Annual Report on Operations and Accomplishments

Transcription

1 Franklin County Civic Development Corporation 355 WEST MAIN STREET SUITE 428 MALONE, NEW YORK TEL: (518) Annual Report on Operations and Accomplishments Jeremy S. Evans, Chief Executive Officer 2018

2 Introduction The Franklin County Civic Development Corporation (the CDC ) was formed in 2010 to meet the civic facility bonding needs of hospitals, colleges, research facilities and other not-for-profit entities situated in Franklin County, New York. The CDC is a Public Authority and is regulated by the NYS Authorities Budget Office. Mission Statement The CDC is committed to issuing tax-exempt bonds to meet the financing needs of civic facilities and not-for-profit institutions in Franklin County. Board of Directors Sherry Boyea Andrea Dumas James T. Ellis Agency Counsel Matthew McArdle (Fischer, Bessette, Muldowney & McArdle, LLP) Rodrique Lauzon Justus Martin David J. Yando Agency Auditor Crowley & Halloran, CPAs, P.C. Audit & Finance Committee Sherry Boyea, Chair David Yando Governance Committee James T. Ellis, Chair Rodrique Lauzon

3 2018 Performance Report The CDC did not issue any bonds in fiscal year Prior period bond issues are as follows: Alice Hyde Medical Center in Malone, New York (2013). These bonds were in the amount of $27,375,000 and financed the construction of a new nursing home and assisted living facility. Adirondack Medical Center in Saranac Lake, New York (2012). These bonds were in the amount of $10,999,965 and allowed for restructuring of debt. These bonds were refunded with the Series 2016 Bonds. North Country Community College Foundation in the amount of $1,760,000 in February of These bonds refinanced former IDA bonds. Paul Smith s College in Paul Smiths, New York (2011). These bonds were in the amount of $10,000,000 and financed the construction of a new dormitory and the installation of energy conservation systems. These recent bond issues since the incorporation of the CDC in 2010 demonstrate the importance that Franklin County institutions place upon access to capital and local financing. The CDC periodically sends financing information to not-for-profits and maintains a website presence to provide the public with information. In 2018 the CDC moved its offices to the Franklin County Courthouse. Summary Statement of Net Assets Total Current Assets $16,540 Total Noncurrent Assets $0 Total Assets $16,540 Total Current Liabilities $0 Total Noncurrent Liabilities $0 Total Liabilities $0 Total Net Assets $16,540

4 Summary Statement of Revenues, Expenses and Change in Net Assets Total Operating Revenue $0 Total Operating Expenses $2,788 Operating Income (Loss) $(2,788) Total Nonoperating Revenue $2 Total Nonoperating Expenses $0 Income (Loss) Before Contributions $(2,786.00) Capital Contributions $0 Change in Net Assets $(2,786) Net Assets (Deficit) Beginning of Year $19,326 Other Net Assets Changes $0 Net Assets (Deficit) at End of Year $16,540 Schedule of Debt Conduit Debt Outstanding Start of Fiscal Year $57,845, New Debt Issuances $0 Debt Retired $1,979, Outstanding End of Fiscal Year $55,866, Bond Information List Name of Recipient Amount of Bonds Date Bonds Outstanding Issued Issued As of 12/31/18 Adirondack Medical Center $24,455,000 10/18/2016 $23,028, Alice Hyde Medical Center $27,375,000 10/31/2013 $24,040, NCCC Foundation $1,760,000 2/9/2017 $1,160, Paul Smiths College $10,000,000 2/24/2011 $7,637,859.88

5 CDC Organizational Chart* Board of Directors *The CDC has no staff.