[PAGE 1]
In-Person Hybrid Meetings: The IURA no longer conducts Public Meetings exclusively remotely. Meetings must be conducted in person, complying
with NYS Open Meeting Law (OML), which applies to all IURA Board and Committees. Members of the public who would like to deliver VERBAL
comments at a meeting (3‐min. max.) are strongly encouraged to do so using the Zoom link and log‐on credentials listed on the agenda, although they
are welcome to do so in person at City Hall. WRITTEN public comments may be submitted before the meeting, using the instructions listed on the
108 E. Green St. agenda. Pls. refer to the IURA Public In‐Person/Hybrid Meetings Policy for more detailed information and further instructions. LIVE‐STREAM VIDEO: A
Ithaca, NY 14850 non-interactive YouTube live‐stream of the meeting can also be viewed at: https://www.youtube.com/channel/UC7RtJN1P_RFaFW2IVCnTrDg. Because
(607) 274-6565 of a slight delay in launching the live‐stream, the video may begin a few minutes before the meeting is formally convened.
ITHACA URBAN RENEWAL AGENCY (IURA)
AUDIT COMMITTEE
AGENDA
9:00 A.M., Friday, April 25, 2025
Common Council Chambers, Third Floor
108 E. Green St., Ithaca, NY 14850
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Meeting ID: 831 5269 1279
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I. Call to Order (Chairperson Graham)
II. Review of Audit Committee Membership & Charge
Membership: Each IURA Board member is appointed to the Audit Committee (Chair: Karl Graham;
Vice‐Chair: Donna Fleming)
Responsibilities:
1. Oversee preparation of an annual audit of the Agency prepared by an independent accounting firm;
2. Review the results of external audits and develop recommendations to the Agency to address any
issues or concerns raised by the external auditor;
3. Review and approve internal controls to safeguard its assets; and
4. Investigate problems in financial reporting, internal control or compliance as they arise.
III. Additions/Deletions from Agenda PUBLIC COMMENTS: WRITTEN public comments may be e‐mailed until 3:00 p.m., the
day before the meeting to: cpyott@cityofithaca.org. People who prefer to deliver
IV. Public Comments (3 min. max. per person) VERBAL comments (3‐min. max.) should either appear in person or use above Zoom
link/log‐in credentials (video) or dial‐in number/log‐in credentials (telephone).
V. New Business
A. Election of Committee Vice‐Chairperson & Nomination of Chairperson ― Resolution
B. Approval of Audited 2023 IURA Financial Statements ― Resolution
VI. Adjournment

[PAGE 2]
Approved: 5/24/24
108 E. Green St.
Ithaca, NY 14850
(607) 274-6565
APPROVED MEETING MINUTES
ITHACA URBAN RENEWAL AGENCY
Audit Committee
8:30 A.M., Thursday, April 26th, 2024
Members: Karl Graham, Chairperson; Donna Fleming, Vice-Chairperson; Chris Proulx; Robert Cantelmo;
Ducson Nguyen (Common Council Liaison)
Excused: Shaianne Osterreich
IURA Staff: Nels Bohn; Anisa Mendizabal [virtual]; Charles Pyott [virtual]
City Staff: Lisa Nicholas, Director of Planning & Development Department
Guests: None
I. Call to Order
Chairperson Graham called the meeting to order at 8:31 A.M.
II. Review of Audit Committee Membership & Charge
Membership:
Each member of the IURA Board is appointed to the Audit Committee (Chair: Karl Graham; Vice-Chair:
Donna Fleming).
Responsibilities:
1. Oversee preparation of an annual audit of the Agency prepared by an independent accounting firm;
2. Review the results of external audits and develop recommendations to the Agency to address any
issues or concerns raised by the external auditor;
3. Review and approve internal controls to safeguard its assets; and
4. Investigate problems in financial reporting, internal control or compliance as they arise.
III. Additions/Deletions to/from Agenda
None.
IV. Public Comments (3 min. max. per person)
None.
V. Review of Draft Meeting Minutes: April 27, 2023 (not yet available)

[PAGE 3]
VI. New Business
A. Election of Committee Vice-Chairperson & Nomination of Chairperson
Graham asked if any other Committee members would like to serve as Chairperson or Vice-Chairperson.
No Committee members responded.
Proulx nominated Graham to serve as Chairperson. No objections were raised.
Graham nominated Fleming to serve as Vice-Chairperson. No objections were raised.
Moved by Graham, seconded by Proulx:
2024 IURA Audit Committee Election of Vice-Chairperson & Nomination of Chairperson
WHEREAS, the IURA By-laws provide that the committee membership shall elect its own committee
Vice-Chairperson and nominate to the Agency a member to serve as Chairperson of the Audit
Committee, and
WHEREAS, officers of each committee serve a one-year term, but continue to hold office until their
successor is selected or appointed, and
WHEREAS, the current committee officers are:
Chairperson: Karl Graham
Vice-Chairperson: Donna Fleming, and
WHEREAS, at their April 26, 2024 meeting, the IURA Audit Committee called for nominations for Vice-
Chair and Chair of the IURA Audit Committee; now, therefore be it
RESOLVED, that the IURA Audit Committee hereby nominates Karl Graham as Committee Chairman,
and be it further
RESOLVED, that the IURA Audit Committee hereby elects Donna Fleming as Committee Vice-
Chairperson.
Carried Unanimously: 4-0
B. Approval of Audited 2023 IURA Financial Report
Graham explained that Insero & Company’s FY2023 Financial Audit Report raised no issues, findings,
recommendations, or concerns. Since the IURA is considered a blended component of the City of Ithaca, this
audit only represents a small proportion of the larger City audit. The IURA audit is required to be conducted
within 90 days of the end of each fiscal year.
Fleming reported that the Governance Committee (GC) reviewed the audit, which was completed on time
and contained no findings of particular note. There was very little discussion about it by the Committee.
Proulx observed one item the report cites every year is the IURA’s overdependence on U.S. Department of
Housing and Urban Development (HUD) funding for its revenue and the long-term viability of the IURA’s

