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Land bank reports surplus, approves budget outlook and rolls CD into short-term certificate
Summary
The land bank reported a net surplus, discussed higher demolition costs, approved proposed budgets for 2025–2028 and approved rolling an expiring $100,000 CD into a seven-month CD at about 3.7–3.75%.
The Chemung County Land Bank Authority’s treasurer reported the authority is running a net surplus and that fund balance has increased from the previous month despite timing issues in revenue recognition. Board members discussed higher-than-expected demolition costs and the difficulty of matching quarterly billing to monthly budget reporting.
Members discussed an expiring $100,000 certificate of deposit. One board member said…
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