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Peekskill reports $22,601 in FY25 kitchen‑incubator expenses; $40,000 moved from savings to operating
Summary
Abby reported Aug. 26 that the city/IDA moved $40,000 from savings to operating to cover kitchen‑incubator costs and that FY25 spending on the incubator totals roughly $22,601 year‑to‑date, with nearly $195,000 spent since the project began; board asked staff to investigate unexpectedly high Con Edison bills.
Abby (speaker 8) delivered a financial summary for the Peekskill IDA and PFDC on Aug. 26, detailing revenues and expenses tied to the kitchen incubator and other projects. She told the board that "so far this year, we've moved 40,000 from our savings account to our operating account to cover kitchen incubator expenses," and that the incubator has incurred $22,601 in FY25 expenses as of Aug. 21.
Abby said cumulative spending on the incubator since inception is about $195,000. The report also noted routine revenue sources — application and administrative fees — and interest earnings of roughly $11,500 for the year. Board members asked for more tracking details and clarified that staff is using an appropriated fund balance line item to monitor set‑aside funds for the incubator and similar activities.
Board members raised concern about electricity costs at the incubator facility after seeing monthly Con Edison charges that appeared high. One member said the bill "still seems like the average is... $7,800 a month" and asked staff to investigate thermostats, usage and whether ConEd offers an audit to identify unnecessary consumption. Staff committed to follow up and to winterize or shut off nonessential systems as appropriate.
No formal vote was required; staff will return with follow‑up on utility audits and further expense breakdowns.
