Albany-Dougherty Payroll Authority discusses real estate in closed session

ALBANY — The Albany-Dougherty Payroll Development Authority quickly took care of “housecleaning” items at its meeting Wednesday morning before going into a lengthy executive session to discuss real estate issues.

Accountant Will Geer, of the Albany-based Geer & Associates CPA firm, made short work of an audit report by noting that the PDA had few changes in its activities during the authority’s fiscal year that ended Sept. 30, 2016, compared to its financials from the previous fiscal year.

“You’ll see that there is very little change in the net position from year-to-year,” Geer said.

A note on his audit report read, “Net position of the authority’s governmental activities decreased by 1.88 percent ($7 million compared to $7.1 million). Unrestricted net position, the part of net position that can be used to finance day-to-day operations without constraints established by debt covenants, enabling litigation or other legal requirements was $2,838,515 at Sept. 30, 2016. The net invested in capital assets decreased by $39,994.”

Albany-Dougherty Economic Development Commission President Justin Strickland briefly discussed PDA financials and the authority’s budget before calling for the audit report from Geer. The meeting was then closed for a discussion of real estate matters.

PDA attorney Jay Reynolds of the Perry and Walters law firm said after the closed session that no other action was taken by the board.