Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Mount Vernon IDA approves invoice payments and authorizes transfer of up to $1.5 million to interest-bearing account
Summary
The Mount Vernon Industrial Development Agency approved payment of two invoices, authorized transfer of up to $1.5 million into a higher-yield money-market account, and directed collection steps for delinquent pilot payments, including Dominican Magic and Regent Hospitality.
The Mount Vernon Industrial Development Agency on Oct. 9 approved two routine invoice payments and voted to move up to $1.5 million of operating funds into an interest-bearing account to earn higher yield.
Robin Mack, director of business development for the IDA, told the board the September financial report showed total income of $251,037 — led by pilot payments of $213,927 — and a Sept. 30 closing balance of roughly $3,000,197. She said expenses for the month totaled $1,290,258 and that administrative fees are about 85% paid for 2025.
Mack told the board that two pilot accounts remain delinquent: Dominican Magic and Regent Hospitality Linen Services. "They have not made this quarter's pilot payment, nor have they caught up with past ones," she said, adding the board previously authorized payment agreements and legal collection steps, including clawbacks, if the firms fail to comply.
Board members moved and seconded Resolution 10-2025, which authorized payment of two invoices (a healthcare premium for an IDA employee and legal services from Harris Beach) totaling $7,225.56. The motion passed by voice vote after brief discussion.
Separately, the board discussed and adopted Resolution 1020253 to transfer up to $1.5 million from operating funds into a higher-yield money-market account. Mack and members framed the move as cash-management: "We're looking to transfer $1.5 million into an interest-bearing account ... to get higher yield for us," one member said. The motion passed by voice vote.
The board also noted the IDA missed the Sept. 15 deadline to apply for private activity bond allocation credits from the New York State Economic Development Corp. because the IDA did not meet in September and had no shovel-ready project; those credits were absorbed by the state this year.
Next procedural steps include pursuing collection for delinquent pilots and bringing cost-benefit analyses for potential inducements back to the board after consultant reports are completed.
