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Peekskill IDA financial report: low interest, bank consolidation planned; kitchen incubator costs detailed
Summary
Staff reported only about $70 in interest earnings year-to-date versus a $15,000 estimate, plans to close two bank accounts and move funds to Orange Bank & Trust, and detailed $4,920 in kitchen incubator spending including a storage pod and NYPA reimbursement.
At the Feb. 25 meeting, IDA staff (Abby) reviewed the agency’s finances and flagged that interest earnings are far below expectations: "We earned some interest on our balance," she said, but board members noted the itemized estimate was $15,000 and the ledger showed only about $70 to date. Abby said she has contacted the bank to resolve unexpected bank charges and will report back at the next meeting.
Staff said the IDA will close two bank accounts (Wells Fargo and Putnam County Savings Bank) and move the balances to Orange Bank & Trust within the next few weeks. Abby also walked members through kitchen incubator expenditures for fiscal year 2025 totaling $4,920 to date: costs included moving donated items into a storage pod (pod rental), an outstanding mechanical-engineering invoice and a $344 NYPA fee for 701 Washington Street that the IDA must reimburse the city while an account-transfer process continues.
Board members discussed details of what is stored in the pod and its value. One speaker estimated a replacement value of about $14,000 for items placed in the pod and noted a rental cost of roughly $260 per month; staff said items will need to be removed when firehouse construction begins. Abby said she will provide a resolution and updated details at the next meeting after further bank follow-up.
