SIR approves 2025–26 agency budget, accepts March minutes

At a meeting of SIR (Syracuse City), members approved Resolution 3465 to adopt the agency's 2025'1,026 budget and accepted minutes from the March 12, 2025 board meeting.

The budget matter was introduced by Meg Ryan of Corporation Counsel, who noted the packet contains the budget and a typographical error on the agenda. "The budget is attached to the resolution in the packet," Ryan said. The board moved and seconded the resolution and adopted it by voice vote.

The budget summary presented by Mike (staff member) described three funds that roll up to Syracuse Urban Renewal. "We're projecting $1,300,000 in revenue," Mike said of the New York assistance fund and added that the projection is dependent on a property sale tied to the 109 Washington Street lot. He said there is no activity budgeted for the developmental fund. For the revolving fund, which covers payroll, Mike said the budget shows about $8,700,000 in reimbursement revenue and an offsetting $8,700,000 in expenditures, "so a $0 change in fund balance for the revolving fund." The presentation noted the revolving fund revenue comes from city reimbursements, Bridal, SEDCO and grants.

Board members also voted to accept the minutes from the March 12, 2025 meeting by voice vote after a motion and second. The agenda contained one correction: the resolution and resolution text reflect the 2025'1,026 budget despite a separate typographical error on the printed agenda.

Members discussed interest in the 109 Washington Street (old Farmers Market) lot and confirmed there is a draft request for proposals; staff said no RFP has been issued yet but that issuance is anticipated this year. The board agreed to keep the property and related work in the budget so it remains active in staff work plans.

The meeting then moved to a scheduled audit review. The board did not take further action on the budget at that time.