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Home My WebLink About2020/09/22-Agenda-AllianceAirport Authority (AAA) ALLIANCEAIRPORT AUTHORITY,INC. Tuesday, September 22,2020 Scheduled to Begin at 1:00 P.M City Council Conference Room 290, Second Floor 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 I. CALL TO ORDER II. ACTION ITEMS A. Consideration of August 18, 2020 Meeting Minutes B. Authorize a Resolution to Execute an Agreement with Weaver and Tidwell, LLP for Fiscal Year 2020 Financial Review as part of the City of Fort Worth's Annual Financial Audit Not to Exceed$3,000—Jay Chapa, Deputy City Manager III. WRITTEN REPORTS A. Financial Report through July 2020 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(afortWorthTexas.gov 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. I,the undersigned authority do hereby certify that this Notice of Meeting was posted on the City of Fort Worth official website and said Notice was posted on the following date and time Friday.September 18,2020 at 12:00 pm.and remained so posted continuously for at least 72 hours preceding the scheduled time of said meeting. 19'12::�i4a CITY OF FORT WORTH,TEXAS CITY COUNCIL ALLIANCEAIRPORT AUTHORITY,INC. AUGUST 18,2020 Present: President Jungus Jordan Vice President Dennis Shingleton Director Cary Moon Director Brian Byrd Director Kelly Allen Gray Director Ann Zadeh Absent: Director Gyna M. Bivens Director Betsy Price Director Carlos Flores City Staff: Tyler Wallach, Senior Assistant City Attorney Jay Chapa, Deputy City Manager Reginald Zeno, Treasurer Mary J. Kayser, City Secretary I. Call to Order With a quorum of the directors present, President Jordan called the meeting to order for the Board of Directors of the AllianceAirport Authority, Inc., at 1:00 p.m. on Tuesday, August 18, 2020, in the City Council Conference Room, Room 290 of the Fort Worth Municipal Building, 200 Texas Street, Fort Worth, Texas. II. Action Items a. Approval of August 20, 2019, meeting minutes Motion was made by Director Byrd and seconded by Director Moon to approve the minutes of the August 20, 2019,A1lianceAirport Authority, Inc.,meeting. Motion carried 6-0 (Directors Bivens, Price and Flores absent) b. Election of Officers i. President ii. Vice President iii. Secretary iv. Treasurer CITY OF FORT WORTH,TEXAS ALLIANCEAIRPORT AUTHORITY,INC. AUGUST 18,2020 Page 2of2 Motion was made by Director Shingleton and seconded by Director Moon, to elect Jungus Jordan as President, Dennis Shingleton as Vice President, the City Secretary as Secretary, and the Chief Financial Officer as Treasurer.The motion carried 6-0. (Directors Bivens,Price and Flores absent) c. Consideration of a Resolution Authorizing Execution of an Agreement with CohnReznick, LLP for Independent Audit Services Ms. Elise Back, Economic Development Manager, provided a staff report. Motion was made by Director Moon and seconded by Director Moon, to approve Resolution No. AAA-2020-01,Authorizing Execution of an Agreement with CohnReznick, LLP for Independent Audit Services with a cap of$10,000.00. The motion carried 6-0. (Directors Bivens, Price and Flores absent) III. Written Reports a. Financial Report through June 2020 b. Fiscal Year 2019 Audit Reports from CohnReznick, LLP These reports were for informational purposes. IV. Executive Session There was no Executive Session. V. Request for Future Agenda Items Director Moon requested a report on the options for using the fund balance. VI. Adjourn With no further business before the Corporation Board, President Jordan adjourned the meeting of the A1lianceAirport Authority, Inc., at 1:12 p.m. on Tuesday,August 18, 2020. These minutes approved by the AllianceAirport Authority, Inc., on the of , 2020. APPROVED: Jungus Jordan, President Minutes Prepared by and Attest: Mary J. Kayser, TRMC/MMC Secretary to the Corporation Board Resolution Date:September 22, 2020 RESOLUTION BOARD OF DIRECTORS ALLIANCEAIRPORT AUTHORITY, INC. Authorizing an Agreement with Weaver and Tidwell, LLP in an Amount up to $3,000.00 for Fiscal Year 2020 Financial Review of the AllianceAirport Authority, Inc.'s Financial Accounts as Part of the City of Fort Worth's Annual Financial Audit 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, on August 18, 2020, the Board adopted a resolution authorizing an agreement with CohnReznick, LLP, to perform an independent audit of the Corporation for an amount up to $10,000.00 ("CohnReznick Resolution"); WHEREAS, Weaver and Tidwell, LLP ("Weaver"), who acts as the outside auditor for the City of Fort Worth, has agreed to perform a financial review of the Corporation for an amount up to$3,000.00; WHEREAS, after further consideration, the Board desires to engage Weaver as its independent auditor instead of CohnReznick, LLP and repeal the CohnReznick Resolution; and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD: Section 1. That the Board hereby repeals the CohnReznick Resolution in favor of entering into an agreement with Weaver to perform a financial review of the financial records of the Resolution Date:September 22, 2020 Corporation as part of the City of Fort Worth's Annual Financial Audit for a total amount not to exceed$3,000.00. 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 Weaver as auditor; provided, however, that Weaver 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. Section 4. That this Resolution shall take effect immediately from and after its passage. By: Jungus Jordan President Attest: Mary Kayser Corporate Secretary 2:15 PM AllianceAirport Authority, Inc. 09/09/20 Accrual Basis Balance Sheet As of July 31, 2020 Jul 31,20 ASSETS Current Assets Checking/Savings Chase-Operating 207,584.25 Chase-Reserve 250,000.00 Southwest-Savings 251,853.92 Total Checking/Savings 709,438.17 Total Current Assets 709,438.17 TOTAL ASSETS 709,438.17 LIABILITIES&EQUITY Equity Retained Earnings 658,934.12 Net Income 50,504.05 Total Equity 709,438.17 TOTAL LIABILITIES&EQUITY 709,438.17 Page 1 of 1 2:59 PM AllianceAirport Authority,Inc. 0911M0 Acc-1 sa.i. Profit&Loss October 2019 through July 2020 Oct'19-Jul 20 Ordinary Income/Expense Income Gas Lease Royalties 64,190.37 Investments Interest-Savings,Short-term CD 1,013.68 Total Investments 1,013.68 Total Income 65,204.05 Expense Contract Services Audit Fees 14,700.00 Total Contract Services 14,700.00 Total Expense 14,700.00 Net Ordinary Income 50,504.05 Net Income 609604.06 Page 1 of 1 2:27 PM AllianceAirport Authority, Inc. 09/09/20 Accrual Basis Trial Balance As of July 31, 2020 Jul 31,20 Debit Credit Chase-Operating 207,584.25 Chase-Reserve 250,000.00 Southwest-Savings 251,853.92 Accts Receivable Land Accounts Payable Retained Earnings 658,934.12 Gas Lease Royalties 64,190.37 Investments:I nterest-Savi ngs,Short-term CD 1,013.68 Contract Services:Audit Fees 14,700.00 TOTAL Page 1 of 1