Middletown IDA accepts clean 2025 audit, approves annual (PARIS) report and authorizes state submission

The Middletown Industrial Development Agency on March 17 approved a clean, unmodified audit opinion for the year ending Dec. 31, 2025, accepted its annual (PARIS) report and authorized submitting the documents to New York State.

Shannon of audit firm RBT told the audit committee the IDA received a clean, unmodified opinion and reported that cash increased about $118,000 while liabilities rose roughly $107,000 after a late payment from the Danza Group; net position increased by about $11,000 and expenses were up approximately $240 for the year. "We did receive a clean, unmodified opinion," Shannon said.

The audit committee moved to recommend acceptance of the audit, the annual (PARIS) report and the procurement report for the year ending Dec. 31, 2025; the full board carried Resolution 2026-7 to accept those documents and authorize their submission to New York State by the required March filing window.

In her executive report, Bruni said the authority has seven active projects. She highlighted PolyCraft as having completed its final construction phase and receiving a certificate of completion; PolyCraft has filled 84 positions to date and Bruni said the company intends to grow toward about 120 full-time jobs within two years. Bruni summarized that across the authority's seven projects the report lists roughly 300 jobs created (original transcript reads "300.18," which appears to be a formatting error).

Leonora presented the officer financial report through Feb. 28, 2026, reporting fee and account balances and year-to-date totals: income of $9,070.05, monthly expenses of $259.16 and a net surplus of $8,810.89. She noted a pilot payment to the Middletown City School District and small transfers between accounts.

The board also considered and forwarded the 2025 investment report, which described fee income held in an interest-bearing account and stated there were no other investment vehicles. A motion to forward/accept that investment report was carried.

On bills and communications, the board approved routine payments including a FedEx charge of $104.98 tied to pilot submissions, an engagement fee to bond counsel Bleakley Platt of $442, and a legal advertisement for $44.45. Members moved, seconded and approved the payments by roll call. With no unfinished business, the board adjourned.

Votes at a glance

- Resolution 2026-7 (accept 2025 audit, annual/PARIS report, procurement report; authorize NYS submission): Carried (roll call recorded as Madden: yes; Hawkins: yes; Brito: absent; Cantoli: yes; DeStefano: yes; Nemeth: yes; Segerman: yes). - Investment report (recommendation/forwarding): Carried (unanimous among members present). - Financial report (through Feb. 28, 2026): Carried by roll call. - Bills payment (FedEx $104.98; Bleakley Platt $442; legal ad $44.45): Carried by roll call.

What this means

The IDA's clean audit and approved PARIS filing allow the agency to meet state reporting obligations and proceed with its listed projects. Bruni's staffing note flagged an internal transition: Caitlin McNamara was introduced as the city's assistant director of economic development and will be taking on responsibilities as Patty transitions toward retirement.

Next steps

The agency will submit the audit, PARIS and procurement reports to New York State within the March filing window and will continue oversight of the seven listed projects; no additional formal actions were scheduled at the meeting's close.