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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 rates were “still around 3.9 or 4%,” and recommended reinvesting unless the authority needed cash. The board voted to roll the CD into a seven-month certificate offering roughly 3.7–3.75% rather than withdraw the funds for cash.
The board also reviewed and approved the financial reports and adopted a proposed budget package to be submitted to the authority’s budget office, which included adopted projections through 2028. Staff noted that estimates for sales proceeds, rehab and demo costs are uncertain and that the proposed budget shows a projected deficit in 2028 if state funding levels do not continue. Board members emphasized these are estimates and that the budget will be updated as actuals become available.
Why it matters
The CD rollover decision preserves short-term interest income and maintains liquidity for upcoming projects. The budget adoption and the treasurer’s report set expectations for revenue timing, higher demolition expenses and the need to update figures as grant funding and actual sale proceeds are confirmed.
What’s next
Staff will finalize actuals for 2024, update the adopted 2025 budget and return with updated projections for 2026–2028. The authority will monitor demo expenditures and reassess budget assumptions as new funding information becomes available.
