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IDA forecasts four‑year deficit without land sales
Summary
Chief Financial Officer Anthony Ferrendino told the board the IDA is projected to run deficits for the next four years unless land sales and administrative fee revenue materialize; he cited about $5,000 per year in interest earnings and rising salary costs.
Chief Financial Officer Anthony Ferrendino told the board that the IDA expects operating deficits for the next four years unless planned land sales and administrative fees arrive.
"We are gonna run a deficit for the next 4 years pending sale of land, admin fees that come in, the unknown," Ferrendino said, and added that the authority currently expects about $5,000 a year in interest earnings while salaries will increase as costs rise. The board reviewed the four‑year financial plan and approved it by motion.
Board members asked no substantive follow‑up questions during the motion to approve the plan. The presentation underscores the agency's dependence on one‑time land‑sale revenue to balance multi‑year operations.
