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June 25, 2021 - 12:08pm

'Straightforward' audit shows about 16 percent increase in Batavia Development Corp.'s net position

posted by Mike Pettinella in news, notify, bdc, Freed Maxick.

Calling it a “straightforward” audit, a certified public accountant with the Freed Maxick firm in Batavia reported that the Batavia Development Corp. experienced a 16-percent increase in its net position from March 31, 2020 to the same date this year.

At Thursday’s monthly BDC meeting at the City Centre Council Chambers, Nicole Ryan reviewed financial statements from fiscal years 2020 and 2021, giving the agency’s board a comparative look at its activity.

She said that since there was no new activity for Creek Park Batavia LLC, a BDC entity, her presentation focused on the BDC.

The BDC’s net position increased from $172,469 as of March 31, 2020, to $199,931 as of March 31, 2021 (about a 16-percent jump), while the operating revenues increased by about $5,000 from 2020 (from $114,964 to $119,769) and expenditures decreased about $3,000 (from $95,136 to $92,307).

“So, overall, year to year, there wasn’t a large change in the activity – as expected based on the type of year that was had …,” Ryan said. “There wasn’t an abundant amount of information that we had to go over; there was minimal grant activity that took place this year, compared to previous years. Overall, it was very straightforward and a rather quick audit. Very painless.”

Ryan found that the agency’s cash flow increase of only $31,358 from the prior year “again was due to the minimal grant activity that took place.”

Receivables for 2021 totaled $125,750 with $81,428 as part of the financial close of the Ellicott Station and $44,322 as part of the Building Improvement Fund, which will be reimbursed through New York State Homes and Community Renewal.

All told, Ryan said the audit identified no material weaknesses or significant deficiencies, “so I don’t have any exhibits for any type of filings that would have been communicated during the process.”

Andrew Maguire, BDC director of economic development, said that in April the agency was awarded a New York Main Street Grant of $417,000 for the Theater 56 project. That transaction will be reflected in the 2021-22 fiscal year financial statement, he noted.

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