Middletown IDA approves 2026 estimated budget, will submit report to New York State PARIS

Middletown Industrial Development Agency members voted Sept. 16 to approve an amended resolution from the finance committee recommending the agency's 2026 estimated budget and to authorize submission of the report to New York State's Public Authorities Reporting Information System (PARIS). The full board recorded six affirmative votes and no opposition; one member, Joseph Stefano, was noted absent.

The finance committee presented an amendment to the resolution clarifying that the finance committee "does hereby approve and recommend the annual budget to the full board and authorize submission to New York State". Board members then approved the amended resolution in committee and the full board subsequently voted to adopt the 2026 estimated budget and submit the required report to PARIS.

Why this matters: the submission to PARIS is the state's standard public-authority reporting channel and is required for the agency's fiscal transparency and compliance with state reporting obligations.

Details of the budget presentation: a presenter summarized the packet's projected budget through 2029 and said the 2026 estimate shows revenues of $11,615.04 and expenses "about $11,300," reflecting no new projects and only existing pilot activity. The board did not alter the numeric estimates during the meeting; members discussed an internal wording amendment to the resolution rather than substantive changes to revenue or expense lines.

Financial report and accounts: the board accepted a financial report through Aug. 31 presented by Leonora (last name not specified). Items reported included pilot checking deposits and withdrawals of $41,897.44 leaving a pilot checking balance of $178.78; a regular checking balance of $412.76 after transfers and withdrawals; a savings account balance of $10,355.58; and year-to-date totals showing $11,019.10 in income, $5,134.75 in expenses and a net of $5,884.35. The transcript contains unclear figures for the money-market account; the presenter's statement of that balance was not clear on the record and is therefore reported here as stated by the presenter.

PolyCraft compliance update: during the executive director's report, Executive Director Bruni reported that monthly compliance checks from Lokey and Brill for May through August found PolyCraft in full compliance with labor and local-hire requirements and no workplace incidents reported. Bruni said interior build-out work (electrical, fire, tile and interior construction) is under way and she offered to provide a more detailed completion timeline at the next meeting.

Other business: the board approved minutes from the May 20, 2025 meeting, voted to pay two routine invoices (FedEx, $39.83; QuickBooks subscription, $110.65) and accepted the finance committee's earlier approval of its March 18, 2025 minutes. The meeting concluded with a motion to adjourn.

Votes at a glance - Approve finance committee minutes (03/18/2025): outcome approved; mover: Wayne Hawkins; second: Andrew Bridal; official committee voice: "All approved." (committee vote recorded as unanimous on the floor.) - Accept finance committee amendment recommending the 2026 budget: outcome approved in finance committee (committee roll calls recorded in transcript); full board later voted on the amended resolution. - Approve amended resolution and submit 2026 estimated budget to New York State PARIS: outcome approved by the full board; recorded yes votes: David Madden (yes), Wayne Hawkins (yes), Brian Brito (yes), Anthony Cantoli (yes), Elizabeth Nemeth (yes), Brian Sigerman (yes); Joseph Stefano recorded absent. - Accept financial report through Aug. 31: outcome approved (mover recorded as "Mister Brito"); roll call recorded in transcript with affirmative votes. - Pay routine bills (FedEx $39.83; QuickBooks $110.65): outcome approved (mover: Brian Sigerman; second: Anthony Cantoli); roll call recorded affirmative.

The meeting record shows no new contracts, land-use actions, or policy adoptions beyond the budget resolution and routine administrative approvals. The board did not set new deadlines or assign follow-up tasks beyond an offer to provide a PolyCraft completion timeline at the next meeting.

The meeting adjourned after the board concluded business.