Redevelopment Authority reports $5.6 million in cash and accepts April financials pending audit

Andy Fair, the authority’s finance presenter, told the board the balance sheet as of April 30 showed "a little over 5,600,000 in cash across our accounts" and total assets of $10,700,000. He said a $5,000,000 Ironworks Square loan remains outstanding.

Fair reported year-to-date profit-and-loss of $679,280.34 through April and said the authority received $200,000 in loan program interest in April. He flagged reimbursements from Erie Land Bank, county programs and state grant activity as primary revenue drivers.

"Our total expenses through April were 728,893 dollars and 65 cents," Fair said, and added the authority was carrying a net loss of $48,613.31 that he attributed largely to the timing of reimbursements and prior-month adjustments. He pointed to higher-than-expected legal fees while staff clear title issues and noted a $28,000 annual Neighborly software subscription as a recent large payment. Fair also said rehab spending of $6,843 represents about 7% of that line's budget but is expected to rise with warmer weather.

After discussion, a board member moved and Chair Jeremy Toman seconded a motion to accept the April financials pending audit. The chair recorded the motion as carried by voice vote.

The authority will proceed with reconciliations and continue to monitor timing-related variances; staff did not provide a revised projected close date for the outstanding Ironworks Square loan during the meeting.