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From YouTube: September 8, 2021 Bloomington Port Authority Meeting
Description
September 8, 2021 Bloomington Port Authority Meeting
C
A
B
A
A
E
Yes,
I
will
introduce
jim
eichten
port
authority
members.
I
am
pleased
to
introduce
to
you
jim
miketon,
who
is
the
managing
partner
for
mmkr.
Nmkr
has
been
doing
our
audits
since
the
2017
2017.
Excuse
me
financial
reporting
year.
So
with
that,
I
will
share
the
presentation.
I
believe
that
you
guys
have
received
it
in
your
packet,
but
I
will
share
it
and
jim
can
take
it
away.
A
E
So
if
you
went
into
what
you
know
when
jim
gets
down
to
that
point
of
our
fund
balances,
our
fund
balances
did
go
up
by
about
14
million
dollars
this
year,
largely
due
to
the
fact
that
we
collected
the
tif
but
didn't
spend
it,
and
I
know
that
the
rest
of
this
meeting,
the
joint
meeting
that
will
come
after
this
is
going
to
be
talking
about
how
we
might
be
able
to
spend
that
money
in
there.
You
know
so
this
year
in
particular,
was
for
me
a
fairly
easy
to
get
through.
E
You
know
so
in
general,
the
port
authority.
You
know
finally
I've
gotten
to
the
point
where
I
really
understand
most
of
what's
going
on
with
what's
happening.
You
know,
although
I
have
to
say
you
guys,
keep
me
on
my
toes
when
it
comes
to
all
that
bloomington
central
station
stuff
and
chopping
up
that
tiff,
so
otherwise
yeah.
It
has
been
truly
my
pleasure
to
be
able
to
work
with
shane
becky
and
the
entire
group
of
people
with
the
port
authority.
E
A
bit
over
fourteen
fourteen
wow,
no
yeah,
and
then
I
was
eight
and
a
half
years
before
that
with
the
metropolitan
council.
So
when
I
came
over
to
the
met
council,
I
remember
mark
burnson.
He
came
up
to
me
and
he's
like
you
know
that
bloomington
not
the
bloomington
central,
that
bus
shelter
that
the
port
authority
was
on.
He
goes
now
you
get
to
work
on
it.
E
F
C
F
F
There
we
go.
The
role
of
the
auditor
first
of
all
is
to
provide
an
opinion
on
the
financial
statements
of
the
port
authority
as
well
as
the
city.
The
city's
financial
statement
is
quite
lengthy.
You
get
an
opportunity
to
take
a
look
at
it.
It's
237
pages
long,
it's
quite
extensive,
extensive
and
does
is
prepared
in
accordance
with
governor
accounting
standards,
as
well
as
of
the
certificate
of
achievement
program
of
the
cfoa.
F
A
F
The
office
of
the
state
auditor
in
the
state
of
minnesota
is
there
is
requiring
city
governments
and
the
port
authority
to
complete,
what's
called
the
legal
compliance
audit
and
we
audit
your
compliance
with
minnesota,
specific
laws
and
regulations
that
relate
to
the
port
authority.
We
don't
audit
every
minnesota
law,
only
laws
that
relate
to
the
list
provided
by
the
office
of
the
state
auditor,
so
the
next
slide
we
do
provide
in
our
information
that
was
provided.
F
But
for
purposes
of
this
presentation
I
would
provide
that
the
city
did
and
the
port
authority
did
receive,
what's
called
an
unmodified
opinion
on
the
financial
statements
that
was
referenced.
The
unmodified
opinion
is
the
technical
term
that
is
used.
Clean
opinion
is
the
opinion
you
were
looking
for
as
part
of
the
process
really
no
findings
to
report
in
that
area.
F
F
So
the
next
slide
I
think,
has
provided,
does
provide
what
I
mentioned.
Other
information
that
was
provided
in
the
management
report
we
do
provide.
You
know
a
summary
of
the
audit
results,
the
responsibilities
of
the
parties,
including
the
responsibilities
of
the
auditor.
It
is
important
to
understand
that
as
part
of
this
presentation,
I'm
required
to
communicate
to
the
governing
body.
F
The
audit
was
submitted
to
the
office
of
the
state
auditor
by
the
deadline
which
is
june
30th
of
of
2021,
so
it
was
submitted
timely
and
I
mentioned
the
other
audit
opinions
that
was
already
referenced,
and
then
there
are
other
formal
required
communications
in
that
document.
That
again
summarize
the
results
of
the
audit
that
really
don't
have
any
bearing
or
really
did
not
have
any
challenges
this
year,
so
nothing
to
report
there,
so
that
management
report
also
does
provide
information
on
the
financial
results.
Any
audit
of
this
type
has
two
portions.
