September 28th, 2017
HORNELL, NY – Now that the Hornell IDA’s budget calendar year starts January 1st instead of a fiscal year budget synonymous with city halls, it was time to submit their budget for 2018. “The reason we have to have a budget completed now is that we have to submit it to the state,” said IDA Director Jim Griffin.
Two unexpected estimated expenses from last year that did not appear on the budget were the purchase of the Sunset restaurant and their eventual demolition totaling $175,000, and also the approval of a new roof on plant 3 (old SKF building) for Alstom totaling $225,000.
“That’s an additional $400,000 that does not appear on the sheet,” explained the Director, “Which actually makes this year’s total $791,000, and considering next year were only at around $542,000, we will be down a substantial amount.” You can see the itemized 2018 budget below: