statement of Revenues,
Expenditures, and Changes in Net Position for February 29, 2024, includes no change to
Operating Income or Operating Expenses, and Investment Income of $4,019, providing
a Net Change in Net Position of $4,019 for February.
Ms. Smith continued with the March Statement of Net Position that explained Total
Current Assets with Cash in Bank of $245,321, Investments of $1,085,834, providing
Total Assets of $1,331,155. Current Liabilities for the period are $3,000. The Beginning
Net Position is $1,154,013 and a Year-to-Date Change in Net Position of $174,142,
providing an Ending Net Position of $1,328,155. The Statement of Revenues,
Expenditures, and Changes in Net Position for March 31, 2024, includes no change to
Operating Income or Operating Expenses, and Investment Income of $4,113, providing
a Net Change in Net Position of $4,113 for March.
Page 3 of 3
Action Agenda
3.
Election of Officers (President, Vice President, Secretary and Treasurer).
Ms. Lange reported that the previous year, the Board approved a nomination of officers
based on a rotation of positions. Utilizing the same method, the Board moved to elect
Charles Ertl to President, William Nolde to Vice President, James Baglini, Jr. to Secretary
and John Lok to Treasurer, with the others as Directors remaining in rotation. Vice
President Ertl motioned to approve as proposed, and Secretary Salanga seconded the
motion. Motion approved unanimously, (4-0).
4.
Request approval of the FY2024-25 Budget.
Responding to Director Kroll, Ms. Smith noted that the investment income is
conservatively projected at $25,000 due to potential rate fluctuations expected in the
upcoming year. While investment income this fiscal year has been higher than in past
years, there is a high likelihood that rates will be adjusted down by the Federal Reserve
in the coming year.
Director Kroll motioned to approve the proposed FY2024-25 budget. Secretary Salanga
seconded the motion. Motion approved unanimously, (4-0).
Member Comments/Announcement
Zach Sakas, Bond Counsel, Greenberg Traurig, LLP, provided an update regarding the 2019 Intel
bonds recently remarketed, informing them that there are no actions needed by the IDA Board.
Calendar
The next regular meeting will be held on Tuesday, June 11, 2024, at 7:30 a.m.
Informational Items
Ms. Lang recognized Secretary Ed Salanga for his service on the Board since 2007. She offered
the Mayor’s and staff appreciation for his many years of service, wishing him the best, as he will
be moving out of the Chandler City limits, therefore no longer eligible to serve on the Board.
Adjourn
The meeting was adjourned at 7:47 a.m.
___________________________
Shannon Wilson, President