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Brookhaven Development Authority approves 2026 budget amendment after lease revenue loss
Summary
The development authority approved an ordinance to amend the 2026 budget to cover roughly $350,000 in lost lease revenue; the amendment reduces principal paydown for the year and reallocates about $97,000 to legal and advertising costs.
The Brookhaven Development Authority voted May 14 to approve an ordinance amending the authority's 2026 budget after staff warned of a revenue shortfall tied to a lease termination.
Staff told the board the lease change will reduce revenue by about $350,000 and proposed moving funds within the budget so the authority does not change its overall spending. "We do get another an extra $12,000 worth of revenue based on the new lease... but we will be losing about $350,000 worth of revenue from that lease change," Mr. Sarawitz said while outlining the amendment.
Mr. Chapman reviewed the balance sheet, noting $1,000,002.64 in cash on hand as of May 7 and confirming the authority's ability to make upcoming interest payments. Staff proposed reducing principal payments this year from roughly $486,000 to $61,000 and reallocating approximately $97,000 to legal professional services and advertising to balance the budget.
A motion to approve the ordinance to amend the 2026 budget was moved and seconded; the motion carried on a voice vote with no recorded opposition. The board's action authorizes staff to implement the reallocation of line items and proceed with managing cash flows for the remainder of 2026.
The board did not change total budgeted expenditures; it approved internal reallocations to address the shortfall and cover unplanned expenses.
The ordinance was approved during the meeting; staff said they will bring any future substantive structural budget changes back to the board for review.
