Middletown IDA approves minutes, accepts financial report and authorizes two payments

The City of Middletown Industrial Development Agency on Tuesday approved minutes from its March 18 meeting, accepted a financial report through April 30, 2025, and authorized payment of two bills, the agency said at its regularly scheduled meeting.

The actions were routine administrative business for the agency, which oversees local economic development projects. Board members asked no substantive follow-up questions before voting, and staff reported compliance results from recent project site visits.

Board members voted to approve the March 18 minutes by voice vote after a motion and a second. The board then received the financial report for the period ending April 30. Finance staff member Leonora reported that the agency’s pilot checking account showed total deposits of $205,472.28 and withdrawals, primarily pilot payments and other expenses, of $205,410.13, leaving an ending balance she gave as $178.78. Leonora said there was no activity in the regular checking account, which had an ending balance of $418.34. She reported a savings deposit of $404,572 and an ending savings balance of $15,210.65. She also said the money market account received about $130.80 in interest; the transcript recording of the final money-market balance was unclear.

Leonora reported year-to-date totals of $10,758.36 in income and $273 in expenses, producing a year-to-date net of $10,485.36 versus the budget. When asked about administrative fees that went into the savings account, Leonora said the funds come from the pilot programs and that “the pilots pay annual administrative fees of about $1,500 each.”

Following the financial report, the board voted in a roll-call voice sequence to accept the report. The transcript records members answering in the affirmative when called by roll (members recorded as voting “Yes” included Madden; Hawkins; Cantoli (recorded as present); Estefano; Nemeth; and Seegman). One member was recorded absent during roll call for later items.

In the Executive Director’s report, Ms. Bruney said the agency’s annual and PARIS reports were submitted as of March 31 and that the agency was in compliance. She reported that Lokey Brill Consulting Group showed 97% local-labor compliance overall, with site-visit findings for March 18 and April 30 showing 100% compliance in April and a 97% local-labor figure overall.

Under bills and communications, staff presented two invoices for payment: a FedEx charge for $106.17 for attorney mailings, and an audit invoice from RBT for $4,750, described as the agency’s annual audit. Maria, a staff member who presented the bills, said the RBT charge was the same as last year. The board moved and seconded payment for those two bills, then approved payment in a subsequent roll call (members recorded as voting “Yes” included Madden; Hawkins; Cantoli; Estefano; Nemeth; and Seegman; one member was recorded as absent for that roll).

There was no unfinished business and no other new business reported. The meeting adjourned after a brief project update and a motion to adjourn passed by voice vote.

Votes at a glance: approve minutes — passed (voice vote); accept financial report — passed (roll call; affirmative votes recorded); authorize payment of two bills (FedEx $106.17; RBT audit $4,750) — passed (roll call; affirmative votes recorded).