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HomeMy WebLinkAbout2021/08/21-Agenda-AllianceAirport Authority (AAA) ALLIANCE AIRPORT AUTHORITY,INC. TUESDAY,AUGUST 21,2018 Immediately following the conclusion of the meetings of Fort Worth Housing and Finance Corporation and Central City Local Government Corporation (Scheduled to begin at 3:00pm) 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 Dennis Shingleton,Vice President Brian Byrd, Director Gyna M. Bivens, Director Cary Moon, Director Ann Zadeh, Director Betsy Price, Director Carlos Flores, Director City Staff Staff Liaison: Susan Alanis,Assistant City Manager Aaron Bovos, Treasurer Mary Kayser, Secretary Peter Vaky, Deputy City Attorney L CALL TO ORDER II. ACTION ITEMS a. Approval of August 15, 2017 meeting minutes 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. — Brenda Hicks-Sorensen, Assistant Director IILWRITTEN REPORTS a. Financial Report through June 2018 b. Fiscal Year 2017 Audit Report Results from Weaver and Tidwell, LLP 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 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 VL 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&FortWorthTexas.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. CITY OF FORT WORTH,TEXAS CITY COUNCIL ALLIANCEAIRPORT AUTHORITY,INC. AUGUST 15,2017 Present: President Jungus Jordan Vice President Dennis Shingleton Director Betsy Price Director Carlos Flores Director Brian Byrd Director Cary Moon Director Gyna M. Bivens Director Kelly Allen Gray Director Ann Zadeh City Staff: Peter Vaky, Deputy City Attorney Jay Chapa,Assistant City Manager Mary Kayser, City Secretary Aaron Bovos, CFO/Treasurer 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 2:43 p.m. on Tuesday, August 15, 2017, 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 June 20, 2017, meeting minutes Motion was made by Director Price and seconded by Director Shingleton to approve the minutes of the June 20, 2017, AllianceAirport Authority, Inc., meeting. Motion carried unanimously 7-0. (President Jordan and Director Bivens abstaining.) B. Discussion and Consideration of a Resolution Authorizing Amendments to the Bylaws of the AllianceAirport Authority, Inc. Ms. Ossana Hermosillo, Economic Development Business Development Manager, provided a PowerPoint presentation titled, "Proposed Amendments to the Bylaws of the AllianceAirport Authority, Inc." CITY OF FORT WORTH,TEXAS ALLIANCEAIRPORT AUTHORITY,INC. AUGUST 15,2017 Page 2 of 3 Motion was made by Director Shingleton and seconded by Director Bivens, to approve Resolution No. AAA-2017-02, Authorizing Amendments to the Bylaws of the A1lianceAirport Authority, Inc. The motion carried 9-0. C. Discussion and Consideration of a Resolution Authorizing Execution of an Agreement with Weaver and Tidwell, LLP for the 2017 Outside Audit of the A1lianceAirport Authority, Inc.'s Financial Accounts. Ms. Ossana Hermosillo, Economic Development Business Development Manager, provided a staff report. Motion was made by Director Price and seconded by Director Shingleton, to approve Resolution No. AAA-2017-03, Authorizing Execution of an Agreement with Weaver and Tidwell, LLP for the 2017 Outside Audit of the A1lianceAirport Authority, Inc.'s Financial Accounts. The motion carried 9-0. III. Written Reports A. There were no written reports. IV. Executive Session President Jordan stated that had been advised that an Executive Session was not necessary on the following items: 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 Section 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. Request for Future Agenda Items President Jordan requested staff provide an update on real property. VI. Adjourn