IDA financial report: pilot revenues exceed $3.5M for year; micro‑enterprise fund balance and Time With Salon application discussed

Herkimer County IDA staff presented the agency's financial materials and grant activity, reporting strong pilot revenues and proposing the six‑year budget required for state reporting.

Staff reported that schools’ pilot receipts for the year exceed $2,000,000 and that total pilot payments for the year are about $3.5 million. The board approved a motion to accept the financial statements as presented.

The board also reviewed and adopted a six‑year budget for submission to the appropriate state reporting office (referred to in the meeting as ABO/ABL reporting). Staff said the six‑year projection uses current actuals and the adopted budget for the coming year, with conservative projections for subsequent years to meet the reporting requirement.

Micro‑enterprise grant activity was summarized: as of the meeting, the remaining balance in the micro‑enterprise fund was $61,747.67. Of that amount, staff said just under $6,000 was designated to Sureprint and an additional $19,800 was pending on a drawdown once paperwork is completed; after those draws, staff estimated about $36,008 would remain.

The board discussed one pending application from Time With Salon, which is seeking funds to purchase inventory and equipment to support adding a licensed esthetician. Staff noted the application dated from February and recommended updating the applicant’s 2024 tax returns (a CPA‑produced PDF) and documentation showing the proposed hire or timeline before completing final disbursement. The board moved to accept the application for further processing and the motion carried.

No changes to loan portfolio management were reported; staff said outstanding loans were low and not currently a concern.