F
One
section
of
an
audit
relates
to
the
compliance
and
the
the
compliance
of
laws
and
regulations
which
I
just
mentioned,
and
then
the
second
part
of
the
audit
is
really
providing
the
financial
results
for
the
year
and
in
that
financial
report,
I
did
summarize
some
of
those
fund
balances
and
you
can
turn
to
the
next
slide.
I
think
I
provide
a
quick
summary
of
it
right
there,
so
the
port
authority
did
have
a
increase
in
its
overall
fund
balance.
F
This
past
year,
you
can
see
that
the
fund
balance
went
from
roughly
86
million
to
99
million
in
at
the
end
of
december
31st
2020,
an
increase
of
roughly
13
million,
most
or
all
of
that
is
restricted
in
some
fashion,
specifically
related
to
mostly
the
capital
projects
you
can
see.
Any
increases
relate
to
funding
that
would
be
restricted
for
those
particular
areas,
which
is
pretty
much
the
purpose
behind
the
port
authority
altogether.
F
So
I
think
the
last
slide
really
does
talk
about
other
items
that
you'll
find
in
my
management
report.
We
do
provide
legislative
information
that
pertains
to
local
governments.
We
also
provide
warnings
and
accounting
updates
and
auditing
updates
for
governing
bodies
that
are
interested
in
really
internal
financial
individuals
that
are
interested
in
accounting
issues
that
might
be
pertaining
to
them
next
year,
there's
going
to
be
a
new
standard
on
accounting
for
leases
that
will
have
a
significant
impact
on
the
city's
financial
financial
report.
F
F
C
F
F
We
really
feel,
as
we
look
at
this
audit,
that
the
best
practices
in
place
for
both
those
financial
areas
and
internal
controls
and
the
individuals
working
in
the
port
authority
are
taking
all
of
that
very
seriously,
which
is
important
to
the
governing
body
of
the
organization,
so
just
want
to
reflect
on
that.
Lastly,
so
with.
C
A
Do
we
have
any
port
authority
questions
well,
jim?
I
I
would.
I
would
just
make
an
observation.
Looking
at
the
balances,
obviously
we
have
very
little
depth
because
our
debt
service
costs
are
very
low,
and
that
means
that
most
of
the
money
that
we
have
is
is
really
money
that
is
available
for
the
capital
projects
and
things.
A
Made
mention
that
the
change
in
lease
accounting,
which
I
think
is
is
long
overdue
at
any
rate,
is
going
to
have
an
impact
in
the
city,
but
I
would
think
that
for
the
port
authority
there
really
wouldn't
be
much
of
any
impact,
because
we
don't
really
have
many
leases.
So
is
that
an
accurate
observation.
F
F
This
new
standard
actually
does
accounting
for
lease
receivables
or
lease
revenue
as
well
and
again,
that
probably
has
to
make
some
impact
on
the
city,
but
maybe
not
port
authority,
but
if
you're
targeting
into
any
sort
of
lease
revenues
or
leases
that
you're
entering
into
or
you're
receiving
funding,
then
that
accounting
standard
will
take
over
which
there
hasn't
been
an
accounting
standard
that
covered
that
in
the
past.
So
something
to
be
aware
of
versus
any
sort
of
change
that
might
be
occurring.
A
D
There's
there's
obvious
overlap
just
because
of
some
of
the
some
of
the
work
being
done,
but
these
are
two
independent
audits
and
both
of
the
audits
came
forward
or
came
through
with
no
findings
and
as
a
clean
report.
I
just
I
just
want
to
make
that
clear
that
these
are
two
entirely
different
things.
F
Yeah,
the
you
know,
the
port
authority
by
definition,
which
is
a
governor-like
county
standard
definition,
is
defined
as
a
component
unit
of
the
city
and
because
it's
a
component
unit
of
the
city,
the
audit
is
included
in
the
financial
statements
of
the
city,
and
so
that's
a
required
element
of
of
the
definitions
around
the
the
financial
reporting.
The
audit
standards,
however,
require
these
to
be
audited
separately,
so
they're,
really.
The
city
actually
has
three
separate
audits.
F
A
Well,
if
there's
no
further
questions
we
need
to,
we
have
a
motion
on
page
six,
where
we
need
to
accept
the
financials
report,
so
I
would
entertain
a
motion
for
that
somewhere
motion
made
by
commissioner
hunt.
Do
we
have
a
second
second
second
by
commissioner
peterson
carolyn?
Do
you
want
to
call
the
roll
sure.
A
Well,
I
think
that
concludes
we.
We
thank
you
very
much
for
your
presentation
and
we'll
hope
that
in
the
upcoming
year
in
that
that
we
can
have
another
report,
that's
as
good
and
succinct
as
this
one
and
that
it
it
has
been
fun
for
me
to
watch
the
port
authority
over
some
30
almost
40
years
now.
I
guess
and
just
see
how
the
numbers
have
changed,
and
I
I
have
I
remember
when
there
was
a
lot
of
debt
on
the
balance
sheet
and
there
was
even
some
general
obligation
death.