In­dus­trial Devel­op­ment Agency board OKs $211K bud­get

Daily Freeman (Kingston, NY) - - LOCAL NEWS - By Wil­liam J. Kem­ble news@free­manon­line.com

KINGSTON >> The Ul­ster County In­dus­trial Devel­op­ment Agency board has adopted a $211,000 agency bud­get for 2017.

The bud­get is about 7 per­cent smaller than the agency’s 2016 spend­ing plan. It was ap­proved last week by a 6-0 vote, with board mem­ber John Liver­more ab­sent.

“For us, it’s a lit­tle dif­fi­cult to project rev­enues be­cause we don’t nec­es­sar­ily know projects that might be here in the fu­ture,” board Chair­man Michael Horodyski said. “So we take our best es­ti­mate at it.”

The bud­get calls for mak­ing up an­tic­i­pated lost rev­enue by us­ing $60,000 from agency fund bal­ances. The 2016 bud­get used $54,000 from fund bal­ances.

Among large an­tic­i­pated ex­penses for 2017 is $85,000 for ser­vices, up from $50,000 this year. The money will be paid to the county’s Cap­i­tal Re­source Corp., which com­prises the same board mem­bers as the In­dus­trial Devel­op­ment Agency but has dif­fer­ent re­spon­si­bil­i­ties.

The bud­get calls for the agency to re­ceive $149,000 in ad­min­is­tra­tive fees to over­see projects, down from $170,000 this year. The money comes from ap­pli­ca­tion fees paid by devel­op­ers who are seek­ing tax breaks.

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