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Director of Finance: CIC to establish separate fund and move commingled assets into CIC bank account
Summary
City finance staff reported 2025 financial statements and explained CIC assets currently show as accounts receivable because CIC activity is commingled in the city's general fund; staff said they will establish a separate CIC fund and transfer assets into a dedicated bank account pending counsel approval.
Katie Iaconis (identified in the meeting as the City of Euclid Director of Finance) summarized the financial statements for 2025 and recommended creating a separate CIC fund so future activity flows through a dedicated account rather than being shown as accounts receivable in the city's general fund.
"That is because our bank there is not a separate fund currently for the CIC and those funds are currently being held commingled with other funds in the general fund," Iaconis said, explaining the reason assets appear as accounts receivable. She said a separate bank account is already set up and staff will ask the law director to place a request for counsel approval to establish the fund so assets can be moved and transactions tracked separately. Trustees did not vote to adopt the financial statements at the meeting; staff characterized the report as informational and said they will pursue the fund-creation steps with counsel.
The financial packet included January and February 2026 reports and the year-end statements dated Dec. 31, 2025; trustees asked no substantive follow-up and staff noted they expect higher activity as the CIC moves into more dispositions and development agreements.
