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From YouTube: Water Street Development Corp. 2023.03.21
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A
Hi
call
the
meeting
to
order
please.
First,
we
have
presentation
and
approval
of
financial
statements
for
2022..
We.
C
Thanks
Chuck
yep
I
am
the
principal
responsible
for
signing
your
audit.
So
what
we
have
today
is
the
December
31st
2022
financial
statements.
So
we'll
start
with
that
document
that
says
financial
statements
right
on
the
front
just
to
point
out.
This
statement
is,
for
the
year
ended
2022,
since
it's
the
only
year
of
operation
for
the
organization
so
far
moving
forward
in
future
years.
These
statements
will
be
comparative,
so
next
year
will
be
on
2023
in
2022.
C
Starting
over
on
page,
one
you'll
see
the
independent
Auditor's
report.
This
is
really
what
you're
getting
from
us.
Our
report
on
the
financial
statements
right
at
the
front
of
it
you'll
see
the
opinion
paragraph
and
you'll
see
that
we've
expressed
in
unmodified
opinion
on
the
financial
statements,
which
this
is
the
highest
level
of
assurance
that
we
can
provide
further
down.
The
page
you'll
see
the
responsibilities
of
management
for
the
financial
statements.
C
This
points
out
that
the
financial
statements
belong
to
the
organization
and
management
is
responsible
for
what
is
included
in
the
statements
over
on
the
second
page.
You'll
see
the
responsibilities
of
us
as
your
external
auditor
and
as
your
auditor,
we're
responsible
for
providing
this
opinion
on
the
financial
statements
based
on
performing
a
risk
assessment
and
Performing
audit
procedures
to
respond
to
those
risks.
C
Moving
on
to
the
statements
themselves,
over
on
page
seven
you'll
see
this
statement
of
that
position,
which
is
essentially
the
balance
sheet
of
the
organization,
so
I'll
just
point
out
kind
of
quick,
the
activity
so
far
where
things
show
up
so
on
the
balance
sheet
at
year
end,
what
is
left
is
Cash
in
the
organization.
Basically,
the
amounts
received
transferred
from
the
city
that
haven't
been
spent.
B
C
C
Over
on
page,
eight
is
the
statement
of
revenues,
expenses
and
change
in
that
position,
which
is
essentially
the
income
statement
or
profit
and
loss
I'll
just
point
out
at
this
point
we're
showing
the
operating
expenses
for
expenditures
related
to
the
parking
garage
development
project
at
this
point,
as
the
property
is
still
owned
by
the
city.
All
of
these
items
are
expenses
to
the
organization
in
future
years.
C
At
a
point
when
an
asset
transfer
happens
and
the
project
moves
forward,
you
will
see
amounts
beginning
to
be
capitalized
and
recorded
as
capital
asset,
as
that
asset
is
constructed.
C
C
Government
auditing
standards
apply
to
the
engagement,
so
we
have
to
provide
this
report
based
on
the
fact
that
the
corporation
will
be
Blended
up
into
the
city's
financial
statements,
and
what
this
report
says
is
that,
as
part
of
our
audit,
we
get
an
understanding
of
the
corporation's
internal
controls
and
while
we
don't
express
an
opinion
on
the
effectiveness
of
the
controls,
if
there
are
any
deficiencies
in
there
that
we
identify
as
being
a
material
weakness
or
significant
deficiency,
we
would
report
those
to
you
in
here
so
you'll
see
that
there
were
none
reported
for
the
year,
so
basically
no
findings
and
that's
the
desired
outcome.
B
Jacob
I
do
have
a
question:
do
we
have
to
approve
these
financials
and
you
send
me
a
final
version.
Yep.
C
So
the
last
thing
we
need
is
just
signed,
rep
letter,
upon
which
point
we'll
be
able
to
issue
in
final
form
and
remove
the
draft
watermarks
in
which
you
have
until
I
believe
next
Friday
is
the
30th
or
31st.
C
C
Let
me
know
if
you
don't
have
that
I
can
shoot
you
another
copy
of
it.
Nope.
C
All
right,
I'll
just
cover
quickly
the
other
two
documents
we
provide.
So
the
next
one
is
the
required
Communications
letter.
So
that's
the
letter
that
says
significant
audit
matters
and
bold
after
the
first
paragraph.
C
C
And
then,
lastly,
we
just
have
a
letter
on
Public
Authority
law
and
point
out
that
there
are
some
additional
requirements
under
the
Public
Authority
law
for
Investments.
