Erie County Fiscal Stability Authority Audit Committee Minutes June 23, 2006 Note: the following is a draft copy of minutes of a meeting of the audit committee of the Erie County Fiscal Stability Authority (“ECFSA”), which was held June 23, 2006. These minutes will not become final until approved at a subsequent meeting of ECFSA audit committee directors, and may be amended before approval) Vice Chairman William Joyce called the meeting of the Erie County Fiscal Stability Authority (“ECFSA”) Audit Committee to order at 10:30 a.m. at the offices of the Buffalo-Niagara Partnership, 665 Main Street, Buffalo, New York. Notice of the meeting had previously been distributed to the members and announced to the public and press. The meeting was open to the public and press. Directors Present: William Joyce, Vice Chair; Kenneth Kruly and Stanley Keysa Others Present: Lee Van Riper, Gail Keil, Ken Vetter and Joseph Klimek. Director Joseph Goodell joined the meeting after it had started Vice Chairman Joyce called on Joseph Klimek from the audit firm of Toski, Schaefer & Co., P.C. to review the draft document with the committee. Mr. Klimek referred to the second page of the audit and stated there were no unusual transactions for the agency. “We had your financial statements at a cash basis and converted the statements over to an accrual basis. We had adjustments for accounts payable, accounts receivable and adjustments for prepaid items ...