HomeMy WebLinkAbout2019/08/20-Agenda-AllianceAirport Authority (AAA) ALLIANCEAIRPORT AUTHORITY,INC.
TUESDAY,AUGUST 20, 2019
1:00 PM
City Council Conference Room, City Hall,Room 290
200 Texas Street
Fort Worth, Texas 76102
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 Assistant City Manager
Peter Vaky, Deputy City Attorney
Reginald Zeno, Treasurer
Mary Kayser, Secretary
I. CALL TO ORDER
II. ACTION ITEMS
A. Approval of August 21, 2018 Meeting Minutes
B. Consider and Adopt a Resolution Authorizing the Execution of an Agreement with
CohnReznick LLP for Independent Audit Services for the Corporation's Financial
Accounts. —Justin McLaughlin, Strategic Development Coordinator
III.WRITTEN REPORTS
A. Fiscal Year 2018 Audit Report Results from Weaver and Tidwell, LLP
B. Financial Report through June 2019
IV.EXECUTIVE SESSION
The Board of Directors of AllianceAirport Authority, Inc. will 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
CITY OF FORT WORTH,TEXAS
CITY COUNCIL
ALLIANCEAIRPORT AUTHORITY,INC.
AUGUST 21,2018
Present:
President Jungus Jordan
Director Betsy Price
Director Carlos Flores
Director Brian Byrd
Director Gyna M. Bivens
Director Kelly Allen Gray
Director Ann Zadeh
Absent:
Vice President Dennis Shingleton
Director Cary Moon
City Staff:
Peter Vaky, Deputy City Attorney
Susan Alanis,Assistant City Manager
Ronald P. Gonzales, Assistant City Secretary
L 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 3:19 p.m. on Tuesday,
August 21, 2018, 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 15, 2017,meeting minutes
Motion was made by Director Allen Gray and seconded by Director Flores to approve the
minutes of the August 15, 2017, A1lianceAirport Authority, Inc., meeting. Motion carried
unanimously 7-0 (Directors Moon and Shingleton absent).
b. Discussion and Consideration of a Resolution Authorizing Execution of an Agreement
with Weaver and Tidwell, LLP for the 2018 Outside Audit of the A1lianceAirport
Authority, Inc's Financial Accounts
Ms. Brenda Hicks-Sorensen, Assistant Director,provided a staff report.
CITY OF FORT WORTH,TEXAS
ALLIANCEAIRPORT AUTHORITY,INC.
AUGUST 21,2018
Page 2of2
Motion was made by Director Zadeh and seconded by Director Allen Gray, to approve
Resolution No. AAA-2018-01, Authorizing Execution of an Agreement with Weaver and
Tidwell, LLP for the 2018 Outside Audit of the AllianceAirport Authority, Inc's Financial
Accounts. The motion carried 7-0 (Directors Moon and Shingleton absent).
III. Written Reports
a. Financial Report through June 2018
b. Fiscal Year 2017 Audit Reports from Weaver and Tidwell, LLP
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 3:21 p.m. on Tuesday, August 21, 2018.
These minutes approved by the AllianceAirport Authority, Inc., on the of 52018.
APPROVED:
Jungus Jordan, President
Minutes Prepared by and Attest:
Ronald P. Gonzales, TRMC/CMC
Assistant Secretary to the Corporation Board
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 ADAgEortWorthTexas.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.
RESOLUTION NO.
ALLIANCEAIRPORT AUTHORITY
RESOLUTION
OF THE BOARD OF DIRECTORS
Authorizing Outside Audits of the Authority's Financial Accounts by CohnReznick LLP or an Affiliate
and Authorizing the Execution of Agreement with CohnReznick LLP
WHEREAS, AllianceAiiport Authority, Inc. (the "Corporation") is an industrial development corporation
created in 1989 to benefit the City of Fort Worth 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; and
WHEREAS, the Corporation and its assets are deemed to be component units of the City;and
WHEREAS, the Corporation and the City wish for an independent auditor to audit the Corporation's
financial accounts;
WHEREAS, members of the Board of Directors wish to allow for the expenditures of up to $14,700.00 to
pay for the outside audit of the AllianceAirport Authority financial accounts by CohnReznick LLP or an
affiliate and authorize the execution of any related agreements; and
NOW, THEREFORE, BE IT RESOLVED the Board of Directors hereby authorizes President of the
Authority to execute on behalf of the Authority an agreement with CohnReznick LLP for independent
auditing services related to the Authority's financial accounts and any related agreements or other contracts
necessary to secure such outside auditing services;
FURTHER RESOLVED, that this Resolution shall take effect immediately upon its adoption;and
FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the Corporation is hereby
authorized and directed to certify the adoption of this Resolution.
Adopted this 20th day of August2019.
ATTEST:
By:
Mary Kayser, Corporate Secretary
FORT WORTH.
MEMORANDUM
Date: August 20, 2019
To: President Jungus Jordan & Directors
From: Robert Sturns, Economic Development Director
Subject: Fiscal Year 2018 AllianceAirport Authority, Inc., Financial Audit by Weaver &Tidwell, LLP
The AllianceAirport Authority (AAA) Board approved on August 21, 2018 an outside audit of the
Corporation's financial account by Weaver&Tidwell, LLP.The audit has been completed and was
distributed to the board on May 15, 2019.
As a reminder, the Corporations are legally separate entities that are considered Blended
Component Units of the City. City Charter outlines the necessity of 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, summaries of income and expenditures, and also a comparison,
in proper classification, with the previous year. The completed audit meets the requirements as
outlined.
If you have any questions, please feel free to contact me at (817) 392-2663.
9:08 AM AllianceAirport Authority, Inc.
07/26/19 Trial Balance
Accrual Basis As of June 30, 2019
Jun 30, 19
Debit Credit
Chase-Operating 112,641.23
Chase-Reserve 250,000.00
Southwest-Savings 250,492.82
Retained Earnings 525,388.12
Gas Lease Royalties 99,717.83
Investments:I nterest-Savings,Short-term CD 1,028.10
Contract Services:Audit Fees 13,000.00
TOTAL 6269134.06 6269134.06
Page 1
9:06 AM AllianceAirport Authority, Inc.
07/26/19 Profit & Loss
Accrual Basis October 2018 through June 2019
Oct'18-Jun 19
Ordinary Income/Expense
Income
Gas Lease Royalties 99,717.83
Investments
Interest-Savings,Short-term CD 1,028.10
Total Investments 1,028.10
Total Income 100,745.93
Expense
Contract Services
Audit Fees 13,000.00
Total Contract Services 13,000.00
Total Expense 13,000.00
Net Ordinary Income 87,745.93
Net Income 879746.93
Pagel
9:06 AM AllianceAirport Authority, Inc.
07/26/19 Balance Sheet
Accrual Basis As of June 30, 2019
Jun 30, 19
ASSETS
Current Assets
Checking/Savings
Chase-Operating 112,641.23
Chase-Reserve 250,000.00
Southwest-Savings 250,492.82
Total Checking/Savings 613,134.05
Total Current Assets 613,134.05
TOTAL ASSETS 6139134.06
LIABILITIES&EQUITY
Equity
Retained Earnings 525,388.12
Net Income 87,745.93
Total Equity 613,134.05
TOTAL LIABILITIES&EQUITY 6139134.06
Page 1