CITY OF FORT WORTH,TEXAS ALLIANCEAIRPORT AUTHORITY,INC. AUGUST 15,2017 Page 3 of 3 With no further business before the Corporation Board, President Jordan adjourned the meeting of the AllianceAirport Authority, Inc., at 2:46 p.m. on Tuesday,August 15, 2017. These minutes approved by the AllianceAirport Authority, Inc., on the day of , 2018. APPROVED: Jungus Jordan, President Minutes Prepared by and Attest: Mary J. Kayser,TRMC/MMC Secretary to the Corporation Board RESOLUTION NO. ALLIANCE AIRPORT AUTHORITY, INC. RESOLUTION OF THE BOARD OF DIRECTORS Authorizing Execution of Agreement with Weaver and Tidwell, LLP for Independent Auditing Services Related to the Corporation's Financial Accounts at a Cost Not to Exceed$13,000.00 WHEREAS, Alliance Airport Authority, Inc. (the "Corporation") is an industrial development corporation created in 1989 to benefit the City of Fort Worth ("City"), 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 Corporations' financial accounts; WHEREAS, members of the Board of Directors wish to allow for the expenditure of up to $13,000.00 to pay for outside audit of the Corporation's financial accounts by Weaver& Tidwell, LLP or an affiliate and authorize the execution of any related agreements. NOW, THEREFORE, BE IT RESOLVED by the Corporation's Board of Directors that: 1. The Board of Directors hereby authorizes President of the Corporation to execute on behalf of the Corporation an agreement with Weaver and Tidwell, LLP for independent auditing services related to the Corporation's financial accounts and any related agreements or other contracts necessary to secure such outside auditing services, all at a cost not to exceed $13,000.00; and 2. The Corporation's Secretary is authorized and directed to certify adoption of this Resolution. Adopted this 21 sr day of August 2018. ATTEST: By: Mary Kayser, Corporate Secretary 2:10 PM AllianceAirport Authority, Inc. 08/10/18 Trial Balance Accrual Basis AS Of June 30, 2018 Jun 30, 18 Debit Credit 10000 •Chase-Operating 235,622.39 10200 •Southwest-Savings 226,715.04 32000 • Retained Earnings 137,074.57 43100 •Gas Lease Royalties 337,191.56 45030 •Interest-Savings,Short-term CD 471.30 62120 •Audit Fees 12,400.00 TOTAL 474,737.43 474,737.43 Page 1 2:14 PM AllianceAirport Authority, Inc. 08/10/18 Profit & Loss Accrual Basis October 2017 through June 2018 Oct'17-Jun 18 Ordinary Income/Expense Income 43100 •Gas Lease Royalties 337,191.56 45000 •Investments 45030 •Interest-Savings,Short-term CD 471.30 Total 45000• Investments 471.30 Total Income 337,662.86 Expense 62100 •Contract Services 62120 •Audit Fees 12,400.00 Total 62100• Contract Services 12,400.00 Total Expense 12,400.00 Net Ordinary Income 325,262.86 Net Income 325,262.86 Pagel 2:17 PM AllianceAirport Authority, Inc. 08/10/18 Balance Sheet Accrual Basis AS Of June 30, 2018 Jun 30, 18 ASSETS Current Assets Checking/Savings 10000 •Chase-Operating 235,622.39 10200 •Southwest-Savings 226,715.04 Total Checking/Savings 462,337.43 Total Current Assets 462,337.43 TOTAL ASSETS 4629337.43 LIABILITIES&EQUITY Equity 32000 • Retained Earnings 137,074.57 Net Income 325,262.86 Total Equity 462,337.43 TOTAL LIABILITIES&EQUITY 462,337.43 Page 1 FORT WORTH. MEMORANDUM Date: August 21, 2018 To: President Jungus Jordan &Trustees From: Robert Sturns, Economic Development Director Subject: Fiscal Year 2017 Alliance Airport Authority, Inc. Financial Audit by Weaver &Tidwell The Alliance Airport Authority (AAA) Board approved on August 15, 2017 an outside audit of the Corporation's financial account by Weaver & Tidwell. The audit has been completed and was distributed to the board on March 6, 2018. 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) 212-2663.