[PAGE 4]
financial outlook; but that by no means a new concern. It is a long-standing issue the IURA Board has been
aware of.
“Federal budgeting for the HUD Entitlement Program does not provide CPI increases. Recent high inflation rates
that peaked at 8% in 2022 increased operating expenses while core federal grant awards remained flat. A trend
where expenses rise faster than revenues raises the risk for an operating deficit in future years.”
“Overall, special one-time HUD awards (CDBG-CV and HOME-ARP) allowed the 2023 budget to be fully funded
from projected revenues. This infusion is anticipated to provide additional administrative funding through 2026
when they will be fully expended. At that time the IURA operating budget may experience a modest operating
loss if additional revenue sources are not identified and federal grant funding remains flat.”
“In the longer term, the Agency will continue to work to reduce its reliance on federal funding revenues by
diversifying its revenue streams to include urban renewal projects, real property sales, increased small business
loans, and property leases to ensure continued financial stability and retain current staffing capacity.”
Bohn explained this section of the report is actually his own written analysis of the IURA’s future financial
challenges.
Moved by Graham, seconded by Fleming:
Approve Audited 2023 IURA Financial Report
WHEREAS, the Ithaca Urban Renewal Agency (IURA) derives the majority of its finances from grants
awarded to the City of Ithaca, and
WHEREAS, for financial reporting purposes the IURA is a blended component unit of the City of Ithaca
whose financial activity is reported in the Special Grant Fund, a governmental fund of the City of Ithaca
financial statements, and
WHEREAS, the IURA contracts separate from the City to have its finances audited within 90 days of the
end of its fiscal year to comply with the Public Authorities Law, and
WHEREAS, the IURA received an audited 2023 IURA financial report on March 27, 2024, and
WHEREAS, at its April 2024 meeting, the IURA Governance Committee conducted preliminary review of
the financial report and recommended approval of the financial report, and
WHEREAS, at its April 2024 meeting, the IURA Audit Committee reviewed the financial report with auditor
correspondence and recommends the following; now, therefore, be it
RESOLVED, that the Financial Report of the Ithaca Urban Renewal Agency for the period January 1, 2023
through December 31, 2023, prepared by the accounting firm of Insero & Company, LLP, be approved.
Carried Unanimously: 3-0

[PAGE 5]
C. Review Internal Controls & Separation of Duties
Graham walked through the following Internal Controls and Separation of Duties, which are designed to
distribute fiscal responsibilities and oversight amongst staff, and which the auditors review annually. The
auditors determined it meets their standards. Graham noted he was very satisfied with the internal controls
the IURA has established.
(continued on following page)

[PAGE 6]
D. Review HUD PY2022 Annual Community Assessment (ACA) Report
Graham reported the IURA received HUD’s most recent Annual Community Assessment (ACA) report
(excerpted below) for the City, examining the IURA’s performance in administering its Community
Development Block Grant (CDBG) Program and HOME Investment Partnerships Program (HOME) grant
awards.
Bohn remarked the audit once again cites the City’s own late audit submissions:
“Ithaca is non-compliant with Single Audit Report submission guidelines as outlined at 2 CFR 200.512(a)(1). The
City did submit FY2020 during this program year on 1/30/2023, however the City’s report for FY2021 and FY2022
to the Federal Audit Clearinghouse remain due.”

[PAGE 7]
Proulx inquired about the concern the audit raises about the IURA’s progress in completing required
HOME-assisted housing unit inspections:
“Ithaca has not conducted required comprehensive inspections of HOME assisted units since 2016. The waivers
cited in the report are no longer valid as they have been discontinued as of December 31, 2021. Previously, the
City was noted to reconvene inspections in 2019, however the pandemic set the schedule on hold. The City now
cites the pandemic and capacity challenges have hindered them from completing inspections of overdue units.
Despite this, the City explained to HUD in 2021 that inspections were to reconvene by September 30, 2022. This
CAPER reports that 7 of the 28 HOME units requiring inspection have been conducted. As a result, the City
remains out of compliance of 24 CFR 92.504(d) and should submit an inspection schedule for PY’23 to HUD.”
Bohn replied, as of this week, all delinquent housing inspections (and re-inspections) will have been
conducted, with the assistance of an independent contractor, a former City housing inspector.
Proulx asked how any IURA/City annual audit concerns are formally communicated to City officials. Bohn
responded the audit report is submitted to the Mayor’s Office and City Manager. IURA staff also ensures
the Controller’s Office is made aware of any issues. The audit report is not, however, routinely submitted
to Common Council.
Proulx recommended Common Council also be formally apprised of any concerns with annual audits, since
it is ultimately responsible for oversight of the City. Graham agreed.
VII. Adjournment
The meeting was adjourned by consensus at 8:48 A.M.
— END —
Minutes prepared by C. Pyott, edited by N. Bohn.

[PAGE 8]
Proposed Resolution
IURA Audit Committee
April 25, 2025
2025 IURA Audit Committee Election of Vice-Chairperson and Nomination of Chairperson
Whereas, the IURA By-laws provide that the committee membership shall elect its own
committee Vice-Chairperson and nominate to the Agency a member to serve as Chairperson of
the Audit Committee, and
Whereas, officers of each committee serve a one-year term, but continue to hold office until
their successor is selected or appointed, and
Whereas, the current committee officers are:
Chairperson: Karl Graham
Vice-Chairperson: Donna Fleming, and
Whereas, at their April 25, 2025 meeting, the IURA Audit Committee called for nominations for
Vice-Chair and Chair of the IURA Audit Committee; now, therefore be it
RESOLVED, that the IURA Audit Committee hereby nominates ________________________ as
Committee Chairman, and be it further
RESOLVED, that the IURA Audit Committee hereby elects ____________________________ as
Committee Vice-Chairperson.

