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Peekskill IDA/PFDC reports $1.1M in bank; $447K unrestricted after project reserves
Summary
Finance staff reported $1.1 million in bank as of 06/18/2026, with $20,000 restricted for Children’s Village, $10,000 for a 'solo' escrow, and $624,000 reserved for the kitchen incubator, leaving $447,000 unrestricted.
Abby, the agency's financial presenter, told the board the organizations had $1,100,000 in their bank account and identified several restricted amounts tied to ongoing projects.
"As of 06/18/2026, we have a total of 1,100,000 in our bank account. And of that, monies, we have 20,000 that's restricted for the children's village pilot... 10,000 that's restricted for, the solo project and 624,000 for kitchen incubator project," Abby said. She calculated the agencies' unrestricted available balance at $447,000.
Board members asked follow-up questions about the $10,000 escrow and whether it should remain on the books; staff agreed to check the status of the related purchase-and-sale agreement for the Lower South Street (Carter) property and report back. Directors also noted operating expenses such as Con Ed, legal counsel and monthly storage fees that made up most recent expenditures.