At
this
point
in
time,
all
the
assets
of
the
corporation
are
in
cash,
so
there
are
no
further
requirements
to
consider.
If
ever
that
changes
and
anything
is
put
into
Investments,
we
can
further
talk
about
the
requirements
there
and
make
sure
that.
A
B
Okay,
let's
talk
about
that
a
little
bit
so
if
I
have
a
bond
coming
our
way
that
may
be
like
20
million
dollars.
So
how
does
that
have
to
be
invested?
Can
I
invest
that
to
get
some
interest
on
it
or
like
in
treasuries
or.
C
Yep,
so
it's
allowable,
and
if
you
have
a
plan
we
can
look
at
the
specifics,
but
basically
the
main
requirements
of
it
are
that
you
have
a
formal
approved
investment
policy
that
gets
re-adopted
annually
and
that
you
continue
to
comply
with
that
policy
and
then,
depending
on
what's
in
there,
there
may
be
an
extra
filing
requirement
of
reporting
on
that.
B
C
That
the
same
for
the
city
yep?
Well,
not
not
the
Public
Authority
law,
piece:
okay,
yeah,
that's
just
from
the
for
authorities!.
C
A
C
A
A
Anybody
Everybody
had
a
chance
to
look
at
it
since
yesterday.
E
D
So
previously
there
was
not
a
procurement
policy
adopted
for
this
body.
This
is
not
actually
an
update.
It
is
just
the
first
procurement
policy
to
be
adopted
because
we
have
to,
according
to
the
public
authorities
law.
So
this
is
a
very
similar
document
to
the
procurement
policy
that
the
LDC
uses
and
it's
basically
just
the
bare
minimum
that
public
authorities
Law
requires
us
to
have
spoilerplate
it's
used
by
most
lbcs.
You
know
of
this
size
for
this
purpose,
so
yeah
so.
A
A
In
favor,
aye
I
live
alone,
so
sometimes
I
don't
get
to
speak
at
all.
Okay,
so
fast.
Thank
you
resolution
23-3
resolution
of
the
city,
Binghamton
Waterford,
Development,
Corporation,
approving
and
updated
disposition
of
real
property
guidelines.
This
is
the
same
thing.
Yes,.
D
This
is
the
same
thing.
This
is
a
public
authorities
law
requirement,
and
this
is
a
very
similar
document
to
what
the
LBC
uses.
A
99
110.,
okay.
Last
the
resolution
23-4
a
resolution
of
the
city
of
Binghamton,
Water
Street,
Development
Corporation,
authorizing
the
president
to
enter
into
an
agreement
with
the
city
of
Binghamton
for
the
purchase
of
183
Water
Street
for
the
purpose
of
developing
a
parking
garage.
B
B
A
D
I
say
this:
no,
that's
technically.
B
B
This
is
a
proposal
that
we
received
from
like
last
Friday
I,
believe
it
was
maybe
then
Thursday
there's
a
lot
of
different
things
in
here.
The
the
overall
cost
of
this
is
roughly
24
and
a
half
million
dollars,
which
is
about
a
million
and
a
half
dollars
more
than
what
we
originally
planned
for
couldn't
there's
still
some
things
that
I'm
working
out
with
them.
If
you
go
to
a
support
page,
the
garage
is
going
to
be
21.4
million,
and
the
podium
is
what
which
is
required
to
build.
B
We
basically
have
30
days
from
the
time
we
received
this
quote,
to
make
a
decision
on
it.
I
will
say
that,
through
our
attorney
through
the
city's
attorney
Dan
Adams,
we
don't
believe
this
is
really
a
GMP
meaning
it's
a
guaranteed
maximum
price
because
they
have
some
quotes
in
here.
That
say
they
can
carry
so
we're
telling
them.
No,
you
can't
if
this
is
a
GMP.
This
is
the
final
numbers
and
they've
done
all
the
survey
we've
paid
for
all
the
groundwork
and
they
need
to
be
responsible
for
it.
B
We're
also
asking
for
a
few
other
things
on
the
exterior
of
the
building.
Once
we
do
this
and
we
move
forward,
they
basically
have
a
year
to
start
building
the
housing
unit.
They
have
not
committed
to
the
housing
unit,
but
we're
also
trying
to
tie
their
hands
on
this
too,
based
off
of
the
contract.
That
will
get
that
commitment.
I
mean.