[PAGE 9]
IURA Audit Committee
Proposed
April 25, 2025
Approval of 2024 IURA Financial Audit Report
WHEREAS, the Ithaca Urban Renewal Agency (IURA) derives the majority of its finances from grants
awarded to the City of Ithaca, and
WHEREAS, for financial reporting purposes, the IURA is a blended component unit of the City of Ithaca
whose financial activity is reported in the Special Grant Fund, a governmental fund of the City of Ithaca
financial statements, and
WHEREAS, the IURA contracts separately from the City to have its finances audited within 90 days of the
end of its fiscal year to comply with the Public Authorities Accountability Act, and
WHEREAS, the IURA received an audited 2024 IURA financial report on March 18, 2025, and
WHEREAS, at its April 18, 2025 meeting, the IURA Governance Committee reviewed the financial report
and attached correspondence and recommended its approval, and
WHEREAS, at its April 25, 2025 meeting, the IURA Audit Committee reviewed the financial report and
attached correspondence and recommended the following action; now, therefore, be it
RESOLVED, the IURA hereby approves the Financial Report of the Ithaca Urban Renewal Agency for the
period January 1, 2024 through December 31, 2024, prepared by the accounting firm of Insero & Co.
CPAs LLP.

[PAGE 10]
COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE
AT THE CONCLUSION OF THE AUDIT
Board of Directors
Ithaca Urban Renewal Agency
Ithaca, New York
We have audited the financial statements of the Ithaca Urban Renewal Agency (the Agency), a
blended component unit of the City of Ithaca, whose activity is reported in the Special Grant Fund, a
governmental fund in the City of Ithaca’s financial statements, for the year ended December 31, 2024,
and have issued our report thereon dated March 18, 2025. Professional standards require that we
provide you with information about our responsibilities under generally accepted auditing standards
and Government Auditing Standards, as well as certain information related to the planned scope and
timing of our audit. We have communicated such information in our letter to you dated
February 10, 2025. Professional standards also require that we communicate to you the following
information related to our audit.
Significant Audit Matters
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The
significant accounting policies used by the Agency are described in Note 1 to the financial statements.
No new accounting policies were adopted and the application of existing policies was not changed
during 2024. We noted no transactions entered into by the Agency during the year for which there is
a lack of authoritative guidance or consensus. All significant transactions have been recognized in the
financial statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management’s knowledge and experience about past and current events and assumptions
about future events. Certain accounting estimates are particularly sensitive because of their
significance to the financial statements and because of the possibility that future events affecting them
may differ significantly from those expected. There were no sensitive estimates affecting the
Agency’s financial statements.
Certain financial statement disclosures are particularly sensitive because of their significance to
financial statement users. The most sensitive disclosures affecting the financial statements were:
The disclosures related to loans receivable in Note 4 to the financial statements.
The financial statement disclosures are neutral, consistent, and clear.
Insero & Co. CPAs, LLP
The Highest Standard | (800) 232-9547 | www.inserocpa.com

[PAGE 11]
Ithaca Urban Renewal Agency
March 18, 2025
Page 2
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing
our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during
the audit, other than those that are clearly trivial, and communicate them to the appropriate level of
management. No such misstatements were detected as the result of audit procedures.
Disagreements With Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or
auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial
statements or the auditors’ report. We are pleased to report that no such disagreements arose during
the course of our audit.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated March 18, 2025.
Management Consultations With Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and
accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation
involves application of an accounting principle to the Agency’s financial statements or a
determination of the type of auditors’ opinion that may be expressed on those statements, our
professional standards require the consulting accountant to check with us to determine that the
consultant has all the relevant facts. To our knowledge, there were no such consultations with other
accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and
auditing standards, with management each year prior to retention as the Agency’s auditors. However,
these discussions occurred in the normal course of our professional relationship and our responses
were not a condition to our retention.
Other Matters
We applied certain limited procedures to the Management’s Discussion and Analysis, which is
required supplementary information (RSI) that supplements the basic financial statements. Our
procedures consisted of inquiries of management regarding the methods of preparing the information
and comparing the information for consistency with management’s responses to our inquiries, the
basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We did not audit the RSI and do not express an opinion or provide any assurance on the
RSI.

[PAGE 12]
Ithaca Urban Renewal Agency
March 18, 2025
Page 2
Restrictions on Use
This information is intended solely for the information and use of the Board of Directors, and
management of the Ithaca Urban Renewal Agency and is not intended to be, and should not be, used
by anyone other than these specified parties.
Respectfully submitted,
Insero & Co. CPAs, LLP
Certified Public Accountants
Ithaca, New York
March 18, 2025

[PAGE 13]
ITHACA URBAN RENEWAL AGENCY
Ithaca, Ne w York
FINANCIAL REPORT
For the Year Ended
December 31, 2024

[PAGE 14]
ITHACA URBAN RENEWAL AGENCY
TABLE OF CONTENTS
Independent Auditors’ Report 1-3
Required Supplementary Information
Management’s Discussion and Analysis 4-4c
Governmental Fund Financial Statements
Balance Sheet - Special Grant Fund 5
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Special Grant Fund 6
Notes to Financial Statements 7-12
_________________________________________________________________________________
Report Required Under Government Auditing Standards
Independent Auditors’ Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance With Government Auditing Standards 13-14
Other Reporting Required by New York State Public Law
Independent Auditors’ Report on Compliance With §2925 (3)(f) of the
New York State Public Authorities Law 15

