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IDA financial report: $110K revenue, $201K spent on kitchen incubator so far
Summary
Finance staff reported about $110,000 in revenue as of Sept. 19, limited interest income year-to-date, and $201,000 spent to date on the Firehouse kitchen incubator; board asked staff to investigate recurring Con Edison charges at a closed facility.
Abby, the finance presenter for the agency, summarized revenue and expenditures for the Peekskill IDA and PFDC. She said total reported revenue as of Sept. 19 was about $110,000 and year-to-date interest earned was approximately $11,913; a new application has been received but its fees were not reflected in the current report. "We have about 1,000,000 in those 4 accounts," Abby said when describing balances across two checking and two savings accounts.
On the Firehouse kitchen incubator, Abby said $29,426 was spent in a recent period and total project spending to date is $201,000. Board members raised questions about a Con Edison utility bill that had recently fallen to about $200–$250, and asked staff to check for systems left on at the closed facility. Abby agreed to correct minor reporting notes and present a more detailed breakdown of kitchen-incubator expenses at a future meeting.
The board accepted the financial reports and used the discussion to flag follow-up items: a corrected note in the report, confirmation about reimbursements from state or federal grants (staff said reimbursements are contingent on certificates of occupancy and grant approvals), and an instruction to return a deeper line‑item review in October.
