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Middletown IDA approves 2025 budget estimate, forwards 2026–28 projections; OKs $3,500 reimbursement
Summary
The City of Middletown Industrial Development Agency on Oct. 15 approved a 2025 budget estimate and projections through 2028 for state PARIS reporting, accepted routine financial reports, and authorized a $3,500 reimbursement to the city for secretarial services. Votes were recorded by roll call.
The City of Middletown Industrial Development Agency voted Oct. 15 to approve a 2025 budget estimate and to forward projected budget estimates for 2026–2028 to state reporting, accepted its regular financial reports, and authorized a $3,500 reimbursement to the City for secretarial services.
The action came after the Finance Committee reviewed a budget presentation from Treasurer Leonora Liz and recommended the estimate and multi-year projections to the full board. Treasurer Liz presented the PARIS report budget figures covering 2025–2028, including the board's 2025 revenue and expense figures and projected revenue and expenses for 2026–2028.
At the full meeting, staff said the PARIS report must be submitted to the state by the end of the month. Mister Hawkins moved to approve the 2025 budget estimate and the projected estimates for 2026 through 2028; Mister Brito seconded. The board conducted a roll-call vote and the attending members voted to approve the resolution. Cantoli and one other member were recorded absent.
The board also reviewed and approved its routine financials for the period through Sept. 30. According to the report presented, year-to-date total income was $11,901.79 and total expenses were $5,350.40, leaving a net of about $5,741.75. Cash balances presented included a pilot checking account balance of $116.63, a regular checking beginning balance of $3,224.97, a savings account beginning balance reported as $5,000,208.36 (with a $1 interest deposit noted), and a money market balance that ended at $260,544.90 after recent activity.
Separately, the board approved reimbursement of $3,500 to the City of Middletown to cover services performed by Patricia Racine, the IDA secretary. The reimbursement motion was moved and seconded and passed on a roll-call vote.
Mister Brito characterized the secretary reimbursement as "money well spent." There were no substantive objections recorded to the budget estimate or the financial reports. The meeting adjourned after routine closing motions.
The IDA did not take additional policy actions at the meeting; the approved 2025 estimate and projections will be submitted to the state's PARIS reporting system as required.