[PAGE 15]
INDEPENDENT AUDITORS’ REPORT
Board of Directors
Ithaca Urban Renewal Agency
Ithaca, New York
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the Ithaca Urban Renewal Agency (the
Agency), a blended component unit of the City of Ithaca, whose activity is reported in the Special
Grant Fund, a governmental fund in the City of Ithaca’s financial statements, as of and for the year
ended December 31, 2024, and the related notes to the financial statements, which collectively
comprise the Agency’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the fund information of the Ithaca Urban Renewal
Agency, as of December 31, 2024, and the respective changes in financial position thereof for the
year then ended in accordance with accounting principles generally accepted in the United States of
America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the
Financial Statements section of our report. We are required to be independent of the Agency and to
meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating
to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinions.
Emphasis of Matter
As discussed in Note 1, the financial statements present only the Special Grant Fund and do not
purport to, and do not, present fairly the financial position of the City of Ithaca, as of
December 31, 2024, the changes in its financial position, or, where applicable, its cash flows for the
year then ended in accordance with accounting principles generally accepted in the United States of
America. Our opinion is not modified with respect to this matter.
Insero & Co. CPAs, LLP
The Highest Standard | (800) 232-9547 | www.inserocpa.com

[PAGE 16]
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America, and for
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to
continue as a going concern for twelve months beyond the financial statement date, including any
currently known information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report
that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS
and Government Auditing Standards will always detect a material misstatement when it exists. The
risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control. Misstatements are considered material if there is a substantial likelihood
that, individually or in the aggregate, they would influence the judgment made by a reasonable user
based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Agency’s internal control. Accordingly, no such opinion
is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Agency’s ability to continue as a going
concern for a reasonable period of time.
2

[PAGE 17]
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-
related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America requires that the
Management’s Discussion and Analysis be presented to supplement the basic financial statements.
Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board who considers it to be an essential part of financial
reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America,
which consisted of inquiries of management about the methods of preparing the information and
comparing the information for consistency with management’s responses to our inquiries, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
March 18, 2025, on our consideration of the Agency’s internal control over financial reporting and
on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements and other matters. The purpose of that report is to describe the scope of our testing of
internal control over financial reporting and compliance and the results of that testing, and not to
provide an opinion on internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering
the Agency’s internal control over financial reporting and compliance.
Other Reporting Required by New York State Public Authorities Law
We have also issued our report dated March 18, 2025 on our consideration of the Agency’s compliance
with §2925(3)(f) of the New York State Public Authorities Law. The purpose of that report is to describe
anything that came to our attention that caused us to believe the Agency failed to comply with the
Agency’s Investment Guidelines, the New York State Comptroller’s Investment Guidelines, and
§2925(3)(f) of the New York State Public Authorities Law.
Respectfully submitted,
Insero & Co. CPAs, LLP
Certified Public Accountants
Ithaca, New York
March 18, 2025
3

[PAGE 18]
ITHACA URBAN RENEWAL AGENCY
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
The following is a discussion and analysis of the Ithaca Urban Renewal Agency’s (the Agency)
financial performance for the fiscal year ended December 31, 2024. The Agency is a blended
component unit reported in the Special Grant Fund, a special revenue fund of the City of Ithaca. This
section is a summary of the Agency’s financial activities based on currently known facts, decisions,
or conditions. The Management’s Discussion and Analysis (MD&A) section is only an introduction
and should be read in conjunction with the Agency’s financial statements, which immediately follow
this section.
The Ithaca Urban Renewal Agency is a public benefit corporation established in 1965 as an urban
renewal agency. The Agency has a corporate identity separate from the City and works in close
conjunction with the City to revitalize urban neighborhoods and strengthen the local economy. The
Agency is composed of the Mayor and four members appointed by the Mayor with the concurring
approval of the Common Council. The Director of Planning and Development for the City of Ithaca
serves as the Executive Director of the Agency.
OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of two parts: MD&A (this section) and the financial statements of the
Special Grant Fund.
The financial statements also include notes that explain some of the information in the statements and
provide more detailed data.
Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balance
The Agency’s financial statements include the Balance Sheet and Statement of Revenues,
Expenditures, and Changes in Fund Balance, and they are reported using the modified accrual basis of
accounting. Under this basis of accounting, revenues are recorded when measurable and available.
Available means collectible within the current period or soon enough thereafter to be used to pay
liabilities of the current period. Material revenues that are accrued include state and federal aid.
Revenues deemed collectible within one year after year end are recognized as revenues in the current
year. If expenditures are the prime factor for determining eligibility, revenues from federal and state
grants are accrued when the expenditure is made.
Expenditures are recorded when incurred. The cost of capital assets is recognized as an expenditure
when received. Exceptions to this general rule are that 1) principal and interest on indebtedness are
not recognized as an expenditure until due; and 2) compensated absences, such as vacation and sick
leave, which vest or accumulate, are charged as an expenditure when paid.
4

[PAGE 19]
ITHACA URBAN RENEWAL AGENCY
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
FINANCIAL ANALYSIS
The Agency’s fund balance increased by $94,123 for the year ended December 31, 2024, compared
to a $19,266 decrease in 2023. Fund balance grew due to the decrease in expenditures, offset
somewhat by lower revenues. Our analysis below focuses on the fund balance (Figure 1) and changes
in fund balance (Figure 2) of the Agency’s fund.
Figure 1
Total
Balance Sheet 2024 2023
Dollar Change
Cash and Cash Equivalents $ 1,914,578 $ 1,791,629 $ 1 22,949
Other Receivables 14,492 60,172 ( 45,680)
Loans Receivable 6,084,101 6,402,613 ( 318,512)
Total Assets 8,013,171 8,254,414 ( 241,243)
Accounts Payable 124,385 141,239 ( 16,854)
Total Liabilities 124,385 141,239 ( 16,854)
Unavailable Revenue 6,084,101 6,402,613 ( 318,512)
Total Deferred Inflows of Resources 6,084,101 6,402,613 ( 318,512)
Restricted Fund Balance 1 ,804,685 1 ,710,562 9 4,123
Total Fund Balance $ 1,804,685 $ 1,710,562 $ 9 4,123
Figure 2
Total
Changes in Fund Balance 2024 2023
Dollar Change
Revenues:
Use of Money and Property $ 4,579 $ 1,305 $ 3 ,274
Departmental Income 562,508 565,149 ( 2,641)
Federal Sources 1,181,594 1,300,324 ( 118,730)
Total Revenues 1,748,681 1,866,778 ( 118,097)
Expenditures:
Home and Community Services 1,654,558 1,886,044 ( 231,486)
Total Expenditures 1,654,558 1,886,044 ( 231,486)
CHANGE IN FUND BALANCE $ 9 4,123 $ ( 19,266) $ 1 13,389
4a

