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From YouTube: BURA Special Meeting 2023.03.14
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A
A
Welcome
to
the
special
meeting
the
March
14th
meeting
of
the
Binghamton
urban
renewal
agency.
First
order
of
business
is
approval
of
the
minutes
from
the
January
10th
regular
meeting
with
a
motion
question
second,.
A
Those
in
favor
new
business
review,
the
2022
audited
financial
report
and
I
believe
we
have
a
presenter
from
bonadio
for
this.
Is
that
correct,
yep,
okay,
Jacob
the
floor
is
yours
all.
B
Right
thanks,
everyone
I'm
Jacob
skevel
with
the
bonadio
group
I,
am
the
principal
responsible
for
signing
your
audit.
So
what
we're
talking
about
today
is
the
2022
audited
financial
statements,
so
we
had
three
issued
documents,
we'll
start
with
the
financial
statements
themselves.
Here.
B
The
auditor's
report
is
what
we
provide
as
a
result
of
the
audit
you'll
see
right
in
the
beginning
of
it.
Our
opinion
on
the
audit
you'll
see
we
issued
an
unmodified
opinion,
that's
the
highest
level
of
assurance
that
we
can
provide
on
the
financial
statements.
B
Also,
in
that
report
we
outlay
the
responsibilities
of
management
and
then
us,
as
your
auditor,
for
the
financial
statements
management
is
responsible
for
the
financial
statements
themselves
and
the
presentation
of
everything
in
those
statements.
Our
responsibility,
as
your
external
auditor,
is
to
provide
that
opinion
on
the
financial
statements.
We
perform
a
risk
assessment
and
then
design
and
perform
procedures
to
respond
to
the
risks
in
the
audit.
B
Also
in
the
financial
statements
throughout
you'll
see
the
activity
for
the
year,
not
a
whole
lot
to
highlight
this
year.
Primarily,
operations
continue
to
relate
to
contributions
from
the
city
and
then
ongoing
Stadium
maintenance
related
to
the
stadium
we
did
have
to
consider.
For
this
year.
There
was
a
new
accounting
standard
issued
by
gasby
related
to
leases.
B
We
reviewed
the
agreement
related
to
the
stadium
and
worked
with
chuck
on
that
of
all
the
considerations
we
needed
to
that
agreement,
which
we
mentioned
in
the
footnotes.
It
did
not
meet
the
requirements
to
be
defined
as
a
lease
under
that
new
accounting
standard,
so
the
standard
was
considered,
but
ultimately
it
did
not
end
up
having
an
impact
on
your
financial
statements.
B
At
the
end
of
the
statements
over
on
page
15,.
B
You
will
see
our
other
report.
We
include
this
report
is
our
report
on
internal
control
over
financial
reporting
required
by
government
auditing
standards,
and
here
we
outline
that
we
consider
internal
controls
of
the
agency.
As
part
of
our
audit,
we
don't
express
an
opinion
on
the
functioning
of
those
internal
controls,
but
if
deficiencies
that
amounted
to
material
weaknesses
or
significant
deficiencies
were
identified
in
the
audit,
we
would
communicate
those
to
you
here
again
good
news
for
the
audit.
We
did
not
identify
any
such
deficiencies
for
communication.
B
Right,
if
none
I
will
turn
over
to
our
required
communication
letter,
that's
a
document
you'll
see
in
big
capital
letters,
significant
audit
findings,
kind
of
halfway
down
the
page.
B
This
required
Communications
letter
is
required,
part
of
all
of
our
audits
for
us
to
communicate
to
governance.
B
In
here
we
outline
essentially
how
the
audit
went
from
a
performance
standpoint.
We
would
communicate
anything
such
as
disagreements
with
management
difficulties,
performing
the
audit
and
any
audit
adjustments
that
were
made
this
year
there.
There
were
no
such
issues,
so
nothing
of
significance
to
communicate
here
and
basically
the
letter
goes
through
and
states
that
we
didn't
have
any
difficulties,
no
disagreements.
No
audit
adjustments
were
recorded
as
part
of
the
audit.
B
That
letter
just
lays
out
the
understanding
that
public
authorities
law
does
have
requirements
related
to
any
Investments
that
any
public
authorities
May
obtain
and
the
real
conclusion
here
for
the
2022
year
is
at
this
point
in
time.
Burra
does
not
have
any
Investments
that
would
fall
under
the
requirements
of
that
Public
Authority
law
section
so
at
this
point
in
time.
Nothing
further
to
consider
there,
but
we
like
to
bring
attention
to
that.
B
Right,
if
not
that's
all
I
have
thanks
to
Chuck,
as
always
for
helping
us
work
through
this
and
providing
everything
we
need
to
get
this
done
timely
and
the
audit
will
be
required
to
be
uploaded
to
Paris
by
the
end
of
March
to
meet
your
requirement
for
that
submission.
A
Jacob
real
quick,
Council
Representatives
just
came
in.
Can
you
just
go
over
right
at
the
top?
You
mentioned
an
unmodified
opinion
again,
so.
B
Yep,
so
the
big
highlights
on
the
statements
themselves.
We
issued
an
unmodified
opinion,
which
is
the
highest
level
of
assurance
we
can
provide.