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Chemung County IDA accepts 2026 budget, hears September financial report and ratifies checks
Summary
The Chemung County Industrial Development Agency approved its 2026 operating budget, accepted the September financial report showing a monthly net loss of about $42,000, and ratified two expense checks. Staff said projected 2026 operating revenue was raised to $360,000 and noted a new ground-lease expense likely beginning in February 2026.
The Chemung County Industrial Development Agency on Oct. 8 accepted its 2026 budget, voted to accept the agency's September financial report and ratified two check payments.
Board members voted by voice to accept minutes and the financial report before moving to the budget. Staff presented September income and expenses, reporting other income of about $10,000, rental income of $25,000 and a net loss for the month of roughly $42,000. Current assets were listed at approximately $571,000.
Agency staff said the proposed 2026 operating revenue was increased from $300,000 to $360,000. Staff described $360,000 as a conservative estimate based on projects in the pipeline and said they expect to exceed that amount if current prospects close in 2026. The budget also includes an anticipated ground-lease cost for Chevy Aviation Drive of about $5,000 per month, expected to begin in February 2026; staff said that anticipated lease accounts for roughly $60,000 of the revenue change.
The presentation noted recurring lease revenue, including an existing lease with Carrington Aviation for 17 Aviation Drive at $25,000 per month. Staff also said a prior CVS-related revenue stream of $650,000 that had been part of a four-year bond repayment is no longer available.
On nonoperating revenue, staff reported an expected closing with Empire State Development that would allow reimbursement of about $50,000 for strategic planning and feasibility studies. The budget includes a 3% salary increase for IDA staff and corresponding adjustments to benefits (staff reported that, by practice, some staff do not take health insurance and that is not included in the budget). Auditing costs and legal expenses were discussed and budgeted at about $35,000 and $25,000, respectively. The agency also budgeted administrative support to Southern Tier Economic Growth (STEG) and noted the county contracts directly with STEG for some economic development funding; the IDA budgets $55,000 for grants and donations to support STEG and related activity.
Two check ratifications were approved: Swarthout Recycling for $24,500 to remove a damaged chiller (staff said insurance proceeds covered the expense) and Arden Ogden Medical Center for a $5,000 reimbursement for a misapplied payment.
All motions on the minutes, the financial report, the budget and the check ratifications carried by voice vote.
