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PIDA reports $58,309 revenue, kitchen incubator faces $1.5M shortfall
Summary
Agency accountant Abby reported $58,309 in revenue and that the kitchen incubator project is estimated at $5.7M with $4.1M confirmed and a $1.5M shortfall; $117,000 has been spent to date and $850,000 has been earmarked for local match.
Abby (S4), presenting the PIDA financial report, said the agency had collected a total of $58,309 in revenue to date, including a $10,000 deposit tied to an applicant’s escrow and roughly $12,000 in interest. "As of today, we collected revenue of 58,309," Abby stated while walking the board through restricted versus unrestricted fund balances.
On the kitchen incubator, Abby reported a total estimated project cost of $5,700,000 with $4,100,000 confirmed and a resulting shortfall of about $1,500,000. She told the board that the agency has spent roughly $117,000 to date and is tracking $850,000 earmarked as the local matching share for EDA grant purposes; board members asked for clearer accounting lines to show escrow and restricted items.
