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From YouTube: June 15, 2021 Minneapolis St Paul Housing Finance Board
Description
Additional information at
https://lims.minneapolismn.gov
A
C
D
B
E
C
F
C
B
Item
number
four
receiving
and
filing
the
2020
financial
audit.
Before
we
be
mrs
gilder,
it
looks
like
oh
no
before
we
do
this
could.
Could
I
ask
staff
to
give
us
a
little
bit
of
an
overview
of
how
the
two
the
finances
of
this
body
work
and
kind
of
the
checks
and
balances
and
how
it's
bifurcated
between
the
two
cities
and
responsibility
and
accountability?
B
F
Chair
tolbert,
commissioners,
I
I
could
start
if,
if
that's
okay,
angie
and
amy,
and
then
please
feel,
fill
in
what
I
miss.
So
the
joint
board
holds
cost
of
issuance
accounts
for
each
city,
which
are
the
the
proceeds
that
have
been
generated
through
the
mortgage
bonding
activity
over
the
years.
The
two
accounts
are
held
by
wells,
fargo
and
maintained
separately.
F
So
there
is
an
accounting
of
sort
of
the
resources
attributable
to
each
city
and
we
receive,
I
think,
monthly
statements
from
wells,
fargo
and
commission
an
annual
audit
to
account
for
those
funds
each
year.
So
that's
high
level
requests
and
I
welcome
any
other
input
from
angie
or
amy
or
specific
questions.
E
Yeah
I
I
would
just
add
that
the
the
joint
boards
bylaws
do
require
us
to
abide
by
generally
accepted
accounting
principles
and
that
we
do
conduct
an
audit
which
we're
here
to
take
a
look
at
for
our
2020
financials.
We
also
have
mark
burquist
on
the
line
who
conducted
the
audit
on
behalf
of
olson
thielen
for
the
joint
board
and
can
maybe
answer
more
specific
questions
related
to
the
accounts
within
the
audit.
C
Yes,
yes,
I
think
this
is
the
first
time
I've
actually
attended
the
meeting
in
the
past.
You
know
I,
you
know,
I've
worked
with
amy
and
also
michelle
michelle
from
saint
paul
michelle's
no
longer
with
st
paul,
and
so
I
know
I
think,
amy
you
took
on
a
little
more
as
far
as
involvement
with
the
audit,
but
but
but
the
audit
is
is
pretty
straightforward.
I
mean
it's
really.
The
wells
fargo
is
the
trustee.
So
all
the
information
we
get.
C
It
really
comes
from
reports
and
transactions
that
we
get
from
from
from
wells
fargo,
and
so
it's
really
really
recapping.
That,
and
you
know
the
audit's
been
fairly
fairly
easy
out
the
last
few
years,
just
the
only
activity
is
really
bond.
Debts
going
down
and
investments
are
going
down.
There's
been
really
no
new
debt
issuance
in
quite
a
few
years.
So
if
that
ever
happens,
then
we
probably
would
have
a
lot
more
to
do
on
the
audit.
But
it's
been
pretty
straightforward.
Investments
going
down
and
bond
debt
going
down
so.
A
And
I'll
maybe
just
jump
in
and
add
if
there
are
any
activities
related
to
either
city's
cost
of
issuance
account
like
board.
Members
will
recall
that
last
year,
minneapolis
authorized
a
transfer
out
of
the
minneapolis
sub-account
to
the
city
of
minneapolis
and
any
activities
like
that
require
specific
approval
from
each
city.
C
Yeah
yeah,
yes,
it
is,
it
is
common.
I
guess
I
see
this
more
with
governmental
entities
and
even
though
they're
separate
we
on
the
as
far
as
reporting
them
on
the
audit,
we
we
consider
them
one
one
entity.
So
it's
for
from
an
audit
perspective.
It's
all
combined,
but
wells
fargo
has
them
all
separate.
You
know
separate
individual
accounts
and
there
was
a
formula.
Four
million
dollar
transfer
last
year
from
the
minneapolis
account
to
the
city
of
minneapolis.
E
I
think
I
would
maybe
just
add
that-
and
this
may
be
obvious,
but
in
case
not
that
you
know
the
the
separate
cost
of
issuance
accounts
are
related
to
those
bond
debt
obligations
that
were
issued
for
real
estate
mortgage
lending
in
each
specific
jurisdiction.
So
we've
just
wanted
to
be
able
to
track
those
bond
issuances
by
the
sub-jurisdictions
and
then
the
you
know
the
revenues
the
same.
B
C
No,
no,
no
problems.