[PAGE 20]
ITHACA URBAN RENEWAL AGENCY
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
Grant income from the City of Ithaca is determined by the level of funding of the City’s HOME and
CDBG programs by HUD. The Agency continues to create program income from federal funds that
no longer have ongoing federal compliance requirements and uses these funds to further economic
development in the City. Departmental income was down because there were less payments of
principal and interest on loans receivable. Home and community service expenditures decreased
overall due to decreased federal activity.
FACTORS BEARING ON THE AGENCY’S FUTURE
The Agency is facing a period of continued erosion and volatility of core federal funding support
while facing steady annual inflationary increases in operating expenses.
For the past 20 years the Agency has followed prudent budgeting practices resulting in modest annual
budget surpluses helping to create an approximately $1.8 million fund balance, of which over
$500,000 unrestricted assets are available to support the administrative budget as needed. The adopted
FY2025 administrative budget projects expenses will exceed revenues resulting in a small $2,000
operating deficit.
Expenses Trends
86% of the Agency’s operating budget is allocated to salaries and employee benefits for the 3.6 full-
time equivalent Agency staff. To remain competitive to retain and attract talent, the Agency has
incrementally increased salaries toward matching inflation. Health insurance increases continue to
exceed inflation and now consume 13% of the annual budget. Salary and benefits are anticipated to
grow incrementally near the rate of inflation in future years.
The current staffing level is necessary to carry out the Agency’s obligations to properly monitor and
administer federal grants, comply with public authority law, meet local expectations for public
participation and transparency, and be responsive to subgrantee and community needs. As such,
staffing is largely a fixed expense to complete the Agency’s current scope of work.
Revenue Trends
Projected 2025 revenues available to support operating expenses are derived from the following
categories:
Annual Federal Formula Grants: 34%
Limited Duration Federal Grants: 11%
Local Loan/Lease Payments: 36%
Local Urban Renewal Projects: 18%
Miscellaneous/Fund Balance: 1%
100%
The Agency currently derives approximately $155,000 of its annual revenues to support operations
from the annual formula HUD Entitlement Grant award to the City of Ithaca, which includes the
Community Development Block Grant (CDBG) and Home Investment Partnership Program
(HOME). The Agency contracts with the City to administer and monitor its HUD Entitlement Grant.
4b

[PAGE 21]
ITHACA URBAN RENEWAL AGENCY
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
Ten years ago, HUD Entitlement Grant funding provided over 50% of the Agency’s operating
expenses. This federal funding has declined in both inflation-adjusted and nominal terms. HUD
Entitlement funding now covers only 34% of operating costs. Although the CDBG program enjoys
bipartisan support in the US House and Senate, the current Administration’s cost-cutting initiatives
and budgetary priorities raise concerns about future funding for the CDBG and HOME programs.
Reliance on the HUD Entitlement Grant program for future core funding is a major budgetary concern
for the Agency.
Fortunately, Special COVID-19-related HUD CDBG-CV and HOME-ARP funding allocated to the
City of Ithaca provided additional one-time administrative funding in prior years with some revenues
expected to continue through 2027. The CDBG-CV award is now fully disbursed. The HOME-ARP
award allocated a total of $180,000 in administrative funding available over an approximately 5-year
period through 2027. Going forward, approximately $121,000 from this funding source remains
available as of 12/31/24.
Loan repayments and property leases generate over $168,000 of annual operating revenues. These
revenue sources are expected to remain stable or increase in future years as new loans are issued.
Revenues from local urban renewal projects involve sale or lease of land for redevelopment. The
IURA earns revenue by having expenses reimbursed from proceeds of property sales and leases or
reimbursed from the City of Ithaca. Vacant Agency properties with a total assessed value exceeding
$2 million situated at Inlet Island and Cherry Street are ripe for redevelopment, but major revenues
are not realized until an urban renewal project advances to conveyance and construction. An exclusive
negotiation agreement with a preferred developer for the Inlet Island urban renewal project did not
proceed to a disposition agreement, so project revenues from that project will be deferred.
Increasingly, the Agency has been providing professional services to the City for a variety of projects
and programs, including but not limited to:
• City response to homeless encampments on City property
• Acquisition and disposition of City property related to the City facility master planning
process
• Support for the Community Housing Development Fund
• RestoreNY grant applications and administration
• Financial Oversight Committee for the Downtown Conference Center
• City representative on the Ithaca/Tompkins County Continuum of Care
The IURA is reimbursed for expenses incurred by several, but not all, of the services provided to the
City.
4c

[PAGE 22]
ITHACA URBAN RENEWAL AGENCY
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
Summary
Overall, ongoing revenues from loan repayments and leases are anticipated to keep pace with inflation
going forward. Federal grant revenue is anticipated to continue to decline, though existing grant
awards provide significant budgetary support through 2027 when the one-time HOME-ARP grant is
anticipated to be expended. The Agency budget will increasingly need to rely on revenues derived
from urban renewal projects involving the disposition of real property and reimbursed fees for
services rendered to the City of Ithaca. Should there be a shortfall in future years, funds can be drawn
from the existing unrestricted cash accounts exceeding $500,000 to balance the budget for several
years.
In the longer term, the Agency will continue to work to reduce its reliance on federal funding revenues
by diversifying its revenue streams to include urban renewal projects, real property sales, increased
small business loans, and seek reimbursements for services rendered to the City to ensure continued
financial stability and retain current staffing capacity.
CONTACTING THE AGENCY’S FINANCIAL MANAGEMENT
This financial report is designed to provide a general overview of the Ithaca Urban Renewal Agency’s
finances and to show the Agency’s accountability for the money it receives. If you have questions
about this report or need additional financial information, contact the Agency’s Director, City Hall,
108 E. Green Street, 3rd Floor, Ithaca, New York 14850.
4d

