Treasurer Miss Abrams presented the trust’s financial report, telling the board the organization had about $21,440,000 in cash on hand, roughly $2,000,420 in a reserve account and approximately $1,800,000 in CRA-related funds. She said administrative expenses represented about 10% of the budget, the tax collector fee was about 5.15%, and program spending accounted for roughly 84.8% of expenditures.

Miss Abrams said the trust budgeted $12,000,000 in revenue for the year but has received roughly 5% of that total so far; most property-tax revenue typically arrives in December and January. She reported an unobligated cash balance of about $2,384,000 after accounting for awarded contracts and funding requests, and noted there remains $10,028,000 on awarded contracts and about $14,900,000 in funding requested and obligated against cash on hand. Miss Abrams also said programs have surrendered a cumulative $6,400,000 in awarded funds not yet spent, an amount staff track as a liability.

Board members asked whether surrendered funds could be used again for CARES-style grants or other reallocation; Miss Abrams and program staff said surrendered funds have been set aside and could be reallocated through a new RFP or CARES process subject to obligations, timing and strategic priorities. Staff cautioned that uncertainty around property-tax reform could lead to large revenue shifts and said the board will need to make strategic decisions about allocations at upcoming committee meetings.

The finance and operations committee recommended filing the financial report as presented. Board members did not request changes to the minutes of the prior meeting and no public comments were recorded during this portion of the meeting.