We
came
across
on
the
audit
as
far
as
you
know,
during
the
course
of
an
audit.
If
we
can
come
across,
what's
considered
to
be
a
material
weakness
and
controls
were
required
to
report
that,
and
actually
really
nothing
in
control,
the
only
really
finding.
I
guess
we
had,
which
we've
had
every
year
is:
if
the
entity,
if
management
isn't
isn't,
doesn't
have
the
ability
to
prepare
these
financial
statements
with
their
all
their
disclosures.
C
We
have
to
consider
that
that
a
weakness
and
fairly
typical
finding
for
most
small
non-profits
and
governmental
entities.
So
so,
if
you
don't
have
the
expertise
to
prepare
the
financial
statements
with
all
their
note
disclosures,
we
have
to
consider
that
a
material
weakness
and
we
have
reported
that
as
a
material
weakness.
E
B
B
D
B
Before
I
open
this
here
in
the
public
house,
let
me
summarize
the
process
for
conducting
the
public
hearing
in
this
online
format.
I
will
recognize
speakers
by
the
last
four
digits
of
your
phone
number.
Once
you
hear
your
last
four
digits
press,
please
press
star,
six,
don't
mute!
Your
phone
speakers
will
be
limited
to
two
minutes.
We
ask
that
after
your
number
is
called.
You
can
state
your
name
and
address
for
the
record
and
proceed
to
your
comments.
D
B
C
D
E
E
Back
in
2017,
the
joint
board
had
an
rfp
for
legal
service
representation
and
selected
kutak
rock
their
contract
now
runs
through
2022,
which
is
in
the
middle
of
this
new
two-year
qap
cycle
that
we
just
adopted
so
in
hopes
of
maybe
not
having
to
have
a
meeting
next
year.
Unless
something
comes
up,
staff
is
recommending
that
we
extend
the
kutak
contract
to
july
of
2023,
which
would
allow
us
to
then
meet
and
reconsider
our
legal
services
representation
on
kind
of
a
normal
qap
aligned
schedule.
B
All
right,
I
will
say
the
one
thing
I
to
I
I
don't
know
if
we're
accepting
to
move
to
skip
the
meeting
next
year.
I
don't
know
if
I
would
suggest
doing
that.
One
thing,
I
think,
would
be
helpful,
maybe
next
year,
even
if
we
don't
have
the
qap,
and
maybe
everyone
would
agree
or
doesn't
have
to
show
up
to
the
next
meeting,
but
I
think
an
overview
of
the
governance
of
this
body
and
how
it's
laid
out
is
important.
B
I
don't
know
how
everybody
feels,
but
I'm
kind
of
confused
and
lost
on
how
we're
structured
and
why
we're
structured
this
way
and
and
how
everything
is
is
set
up.
And
then
that
makes
me
nervous,
especially
since
people
elected
me
as
the
chair,
because
I
I
feel
some
obligation
to
be
able
to
explain
that
to
people.
B
And
if
I,
if
I
could
give
that
quick
explanation
to
someone
who
asked,
I
feel
that
it
would
make
sense
to
at
least
review
that
I
I
think
this
is
a
board
that
has
kind
of
just
existed
for
whatever
reasons
and
it's
been
passed
down
from
staff
staff
member
to
staff
member,
which
is
fine,
but
some
formal
recognition
of
our
processes
and
procedures
like,
for
example,
even
who
writes
the
agenda
and
who
decides
that
it's
the
agenda
and
sends
it
out.
I
I
didn't
see
it
before
friday.
B
D
D
We're
going
to
see
more
and
more
of
this,
and
I
think
it's
just
a
really
good
practice
to
sort
of
level
set
like
what
are
we
doing
here
and
why,
since
we
only
meet
once
a
year,
because
there's
always
going
to
be
new
people
at
these
meetings-
and
I
and
you
know
maybe
historically
the
same
folks-
are
at
the
table
for
10
years
running,
but
there
has
been
quite
a
bit
of
turnover.
So
I
think
it's
a
good
practice
here
and
probably
beyond
this
table,
just
to
be
clear
what
you
know.
D
What's
in
st
paul,
we
have
a
joint
property
tax
advisory
committee,
that's
ordered
by
the
legislature,
and
just
I
don't
think
people
would
automatically
know
that
unless
we
explain
what
it
was,
why
we
were
there,
I
mean
how
the
body
was
governed,
so
I
would
support
what
council
member
tolbert
is
proposing.
I
think
it's
just
like
another
level
of
plain
language
and
and
making
sure
that
our
committees
and
commissions
are
accessible
to
everybody,
old
and.