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Chemung County IDA accepts July financials; ratifies $475,871.19 in arena-related payments
Summary
The IDA approved its July profit-and-loss report, accepted a balance-sheet update showing $693,000 in checking/savings, and ratified $475,871.19 in previously paid checks for arena operations and repairs.
The Chemung County Industrial Development Agency voted Aug. 14 to accept its July financial report and to ratify $475,871.19 in previously paid checks related largely to arena operations and repairs.
A staff presenter identified as Tom reviewed the July profit-and-loss for the arena, reporting $145,000 in revenue: $25,000 from rentals from Carrington Aviation and about $118,000 in ARPA receipts. He said expenses included utilities, building repair and maintenance, capital improvements and operations; one insurance line item of $6,500 was highlighted.
Tom said the agency's checking and savings balance was $693,000 and noted an additional $103,000 of ARPA funds held separately from a previously noted $500,000 amount. The board accepted the financial report by voice vote.
The board then ratified checks totaling $475,871.19. The staff summary listed vendors and amounts as follows: Thunder City Productions (intercom) $69,000; FW Webb (ice-plant parts) $73,000; Hunt Engineers (study on 17 Aviation Drive) $14,800; A Greco (temporary chiller rental) $27,000; Gannon Associates (arena insurance) $111,000; Inductronics (lighting/marquee electronics) $45,000; plus other cash needs that brought the total to $475,871.19. A board member asked for an itemized list in the packet; staff said no itemized list was included but offered to provide copies afterwards.
Board members discussed procurement-reimbursement issues: staff said two reimbursement requests were denied because the county procurement policy required three written quotes and the submitted documentation included only one email quote in one instance and only one or two competing quotes in others.
The board discussed remaining arena capital needs. Staff estimated the last significant outstanding work is the ice plant, with the final scope expected to cost less than $100,000. The agency had purchased a temporary chiller for about a one-month period to allow final design and installation; the temporary unit was needed because an earlier-than-expected hockey camp required ice sooner than the permanent plant could be installed.
Board members noted that most operational costs have transferred to Neverman Sports (staff reference) and that the IDA remains responsible for the building for a short transition period. The motion to ratify the checks carried by voice vote.
No new appropriations were approved in the meeting; the board ratified payments already issued and accepted the financial statements for the record.