[PAGE 23]
ITHACA URBAN RENEWAL AGENCY
BALANCE SHEET
SPECIAL GRANT FUND
DECEMBER 31, 2024
ASSETS
Cash and Cash Equivalents - Unrestricted $ 1 09,893
Cash and Cash Equivalents - Restricted 1 ,804,685
Other Receivables 1 4,492
Loans Receivable 6 ,084,101
Total Assets $ 8 ,013,171
LIABILITIES
Accounts Payable $ 1 24,385
Total Liabilities 1 24,385
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenue - Loans Receivable 6 ,084,101
Total Deferred Inflows of Resources 6 ,084,101
FUND BALANCE
Restricted 1 ,804,685
Total Fund Balance 1 ,804,685
Total Liabilities, Deferred Inflows of Resources, and Fund Balance $ 8 ,013,171
See Notes to Financial Statements
5

[PAGE 24]
ITHACA URBAN RENEWAL AGENCY
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
SPECIAL GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
REVENUES
Use of Money and Property $ 4 ,579
Departmental Income 5 62,508
Federal Sources 1 ,181,594
Total Revenues 1 ,748,681
EXPENDITURES
Home and Community Services 1 ,654,558
Total Expenditures 1 ,654,558
Net Change in Fund Balance 9 4,123
Fund Balance, Beginning of Year 1 ,710,562
Fund Balance, End of Year $ 1 ,804,685
See Notes to Financial Statements
6

[PAGE 25]
ITHACA URBAN RENEWAL AGENCY
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024
Note 1 Summary of Significant Accounting Policies
The financial statements of the Ithaca Urban Renewal Agency (the Agency), a blended
component unit of the City of Ithaca (the City) have been prepared in conformity with
accounting principles generally accepted in the United States of America (U.S. GAAP) as
applied to government units. The Governmental Accounting Standards Board (GASB) is
the accepted standard setting body for establishing governmental accounting and financial
reporting principles. The more significant of the government's accounting policies are
described below.
Financial Reporting Entity
The Ithaca Urban Renewal Agency is a public benefit corporation established in 1965 as
an urban renewal agency. The Agency has a corporate identity separate from the City and
works in close conjunction with the City to revitalize urban neighborhoods and strengthen
the local economy. The Agency is composed of the Mayor and four members appointed
by the Mayor with the concurring approval of the Common Council. The Director of
Planning and Development for the City of Ithaca serves as the Executive Director of the
Agency.
Through a variety of means, including site acquisition and disposition, the Agency works
to implement the Urban Renewal Plan that seeks to stabilize neighborhoods and enhance
the vitality of the downtown and community. Through the City, the Agency applies for
and receives various grants to address community development needs. On an annual basis,
the Agency manages the City’s HUD Entitlement Grant award of Community
Development Block Grant (CDBG) and Home Investment Partnerships Program (HOME)
funds to undertake activities in the areas of housing, community facilities, public services,
and economic development that benefit Ithaca’s low- and moderate-income
neighborhoods and households or eliminate blighting conditions. In addition, the Agency
administers various economic development loan programs, the Cherry Street Industrial
Park, and leases to facilitate private/public real estate projects.
The City is ultimately responsible for the proper disposition of grant funds and any debt
incurred by the Agency. Because of the close governing, administrative, and financial
relationship with the City, the Agency is considered to be a component unit of the City for
financial reporting purposes, and the Agency’s financial information presented here is to be
presented within the City’s financial statements as the Special Grant Fund as of
December 31, 2024 and for the year then ended.
Basic Financial Statements
The Agency’s basic financial statements include governmental fund financial statements.
The financial transactions of the Agency are reported as a Special Revenue Fund in the
governmental fund financial statements of the City. Fund accounting is designed to
demonstrate legal compliance and to aid financial management by segregating
transactions related to certain government functions or activities.
7

[PAGE 26]
ITHACA URBAN RENEWAL AGENCY
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024
Note 1 Summary of Significant Accounting Policies - Continued
Basis of Accounting/Measurement Focus
Basis of accounting refers to when revenues and expenditures and the related assets and
liabilities are recognized in the accounts and reported in the financial statements. Basis of
accounting relates to the timing of the measurements made, regardless of the measurement
focus. Measurement focus is the determination of what is measured, such as expenditures
or expenses. The Agency reports on the modified accrual basis of accounting.
Modified Accrual Basis - Under this basis of accounting, revenues are recorded when
measurable and available. Available means collectible within the current period or soon
enough thereafter to be used to pay liabilities of the current period. Material revenues that
are accrued include state and federal aid. Revenues deemed collectible within one year
after year end are recognized as revenues in the current year. If expenditures are the prime
factor for determining eligibility, revenues from federal and state grants are accrued when
the expenditure is made.
Expenditures are recorded when incurred. The cost of capital assets is recognized as an
expenditure when received. Exceptions to this general rule are that 1) principal and
interest on indebtedness are not recognized as an expenditure until due; and 2)
compensated absences, such as vacation and sick leave, which vest or accumulate, are
charged as an expenditure when paid.
Budgetary Compliance
An annual legal budget is not adopted for the Special Grant Fund. Budgetary controls for
the Special Grant Fund are established in accordance with applicable grant agreements.
Deferred Inflows of Resources
In addition to liabilities, the Balance Sheet will sometimes report a separate section for
deferred inflows of resources. This separate financial statement element, deferred inflows
of resources, represents an acquisition of net position that applies to a future period(s) and
so will not be recognized as an inflow of resources (revenue) until that time. The
government has only one type of item, which arises only under a modified accrual basis
of accounting that qualifies for reporting in this category. Accordingly, the item,
unavailable revenue, is reported in the governmental fund balance sheet. The
Governmental Fund reports unavailable revenues from loans receivable. These amounts
are deferred and recognized as an inflow of resources in the period that the amounts
become available.
8

