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Erie Redevelopment Authority outlines 2026 budget, warns many grants expire in 2026
Summary
Staff told the board that much of the authority’s roughly $11 million fund balance is program-restricted, highlighted grant expirations in 2026 (ARPA, county programs) and noted a $5 million loan outstanding to Ironworks Square; staff said the authority remains roughly 99% grant-funded and urged spending of ARPA tranches in 2026.
April, the authority’s finance staff, presented the balance sheet and profit-and-loss statements and highlighted several figures in the packet: "It shows the total of our bank accounts is just under 6,000,000," she said, while the balance-sheet number printed in the packet reads 10,994,653.87. April and other staff explained that the packet’s totals include several restricted accounts (RACE, ARPA, LHRD) and a $5,000,000 loan the authority has outstanding to Ironworks Square.
Staff reported Jan–Nov total income of 3,500,000.0 and described how budgeted interest had been calculated in part from a one-time $200,000 payment received in April from the Ironworks Square loan and ongoing interest from money held in interest-bearing accounts. Board members asked for clarity about the composition of the fund balance and how much represents unrestricted operating funds; staff said approximately $267,050 of the operating budget is not grant-funded and that the authority is roughly 99% grant-funded overall.
Aaron reviewed fund and grant balances as of Nov. 24, 2025, and walked through grant expiration dates: county Whole Home Repair and many ARPA blight mitigation, Healthy Homes, Historic Preservation and East Bayfront Greenway Trail administrative funds have expiration dates in 2026; the Healthy Homes/Lead Hazard Control grant runs until April 2029 and FAIR grants extend into 2027. Staff emphasized the importance of obligating and spending funds in 2026 to complete projects and avoid leaving work unfinished.
On program delivery costs, staff noted they apply delivery fees and administrative caps (examples discussed: 15% admin on ARPA Blight, 5% admin on FAIR, HUD caps on some grants). Payroll for the authority’s operating budget was listed at $906,767 in the packet. Board members asked what structural steps the authority would take if future grants are reduced; staff pointed to prior planning materials (a 43-page document shared with the board) and suggested options including developing a revolving-loan approach but warned existing low-rate loans (for example the $5 million at Ironworks Square) provide limited short-term yield.
Action items and clarifications: the board accepted the November finance report as required by bylaws and asked staff to provide more detailed breakdowns of restricted vs. unrestricted fund balances ahead of a full budget vote in January.
