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Abby Dublin outlines financial picture: bank interest, $1.3M in pilot payments and kitchen‑incubator costs
Summary
IDA financial lead Abby Dublin told the board a bank interest-rate discrepancy is being corrected, professional and audit fees rose modestly, the kitchen incubator has incurred roughly $12,449 in expenses and the agencies collected and remitted $1,300,000.07 in pilot payments from nine properties.
Abby Dublin, presenting the agencies' finance reports, told the board the organizations are resolving a bank interest issue and expect corrected earnings to appear by the next meeting.
"The agreed upon interest rate was 3% when we opened this bank ... the bank has initiated a request to backdate that interest as of the day we opened up the bank till today," Dublin said, adding that the correction should be reflected at the next meeting. She also summarized expenditures: professional fees year-to-date total about $22,000 (roughly $17,000 to Rookie LLC and $5,000 to Harris Beach), audit fees this year were $3,000 and kitchen incubator spending so far is about $12,449, including a consultant fee of roughly $1,100.
On the pilot-payment program, Dublin said the agencies had collected $1,300,000.07 from nine properties and remitted those payments to the appropriate tax jurisdictions. "As of today, we've collected 1,300,000 in our pilot payments and we've remitted that to the different tax jurisdictions," she said.
Board members asked clarifying questions about timing of rental payments (Abby flagged a $0 balance from a tenant identified in the minutes as Diamond Property/DP49 LLC and said she had emailed the tenant and counsel to confirm whether an option year had been exercised) and whether the increased audit fee reflected additional audit work; Dublin said the auditors did additional background review and a partner change contributed to a $500 increase.
The boards asked staff to follow up on the bank correction, the late rent payment and to file the audit and PARIS-related documentation as appropriate.
