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IDB transfers $50,000 into business development account to fund study and programs
Summary
The board approved a $50,000 transfer from pilot funds into the IDB business development account, increasing the account balance to support consulting and program needs in the current fiscal year.
The Industrial Development Board on June 2 approved a resolution transferring $50,000 from the IDB pilot funds account (NR1400306) into the IDB business development account (NR16). The transfer was described by staff as an administrative accounting action to fund current needs, including the site-selection study and other economic development consulting work.
Sherita Allen explained the business development account had been created in 2016 and originally received a $50,000 allocation that was not drawn; the account held a $25,000 balance from 2016 and the approved $50,000 transfer will bring the available balance to an amount staff said would be sufficient to cover the pending up-to-$70,000 site-selection match. Staff said the board could return to an annual budgeting approach to pre-fund accounts in future years but had not operated that way since about 2018.
A board member asked whether the transfer was one-time or recurring; staff said it was a one-time transfer to meet current requests. The board moved, seconded and approved the transfer by voice vote. Staff said finance staff, including financial analyst Eleanor Lou, would track account uses and return with the usual quarterly and annual reconciliations.
