Taylor Beresovoy

The board meeting included a review of the financial statements for the period ending January 31, 2025. Key financial discussions involved the current cash position being lower than the previous year, increasing liabilities related to borrowing against a line of credit to service debt, and a year-to-date operating gain of $47,000 before interest expenses, resulting in a net loss of $298,000 for the 10-month period, an improvement from the prior year. Revenue discussion highlighted a 10% year-over-year increase in total rent revenue and an 11% growth in Saturday market revenue, though revenue growth lagged behind price increases in previous years, prompting a recommendation to freeze seasonal license fees for the upcoming year while potentially adjusting daily rates. The board also reviewed the proposed budget for fiscal years 2025-2026, noting that the previously adopted budget was no longer valuable, and forecasted revenue based on inflation adjustments for commercial leases (2.9%) and higher growth for Sunday market revenue.

The Board meeting commenced with the approval of the agenda and prior minutes from November 12, 2024. The Audit Committee Report highlighted several key findings from the financial statements for the year ended March 31, 2024, including a compliance issue with collateral reporting, a material weakness in preparing monthly financial statements, and an assessment regarding the Authority's ability to continue as a going concern. Corrective actions discussed included obtaining monthly collateral statements, improving oversight, and prioritizing strategies to generate additional revenue. Old Business focused on the Corrective Action Plan, detailing the fiscal year-end revenue tracking, including lease revenue and retail market revenue trends, and noting a net loss of $1,090,000. Management is working to produce timely monthly financial statements and a detailed forecast. Discussions also covered securing a $2 million New York State Capital Assistance Program (CAP) grant and proposed shed improvements. The CEO reported on consulting team updates, including site visits planned for other markets, and the need for Board approval for professional services related to 3D models and renderings. A resolution was adopted to authorize the CEO to access and manage the Authority's accounts with Solvay Bank to resolve collateralization issues. The Board entered an Executive Session to discuss real property transactions, personnel matters, corporate appointments, and litigation. New Business included the adoption of a resolution authorizing the CEO to purchase Professional Services under $10,000 through discretionary purchasing for contracts with Kishmish, Inc., Market Ventures, Inc., and StudioSchafer for system installation, consulting, and design services.

The meeting covered several administrative and operational updates. Discussions included the approval of previous meeting minutes, noting an adjustment required for the September minutes approval since the August minutes had already been approved. Old business included a review of implementing a monthly status report for state controller recommendations, resulting in changes to sheriff deputy scheduling to increase Saturday coverage and reduce overall monthly security costs from approximately $7,000 to over $5,000. Security camera control was regained, and plans are underway to upgrade to a wireless camera network. Operational changes were made based on tenant feedback regarding operating hours, including having a security officer cover early mornings before the Able Two market opens. An incident involving police response following a recent event was discussed in the context of Mayor Walsh's priority for SPD response regarding perceived threats from homeless individuals. Major financial discussions involved relocating operations out of two large units previously used for cardboard storage, potentially freeing up $1,800 per month in lost rent by renting to Nor Juta and other interested parties like SRA and Jose Vinger. The status of a warehouse sale was deferred pending a second consultant summit on December 2nd. Bookkeeping practices are being adjusted to separate capital expenditures, aligning with grant requirements for assets with a 10-year useful life, which is complicated by current operating expenses exceeding revenue, necessitating discussions about line of credit utilization. Life and safety concerns were prioritized, leading to self-performing work to fill significant potholes and road surface issues in market areas. Audit progress was reported, with the finance committee scheduled to review detailed payroll records before the full board review in December. Finally, an update was given on the corrective action plan regarding the EBTE token redemption policy, noting that implementation is paused pending further consultation with the Council.

The meeting covered the approval of the agenda and the minutes from the April 2025 meeting. Key discussions focused on the sale of property at 513 High Street, where a negotiated lower price of $2 million was presented, aimed at relieving the mortgage and significantly reducing long-term debt. Other topics included an update on the New York State budget, which remained unresolved with differing versions between the Assembly and Senate bills, and discussions around grant applications, specifically a $1.7 million grant for food access expansion. Operational updates involved extensive pothole filling and line striping utilizing county contracts. There was also a review of vendor pricing for Thursday and Sunday markets, with adjustments made to unbundle fees and provide discounts to Saturday vendors to ensure vendor retention. A governance discussion was initiated regarding the division of powers and duties between the board and management, referencing bylaws and statutes.

The meeting included discussions regarding several operational matters. A key topic was the introduction of market staff members to the board, specifically focusing on the Market Manager's role, which includes oversight of Thursday, Saturday, and Sunday markets, vendor relations, and detailed site management, such as pothole filling. A significant portion of the discussion centered on the implementation and status of the Market Spread system, a new digital platform for vendors to manage profiles, which is intended to streamline onboarding and save staff time, with a goal for full functionality by January. Updates were provided on the EBT program, including the distribution of $24,000 in tokens and $50,000 in coupons on a recent Saturday, and the hiring of additional part-time staff to manage the program. Furthermore, staff discussed streamlining the coupon bundling process to improve transaction speed and explored the potential for moving to electronic Fresh Connect coupons integrated with EBT cards to eventually eliminate physical tokens, addressing concerns about coupon redemption outside of the market setting. The approval of minutes from the August 6, 2024 meeting was also addressed.