[PAGE 27]
ITHACA URBAN RENEWAL AGENCY
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024
Note 1 Summary of Significant Accounting Policies - Continued
Loans Receivable
Loans receivable represent amounts owed to the Agency for rehabilitation and economic
development loans. Loans receivable are offset by unavailable revenue in the same
amount. Because the loans are offset by unavailable revenue, no provision has been made
for uncollectible accounts reported as loans receivable.
Cash and Cash Equivalents
For financial statement purposes, all highly liquid investments with initial maturities of
three months or less are considered cash equivalents.
Insurance
The City assumes the liability for most risk including, but not limited to, property damage
and personal injury liability. Judgments and claims are recorded when it is probable that
an asset has been impaired, or a liability has been incurred, and the amount of loss can be
reasonably estimated.
Use of Estimates
Management uses estimates and assumptions in preparing financial statements. Those
estimates and assumptions affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and expenses.
Actual results could differ from those estimates.
Restricted Resources
When an expense is incurred for purposes for which both restricted and unrestricted net
assets are available, it is the Agency’s policy to apply restricted funds before unrestricted
funds, unless otherwise prohibited by legal requirements.
Equity Classifications
Constraints are broken into five classifications: nonspendable, restricted, committed,
assigned, and unassigned. These classifications serve to inform readers of the financial
statements of the extent to which the government is bound to honor any constraints on
specific purposes for which resources in a fund can be spent.
• Nonspendable: Consists of assets inherently nonspendable in the current period either
because of their form or because they must be maintained intact; including prepaid
items, inventories, long-term portions of loans receivable, financial assets held for
resale, and endowments principal.
• Restricted: Consists of amounts subject to legal purpose restrictions imposed by
creditors, grantors, contributors, or laws and regulations of other governments and
enforced externally or through constitutional provisions or enabling legislation.
9

[PAGE 28]
ITHACA URBAN RENEWAL AGENCY
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024
Note 1 Summary of Significant Accounting Policies – Continued
Equity Classifications - Continued
• Committed: Consists of amounts subject to a purpose constraint imposed by formal
action of the government’s highest level of decision-making authority prior to the end
of the fiscal year and requires the same level of formal action to remove said constraint.
• Assigned: Consists of amounts subject to a purpose constraint representing an intended
use established by the government’s highest level of decision-making authority, or
their designated body or official. The purpose of the assignment must be narrower than
the purpose of the General Fund. In funds other than the General Fund, assigned fund
balance represents the residual amount of fund balance.
• Unassigned: Represents the residual classification of the government’s General Fund
and could report a surplus or deficit. In funds other than the General Fund, the
unassigned classification should only be used to report a deficit balance resulting from
overspending amounts restricted, committed, or assigned for specific purposes.
The Agency has not adopted any resolutions to commit fund balance. The Agency’s
policy is to apply expenditures against nonspendable fund balance, restricted fund balance,
committed fund balance, and assigned fund balance. Because the Agency’s activities are
restricted to economic development, remaining fund balance is reported as restricted.
New Accounting Standards
The Agency adopted and implemented the following current Statements of the GASB
effective for the year ended December 31, 2024.
• GASB Statement No. 100, “Accounting Changes and Error Corrections,” was
effective for the year ended December 31, 2024. There was no material effect on the
financial statements.
• GASB Statement No. 101, “Compensated Absences,” was effective for the year ended
December 31, 2024. There was no material effect on the financial statements.
Future Changes in Accounting Standards
• GASB has issued Statement No. 102, “Certain Risk Disclosures,” effective for the
year ending December 31, 2025.
Agency management will evaluate the impact future pronouncements may have on its
financial statements and will implement as applicable when material.
10

[PAGE 29]
ITHACA URBAN RENEWAL AGENCY
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024
Note 2 Cash and Investments
The Agency’s investment policies are governed by State statutes. In addition, the Agency
has its own written investment policy. Agency monies must be deposited in Federal
Deposit Insurance Corporation (FDIC) insured commercial banks, trust companies, or
credit unions located within the State, preferably located within the City of Ithaca and the
urban renewal project boundary area. The Agency is authorized to use demand accounts
and certificates of deposit. Permissible investments include obligations of the U.S.
Treasury.
Collateral is required for demand and time deposits and certificates of deposit not covered
by federal deposit insurance. Obligations that may be pledged as collateral are obligations
of the United States and its agencies and obligations of the State and its municipalities
and school districts.
Deposits and investments are valued at cost or cost plus interest. Total financial institution
(bank) balances at December 31, 2024 were $1,921,844, which were insured, and
collateral, when required, was held by the Agency’s agent in the Agency’s name. Cash
in the amount of $1,804,685 is reported as restricted and represents the amount of
restricted fund balance.
Note 3 Other Receivables
Other receivables at December 31, 2024 are as follows:
Reimbursements $ 1 4,492
Total $ 1 4,492
Note 4 Loans Receivable
Loans receivable consist of various economic development loans with ranging terms and
interest rates. $832,869 of the loans at December 31, 2024 will be forgiven over time as
long as certain conditions are met by the loan recipient. Activity in loans receivable during
the year follows:
Balance December 31, 2023 $ 6,402,613
Interest Accrued 47,642
Loans Issued 50,000
Loans Written Off/Forgiven ( 150,000)
Loan Payments ( 266,154)
Balance December 31, 2024 $ 6,084,101
11

