SELF-EVALUATION POLICY & PROCEDURES
TOWN OF HEMPSTEAD
INDUSTRIAL DEVELOPMENT AGENCY
2019

	Self-analysis & internal evaluation of IDA procedures and policies is a crucial and difficult area to objectively calculate.  The Agency considers that the policies and procedures that are currently in place ensure productivity, efficiency and financial “checks and balances” on the members of the staff who run the day-to-day operations.

	The staff literally, on a weekly basis, reviews operations to ensure that the agency is fulfilling its mandate to spur economic development.  This includes procedures to comply with state requirements, reaching out to prospective clients and updating projects in the pipeline.

	Any procedural or policy changes are discussed with both Agency counsel and board members serving on the Agency committee that have jurisdiction over the particular area involved.

	The status of all projects is updated for board members through a monthly CEO’s Report, which includes general updates as to Agency operations, finances, procedures and policies.

	Our outside accountants independently audit our books and finances to evaluate from their perspective as detached financial analysts, IDA procedures, policies and compliance with state requirements.

	Specific roles:

1)	CEO – Primary responsibility is the implementation of enacted procedures 
and policies of the Agency.  The CEO is the staff person who is primarily
responsible to ensure that the enacted resolutions and adopted policies and procedures are fully implemented.  These formal actions, together with the operational methodology, govern the manner in which the agency conducts business.

As such, the CEO coordinates all Agency activities to effectuate the mission statement and the outreach to the economic and business community to generate an awareness of the Agency’s role and to spur project development.

The CEO further ensures that internal controls are in place and that the budget is within projections established both prior to the budgetary year and as the year unfolds.  The CEO oversees the other personnel and interacts, on an ongoing basis, with the Agency council and chairs of the various committees with jurisdiction over the Agency’s operations.

The CEO, as designated chief exponent of IDA business, frequently speaks before economic groups, participates in forums and visits existing projects and potential ones to explain IDA benefits and the Agency’s role in economic development.  

The CEO and CFO are bank signatories and oversee the income and expenditures
of the Agency.  The CEO opens and reviews all bank statements to ensure postings comply with bank reports. The Agency Administrator and Deputy Agency Administrator tend to the Agency’s daily financial operations and bookkeeping.

2)	CFO and Deputy Finance Officer oversees status of project compliance through an online spreadsheet program that includes all material data for each Agency project.  This program is updated for accuracy and provides an ongoing tally of projects the status and composite of all projects.

3)	The CFO Independently reviews each check and wire that is submitted for
      induced projects.  Thus, the CFO and the Agency Administrator act independently to
      account for all revenues that are received and invested by the Agency.  In
      addition, the  Agency Admin. is responsible for the day-to-day expenditures of the
      Agency and the related record keeping.  Claim forms are attached to every
bill and checks are signed by one of the bank signatories. The Agency Administrator              is not one of the bank signatories.

4)	Fees or other income earned by the Agency are prudently invested with             
commercial banks in Certificates of Deposit.  On an ongoing basis, staff receives and verifies documentation to ensure that all accounts are adequately collateralized and the Agency’s investments are protected. The CEO frequently contacts Commercial banks to ascertain the highest rates earned on a 30, 60, 90 day or longer basis.  Moneys are transferred and deposited amongst the highest paying financial institutions. The CEO periodically speaks with the Town of Hempstead Comptroller’s Office to ensure that the Agency has the most recent investing information concerning financial institutions as the Town, which engages in such activity on a daily basis. The CEO reviews the overall investments with the CFO and Deputy FO and reports his findings to the Chairman of the Finance Committee.

5)	As economic development is the key reason for the existence of the Agency, 
continuous outreach to the business, real estate and development communities is a crucial aspect of the daily operation of the CEO and staff. 

	      Constant perusal of periodicals, updates to developers, brokers and business 
                  persons, as well as, onsite meetings with elected officials & members of the
                  economic community ensure that the Agency and the benefits it provides are                                                                
                  well known to all these key groups.

	      The CEO prepares a monthly report of potential projects, inquiries and solicitations that serves as a basis to track agency involvement.  This report is presented to the board at its monthly meetings.
 These formal internal procedures, as well as the documentation produced, provide the Agency with a structure that ensures a constant self-evaluation of its staff, procedures and overall operation.

Resolution:013-2019
Adopted:  March 28, 2019
Ayes: 	
Nays: 

Chairman: ____________________________________________________