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Peekskill agencies report interest shortfall, plan bank consolidation
Summary
Agency staff said a bank-rate issue was resolved, producing about $11,500 in interest for PIDA and roughly $731 for PFDC so far; staff will close two legacy bank accounts and consolidate funds into Orange Bank and Trust and adjust budgeting assumptions given delays on the kitchen incubator.
Abby presented the PIDA and PFDC financial summaries as of July 17, 2025, saying the agencies resolved an interest‑rate calculation error with the bank. PIDA earned about $11,500 in interest and reported $19,634 in administrative fees for May. PFDC, with a smaller balance, reported about $731 in interest earnings.
Abby also detailed expenditures: professional fees totaling roughly $38,900 (including $28,000 to Rooki LLC and Harris Beach counsel) and $16,000 spent to date on the kitchen incubator project (about $187,000 total spent to date on the project). She said the agencies maintain four bank accounts and will work over the coming month to close Wells Fargo and Putnam County savings accounts and move funds to Orange Bank and Trust.
Board members questioned prior budget assumptions that forecast $30,000 in interest for PFDC; staff explained delays on the incubator reduced expected cash balances, and that the city’s planned cash‑flow financing and phased reimbursements should provide funds on hand during construction. The board asked staff to reflect revised interest assumptions in the 2026 budget work to be drafted in September.
