Erie redevelopment authority reviews April financials; board accepts them pending audit

At its meeting, the Redevelopment Authority of the City of Erie reviewed April financial statements and moved to accept them pending audit.

Kevin Nelson (finance presenter) summarized the packet: the balance sheet showed about $5.6 million in cash across accounts and total assets of approximately $10.7 million. He said the authority still has a $5,000,000 Iron Works Square loan outstanding. On the profit-and-loss statement, he reported year-to-date revenue through April of $679,280.34 and total expenses through April of $728,893.65, leaving a net loss of $48,613.31 through the month.

Kevin noted grant reimbursement revenue (county programs and the Commonwealth) and a $128,000 reimbursement identified for LHRD. He said the authority received $200,000 in loan-program interest in April and that ARPA revenue displayed to the right of the packet was under budget due to timing of reimbursements. He also pointed out a $28,000 annual subscription payment for the Neighborly software the authority adopted last year.

After discussion, the board moved and approved accepting the financials pending audit. The chair declared the motion carried. Staff will continue reconciliations and follow up on reimbursements and title-related legal expenses that affected year-to-date legal fees.