[PAGE 30]
ITHACA URBAN RENEWAL AGENCY
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024
Note 5 Simplified Employee Pension Plan
The Agency sponsors a Simplified Employee Pension Plan which covers all full-time and
part-time employees. Contributions to the Plan are determined annually by the Board of
Directors. For the year ended December 31, 2024, the amount of pension expense was
$29,980, 11.0% of total gross payroll.
Note 6 Concentrations - Significant Sources of Revenues
During the year ended December 31, 2024, the Agency received $1,181,594, or 67.6% of
its total revenue, from U.S. Department of Housing and Urban Development grants.
Note 7 Summary of Significant Commitments and Contingencies
General Information
The Agency is exposed to various risks of loss related to, but not limited to, torts, theft of,
damage to, and destruction of assets, injuries to employees, errors and omissions, and
natural disasters. These risks are covered by commercial insurance purchased from
independent third parties. Settled claims from these risks have not exceeded commercial
insurance coverage for the past three years.
State and Federally Assisted Programs
The Agency receives state and federal grants through the City. These grants are generally
conditioned on compliance with certain statutory, regulatory, and/or contractual
requirements. The Agency makes every effort to comply with all applicable requirements.
However, because these grants are audited from time to time, it is possible that the Agency
or the City will be required, upon audit, to repay portions of the grant monies received
and recorded as revenue in a prior year. Agency and City officials do not anticipate
material grant-in-aid disallowances, and no provision, therefore, is reflected in the basic
financial statements.
Note 8 Related Party Transactions
The City is reimbursed for projects funded through federal grants administered by the
Agency. At December 31, 2024, the Agency owed the City $124,155 in reimbursements.
12

[PAGE 31]
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Board of Directors
Ithaca Urban Renewal Agency
Ithaca, New York
We have audited, in accordance with the auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States, the financial statements of the
Ithaca Urban Renewal Agency (the Agency), a blended component unit of the City of Ithaca, whose
activity is reported in the Special Grant Fund, a governmental fund in the City of Ithaca’s financial
statements, as of and for the year ended December 31, 2024, and related notes to the basic financial
statements, and have issued our report thereon dated March 18, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Agency’s internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinion on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the Agency’s internal control.
Accordingly, we do not express an opinion on the effectiveness of the Agency’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control such that there is a reasonable possibility that a
material misstatement of the Agency’s financial statements will not be prevented, or detected and
corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control that is less severe than a material weakness, yet important enough to merit attention
by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of
this section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies
may exist that were not identified. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
Insero & Co. CPAs, LLP
The Highest Standard | (800) 232-9547 | www.inserocpa.com

[PAGE 32]
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Agency’s financial statements are free
of material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion.
The results of our tests disclosed no instances of noncompliance or other matters that are required to
be reported under Government Auditing Standards.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
Agency’s internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the Agency’s internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Respectfully submitted,
Insero & Co. CPAs, LLP
Certified Public Accountants
Ithaca, New York
March 18, 2025
14

[PAGE 33]
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE WITH
§2925(3)(f) OF THE NEW YORK STATE PUBLIC AUTHORITIES LAW
Board of Directors
Ithaca Urban Renewal Agency
Ithaca, New York
We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States, the financial statements of the
Ithaca Urban Renewal Agency (the Agency), a blended component unit of the City of Ithaca, as of
and for the year ended December 31, 2024, and the related notes to the financial statements, which
collectively comprise the Agency’s basic financial statements, and have issued our opinion thereon
dated March 18, 2025.
In connection with our audit, nothing came to our attention that caused us to believe the Agency failed
to comply with the Agency’s Investment Guidelines, the New York State Comptroller’s Investment
Guidelines, or §2925(3)(f) of the New York State Public Authorities Law (collectively, Investment
Guidelines), which are the responsibility of the Agency’s management, insofar as they relate to the
financial accounting knowledge of noncompliance with such Investment Guidelines.
This communication is intended solely for the information and use of the Board of Directors and
management of the Ithaca Urban Renewal Agency, and the Office of the Comptroller of the State of
New York and is not intended to be, and should not be, used by anyone other than these specified
parties.
Respectfully submitted,
Insero & Co. CPAs, LLP
Certified Public Accountants
Ithaca, New York
March 18, 2025
Insero & Co. CPAs, LLP
The Highest Standard | (800) 232-9547 | www.inserocpa.com

[PAGE 34]
MANAGEMENT COMMENT LETTER
Board of Directors
Ithaca Urban Renewal Agency
Ithaca, New York
In planning and performing our audit of the financial statements of the Ithaca Urban Renewal Agency
(the Agency), a blended component unit of the City of Ithaca, as of and for the year ended
December 31, 2024, in accordance with auditing standards generally accepted in the United States of
America, we considered the internal control over financial reporting (internal control) as a basis for
designing audit procedures that are appropriate in the circumstances for the purpose of expressing our
opinions on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the Agency’s internal control. Accordingly, we do not express an opinion on the
effectiveness of the Agency’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a
material misstatement of the Agency’s financial statements will not be prevented, or detected and
corrected, on a timely basis.
Our consideration of internal control was for the limited purpose described in the first paragraph and
was not designed to identify all deficiencies in internal control that might be material weaknesses.
Given these limitations during our audit, we did not identify any deficiencies in internal control that
we consider to be material weaknesses. However, material weaknesses may exist that have not been
identified.
We would like to thank you and your staff for the cooperation and support given to us during the course
of the audit. We appreciate the opportunity to be of service to you and look forward to our continued
involvement.
Insero & Co. CPAs, LLP
The Highest Standard | (800) 232-9547 | www.inserocpa.com

[PAGE 35]
Ithaca Urban Renewal Agency
March 18, 2025
Page 2
This communication is intended solely for the information and use of management, the Board of
Directors, others within the Agency and other regulatory agencies and is not intended to be, and
should not be, used by anyone other than these specified parties.
Respectfully submitted,
Insero & Co. CPAs, LLP
Certified Public Accountants
Ithaca, New York
March 18, 2025