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Board adopts four-year financial plan as 'pretty conservative,' CFO says
Summary
The IDA board adopted a four-year financial plan described by CFO Anthony Ferrendino as 'pretty conservative,' with projected salary increases and operating cost adjustments; the plan was approved by voice vote.
The IDA considered and approved a four-year financial plan. CFO Anthony Ferrendino described the plan as "pretty conservative," saying the only substantive change from the prior year was adjusting interest projections because interest has been increasing; he also described a 3% across-the-board salary increase, benefits tied to wages, and a roughly 5% annual operating increase.
Anthony noted that the plan projects a negative position in one line item because receipts for certain fees (M and A fees) are uncertain year to year. After discussion the board approved the plan by motion and voice vote.
