MONTICELLO — The Sullivan County Industrial Development Agency (IDA) approved its 2027 budget Monday, October 19, projecting $1.07 million in expenditures and $727,150 in revenue.

The spending plan represents an approximately 19.5 percent increase in expenditures over 2026 estimates, while projected revenues are expected to decline by about 4.3 percent.

The budget shows expenditures exceeding revenues by $337,900, although Executive Director Jennifer Flad said the agency has sufficient funds available to cover the difference.

“The budget reflects our best estimates of next year’s expenses and revenues,” Flad said. “IDA has funds available to pay the estimated expenses for 2027.”

Much of the spending increase is associated with improvements at 46 Industrial Park Road in the Town of Bethel involving International Contractors Corp. and JAM TWO LLC.

The agency has budgeted $300,000 for the project in 2027, compared with an estimated $150,000 in 2026. Under the arrangement, the IDA initially pays for building improvements before recovering the costs through additional lease payments from the company.

Flad said the anticipated reimbursements are reflected in the budget’s building and equipment lease revenue.

The IDA generates most of its operating revenue through fees collected from businesses participating in its economic development programs. Annual agency fees are projected to total $466,650 in 2027, with additional income coming from project fees, leases and interest.

During Monday’s meeting, Flad explained that the agency routinely takes a conservative approach to budgeting, estimating revenues on the low side and expenditures on the high side.

The budget was adopted at the conclusion of the October 19 meeting.