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Finance will work in good faith with the RAA; they expect every condition to be met as stipulated in the law and in the MOU. Mr. Hintze said it would be prudent to expect periodic reporting on the project, and a record of compliance with those specific terms and conditions in exchange for the $20 million will be kept.

In response to a question from Chairman Damron, Mr. Hintze said he would be happy to forward to the Committee quarterly project reports as they are submitted by the RAA.

Representative Wayne commended the staff involved in this project for its work, and said the MOU is a good example of how the RAA and the state continue to work well together.

Representative Wayne said the Auditor’s Office has reviewed the RAA’s financial reports for the last ten years, and completed a report on their review. He asked Mr. Hintze and the RAA representatives if they had reviewed the auditor’s report. Mr. Hintze responded that they had not seen the document until this morning.

Rep. Wayne said the auditor’s report was a good report and it showed that the RAA has done a good job in managing its finances. He said the report recommended a management (performance) audit, and asked Mr. DeLong if the RAA would be willing to share in the cost of the audit since the Auditor’s Office has a limited operating budget. Mr. DeLong responded that he would need to know what such an audit entailed, and then make sure the RAA Board is supportive of the approach. He said if the Board is supportive, they will find the money to help with the cost of the audit.

In response to another question from Representative Wayne, Mr. DeLong said he would be willing to discuss the subject of a management audit with Mr. Ed Hatchett, Auditor of Public Accounts, and with the RAA Board, and then report back to the Committee at its next meeting.

In response to a question from Representative Wayne, Mr. DeLong said the Innovative Housing Program (supported by a federal grant and matching funds from the RAA) will pay the infrastructure costs associated with the Innovative Housing Program.

Chairman Damron noted that the MOU does not reference the language included in a budget document relating to the RAA developing a 750-acre industrial park for local and state economic development purposes, and working with UPS to sell it land at the airport and in the Edgewood area. He asked why those two requirements were left out of the MOU, and if another MOU will be prepared to cover these items. Mr. Hintze said the MOU is intended to parallel the language in the Executive Appropriations Bill, and it is not meant to ignore those other, more detailed stipulations in other budget documents. He

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