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PIDA reports $65,000 revenue, $230,000 in expenditures; kitchen incubator drove most costs
Summary
PIDA staff reported roughly $65,000 in revenue and about $230,000 in expenditures for 2024, with $117,900 spent on the kitchen incubator; staff said the agency has opened independent bank accounts and is tracking reimbursable vs. non-reimbursable costs under EDA rules.
Abby, a staff member for PIDA, presented the agency’s fiscal 2024 financial update and said the agency recorded roughly $65,000 in revenue against about $230,000 in expenditures, with the majority of those expenditures linked to the kitchen incubator project. “We had a revenue of 6 about $65,000, but we expended about $230,000,” Abby said.
Abby detailed that PIDA spent $117,900 on the kitchen incubator in 2024 and that staff are tracking which costs are reimbursable. She summarized EDA reporting practice for matching funds: “When we do our semiannual financial report, we have to take whatever we've spent…of that 100,000, 25—20% is the matching cost,” and board members confirmed that the reporting means reimbursements will not cover 100% of outlays. Abby said staff will correct a numeric typo in the meeting materials and confirmed a $10,000 set-aside is for the Solo project.
The presentation included operational changes intended to strengthen internal controls: the agency has opened new bank accounts, moved most balances from Wells Fargo, and implemented a two-signature check process and a two-step wire approval process, which Abby said separates PIDA’s accounting from the city’s.
