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Home My WebLink About2020/08/18-Agenda-AllianceAirport Authority (AAA) ALLIANCEAIRPORT AUTHORITY, INC. Tue s day, August 18, 2020 Scheduled to Begin at 1:00 P.M. City Council Chambers City Hall 200 Texas Street Fort Worth, Texas 76102 Viewing Only Television: Charter 190; One Source 7; Verizon 5; AT&T Uverse 99 City of Fort Worth Website Homepage: Watch Live Online Board of Directors Jungus Jordan,President Kelly Allen Gray,Director Carlos Flores,Director Brian Byrd,Director Gyna M. Bivens,Director Cary Moon,Director Ann Zadeh,Director Betsy Price,Director Dennis Shingleton,Vice President Staff Liaison:Jay Chapa,Deputy City Manager Tyler Wallach, Senior Assistant City Attorney Reginald Zeno,Treasurer Mary Kayser, Secretary L CALL TO ORDER II. ACTION ITEMS A. Approval of August 20,2019 Meeting Minutes B. Election of Officers i. President ii. Vice President iii. Secretary iv. Treasurer C. Consideration of a Resolution Authorizing the Execution of an Agreement with CohnReznick LLP for Independent Audit Services — Elise Back,Economic Development Manager III. WRITTEN REPORTS A. Financial Report through June 2020 B. Fiscal Year 2019 Audit Report Results from CohnReznick LLP IV.EXECUTIVE SESSION The Board of Directors of AllianceAirport Authority,Inc. may conduct a closed meeting to: A. Seek the advice of its attorneys about any matter regarding the following in which the duty of the attorney under the Texas Disciplinary Rules of Professional Conduct of the State Bar of Texas clearly conflicts with the Texas Open Meetings Act [Tex. Govt. Code §551.071]: (i) legal issues related to any current agenda items B. Discuss the purchase, sale, lease or value of real property, as authorized by Section 551.072 of the Texas Government Code. Deliberation in an open meeting would have a detrimental effect on the position of the Corporation in negotiations with a third party; and C. Discuss or deliberate negotiations relating to any economic development negotiations, as authorized by Section 551.087 of the Texas Government Code. V. FUTURE AGENDA ITEMS A. Request for Future Agenda Items VI. ADJOURN ASSISTANCE AT THE PUBLIC MEETING The Fort Worth City Hall and City Council Conference Room are wheelchair accessible. Persons with disabilities who plan to attend this meeting and who may need accommodations, auxiliary aids, or services such as interpreters, readers, or large print are requested to contact the City's ADA Coordinator at (817) 392-8552 or e-mail ADA&LortWorthTexas.eov at least 48 hours prior to the meeting so that appropriate arrangements can be made. If the City does not receive notification at least 48 hours prior to the meeting,the City will make a reasonable attempt to provide the necessary accommodations at least two working days prior to the meeting so that appropriate arrangements can be made. CITY OF FORT WORTH,TEXAS ALLIANCEAIRPORT AUTHORITY,INC. AUGUST 20,2019 Page 2of2 Motion was made by Director Zadeh and seconded by Director Allen Gray, to approve Resolution No. AAA-2019-01, Authorizing Execution of an Agreement with CohnReznick, LLP for Independent Audit Services for the Corporation's Financial Accounts. The motion carried 7-0 (Directors Moon and Allen Gray absent). III. Written Reports a. Fiscal Year 2018 Audit Reports from Weaver and Tidwell, LLP b. Financial Report through June 2019 These reports were for informational purposes. IV. Executive Session There was no Executive Session. V. Request for Future Agenda Items There were no requests for future agenda items. VI. Adjourn With no further business before the Corporation Board, President Jordan adjourned the meeting of the AllianceAirport Authority, Inc., at 1:03 p.m. on Tuesday,August 20, 2019. These minutes approved by the AllianceAirport Authority, Inc., on the of 52019. APPROVED: Jungus Jordan, President Minutes Prepared by and Attest: Mary J. Kayser, TRMC/MMC Secretary to the Corporation Board Resolution Date:August 18, 2020 RESOLUTION BOARD OF DIRECTORS ALLIANCEAIRPORT AUTHORITY, INC. Authorizing an Agreement with CohnReznick LLP in an Amount up to $15,200.00 for an Outside Audit of the AllianceAirport Authority, Inc.'s Financial Accounts WHEREAS, AllianceAirport Authority, Inc. ("Corporation") is an industrial development corporation created in 1989 to benefit the City of Fort Worth ("City") and to,among other things, issue bonds to promote and develop new and expanded business enterprises in the City, to promote and encourage employment, and otherwise to benefit the public welfare in accordance with the Development Corporation Act of 1979, as amended; WHEREAS, the Bylaws of the Corporation authorize the Board of Directors ("Board") to exercise all powers of the Corporation; WHEREAS, sound business practice dictates periodic auditing of financial and other records of any business entity to ensure accuracy and completeness of records and to identify any material issues in the entity's financial and record-keeping practices; WHEREAS,the Corporation is classified as a"component unit" of the City for accounting purposes under the rules of the Governmental Accounting Standards Board; WHEREAS, an audit of the records of the Corporation, as separate from the City, is advisable to better memorialize and reflect the status of the Corporation as a distinct entity existing separate and apart from the City for legal purposes; WHEREAS, the Corporation desires to engage CohnReznick, LLP to furnish necessary audit services, which CohnReznick is capable and qualified to perform; and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD: Section 1. That the Board hereby approves the engagement of CohnReznick, LLP, to perform an audit of the financial records of the Corporation for a total amount not to exceed $15,200.00. Section 2. That the Board authorizes the President of the Board to execute and deliver any related agreements, engagement letters, or other documents for and on behalf of the Corporation that are necessary to engage CohnReznick, LLP,as auditor; provided, however, that CohnReznick, LLP,will be required to report all of its findings directly to the Board. Section 3. That the President of the Board is authorized to sign this Resolution on the Board's behalf. Resolution Date:August 18, 2020 Section 4. That this Resolution shall take effect immediately from and after its passage. By: Jungus Jordan President Attest: Mary Kayser Corporate Secretary d R IL N r_ao A V O N A O O A N O M S O N O A a ooA A v_ Y 0 N N N A MM� N ad+ O W C CL Q C N U >LL � N� y y N Q R 1Lu d Cto O L L O COf R COf d m > O U UroQ�Q�f75U p y .y R 0] d N N O Q 5:11 PM AllianceAirport Authority, Inc. 08/05/20 Profit & Loss Accrual Basis October 2019 through June 2020 Oct'19-Jun 20 Ordinary Income/Expense Income Gas Lease Royalties 57,640.17 Investments Interest-Savings,Short-term CD 922.88 Total Investments 922.88 Total Income 58,563.05 Expense Contract Services Audit Fees 14,700.00 Total Contract Services 14,700.00 Total Expense 14,700.00 Net Ordinary Income 43,863.05 Net Income 43,863.05 Pagel 5:11 PM AllianceAirport Authority, Inc. 08/05/20 Balance Sheet Accrual Basis As of June 30, 2020 Jun 30,20 ASSETS Current Assets Checking/Savings Chase-Operating 201,034.05 Chase-Reserve 250,000.00 Southwest-Savings 251,763.12 Total Checking/Savings 702,797.17 Total Current Assets 702,797.17 TOTAL ASSETS 702,797.17 LIABILITIES&EQUITY Equity Retained Earnings 658,934.12 Net Income 43,863.05 Total Equity 702,797.17 TOTAL LIABILITIES&EQUITY 702,797.17 Page 1 FORTWORTH. MEMORANDUM Date: August 18, 2020 To: President JungusJordan & Directors From: Robert Sturns, Economic Development Director Subject: Fiscal Year 2019 AllianceAirportAuthority Financial Audit by CohnReznick, LLP The AllianceAirport Authority (AAA) Board approved on August 20, 2019 an Extension of an AgreementwithCohnReznick, LLP for Inde pendent Audit Services forthe Corporation's Financial Accounts. An outside auditof the Corporation's financial account was completed by CohnReznick and distributed to the board on April 7, 2020. As a reminder, the Corporations are legally separate entities that are considered Blended Component Units of the City.City Charter outlinesthe necessityof an annual independent audit. This audit shall include the certification of specific statements required under the Annual Appropriations Ordinance. Such statements shall include a balance sheet which will exhibit the assets and liabilities of the City, summariesof income and expend itures,and also a comparison, in proper classification,with the previousyear.The completed audit meets the requirements as outlined. If you have any questions, please feel free to contact me at(817) 392-2663.