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Middletown CDA approves 2025 budget, forwards 2026–28 estimates to state
Summary
The Middletown Community Development Agency approved the proposed 2025 budget and estimates for 2026–2028 and forwarded them as its PARIS submission; Treasurer Leonora said 2025 reflects construction costs for 54 Washington and expects that property to sell in 2025.
Treasurer Leonora presented the Community Development Agency’s proposed 2025 budget and estimates for 2026–2028 and said the agency will submit those figures on the state PARIS report. Leonora told the board the 2025 budget includes construction costs tied to 54 Washington and said, “we are expecting to sell 54 Washington in 2025.”
The treasurer cited a 2025 revenue figure reported in the presentation as $1,285,018 and a 2025 total expense of $837,400. Leonora said projected revenue for 2026 is $900,000 and that the 2027 and 2028 estimates are similar to 2026. She also described planned rehabilitation work on several properties, including specs being prepared for a full rehab at 168 Linden.
After brief committee questions about the “bottom line” and PARIS reporting, the Finance Committee moved to forward the 2025 budget and the 2026–2028 estimates to the full board. On the full board floor a resolution to approve the 2025 budget and the 2026–2028 estimates was moved by Massie, seconded by Green and approved by voice vote.
The board also approved the treasurer’s financial reports through Sept. 30, 2024 (see separate actions). The financial presentation showed a beginning checking balance of $850,885.49, deposits of $33,003.13, withdrawals totaling approximately $367,943.80 and a checkbook balance cited as $284.76; savings beginning balance $394,153.33 with an ending savings balance cited as $27,318.82. Leonora reported the city’s operating debt as $145,853.77 and cited a budget-vs-actuals ‘profit’ line of $92,674.92 year-to-date.
What’s next: the approved 2025 budget and the 2026–2028 estimates will be included in the agency’s PARIS submission to the state; staff did not provide additional detail on specific timing for the planned sale of 54 Washington beyond the statement that it is expected in 2025.
