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Middletown IDA reviews finances and hears site-visit compliance report
Summary
The IDA reviewed financial statements through Oct. 31, 2024 (ending balances and a small year-to-date surplus) and heard staff report that local-hire compliance was high on recent Polycroft site visits, with Chiaffe Excavating at 100% compliance.
Board members reviewed the financial report through Oct. 31, 2024 and discussed recent transfers and operating results. Leonora Liz presented account balances: regular checking ending balance $2,694.56, savings ending balance $1,709.39 after a transfer, and a money-market balance of $260,611.28. Year-to-date totals show $11,158.20 in income, $11,095.40 in expenses and a net $63.16 surplus.
Board members questioned two withdrawals and a $35,000 transfer from savings to checking to cover a check to the City of Middletown; Liz said the transfer covered an administrative check and confirmed the numbers. Staff then delivered a site-visit summary: Lokey Brill inspected Polycroft on Oct. 17 and reported no accidents, zero out-of-area workers, and high local-hire compliance. "Chiaffe Excavating is a 100% compliance," staff reported, and "Sullivan Construction Group is 97.09 local compliance." The board accepted the reports and moved on to committee recommendations later in the meeting.