Ultimately,
we
got
to
work
together
on
this,
but
there's
no
way
the
city
is
going
to
go
ahead
or
Water.
B
B
A
B
But
that's
why
it
needs
to
be
tied
in
if
we
did
do
this,
without
that,
other
people
could
build
on
top
of
it,
but
it
would
just
push
this
whole
project
back
you
years
until
you
found
someone
else
that
could
come
in
and
do
it
right
when
we,
when
we
started
this
several
years
ago,
I
mean
that
the
goal
was
the
package
needs
to
together
and
about
this,
because
both
the
housing
and
general
Authority
parking
lots
of
other.
You
know
everything
would
pick
this
part
about
the
intent
of
the
package
that
submitted
a
bit.
B
B
Also
part
of
your
package
is
an
Insight.
They
gave
me
I'm
part
of
the
why
the
prices
have
gone
up
and
I
will
say.
I
question.
Remember
everything
that's
on
on
the
school
one
of
the
things
that
has
occurred
that
I
think
everyone's
familiar
with
is
the
requirements
for
building
up
projects
like
this
has
changed
dramatically
over
the
last
30
years
with
that
house
that
collab
stuff,
the
foundations
learned
basically
the
foundations
here
where
they
may
have
been
in
the
same,
they
need
to
build
20
more
miles
to
amounts
on
them.
B
You
have
to
build
50
more
miles.
It's
the
things
on
the
knee
right,
so
those
requirements
where
we
thought
it
might
have
been
a
a
quarter
million
dollars
two
years
ago.
It's
probably
about
seven
hundred
thousand
right
now
of
those
extra
piles
in
the
ground.
So
because
they're
based
on
a
would
you
say,
they're
going
to
start
building
the
game
plan
here
they
would
like
to
have
an
answer
by
April
1st
I'm,
not
sure
that's
going
to
happen
Okay.
B
We
definitely
have
to
have
something
in
April,
because
all
the
steel
that's
going
to
go
into
this
building
is
Con.
When
we
get
to
see
everyone
will
be
cut
in
the
month
of
April
after
April
they
stop
cutting
steel.
That's
the
way,
I
understand
this.
B
They
will
start
putting
the
piles
in
in
May
and
they
will
start
constructing
the
garage
in
October,
so
they've
they've
already
set
price
for
all
of
them,
so
the
prices
they're
giving
you
is
there's
probably
room
to
fluctuation,
because
there's
going
to
be
change,
orders
is
that
included.
It
should
not
be
any
change
orders
on
this,
because
they're
they're
supposed
to
know
everything.
We've
agreed
what
we
wanted.
Okay,
Dave
agreed
to
the
price
of
those
items:
okay,
I
I,
don't
think
they've
met
every
one
of
our
requirements.
B
Okay
in
here,
that's
what
I'm
going
back
after
them
for
but
I
think
that's
going
to
happen.
Okay
this
project
should
be
totally
done
by
next
May.
Okay,
we'll
probably
be
able
to
be
used
on
the
first
and
second
floor
in
January
of
next
year
or
February.
The
whole
project-
that's
including
the
apartment.
No,
the
apartments
will
be
a
year
after
that.
E
B
B
C
A
B
A
B
To
help
too
so
and
I
think
when
you
look
at
that
parking
lot
at
least
I
keep
an
eye
on
it.
There's
cars
are
parked
there
for
hours
at
a
time.
E
B
Street
we're
pretty
good
at
enforcing
it
like
in
case
you
do
a
good
job
of
enforcing
giving
people
tickets.
Okay.
That
parking
lot
is
free,
so
I
think
at
some
point
we
have
the
people
that
live
down.
There
are
parking
there
instead
of
on
the
street,
getting
tickets.
Okay,
that's
what
I
think
this
occurred
to!
E
B
Santa
Claus,
yes,
but
that's
all
I,
don't
have
those
numbers
on
end.
That's
the
other
reason
I'm
trying
to
get
some
numbers
so
that
we
can
figure
out
how
we're
going
to
pay
for
all
this
stocking
at
one
point,
Vasquez
is
going
to
buy
that
building.
That's
not
the
case
right
now,
so
we
billionaire
in
they're
going
to
buy
the
building
they're
in
no.
B
E
A
A
A
A
Huge
I
mean
that
that
whole
block
will
be
coming
in.
The
buildings
are
most
of
the
buildings
behind
it
occupied
with
businesses,
Bill
Clark
Cleveland,
who.