Molly Profic nailed how everyone in the room was feeling after she delivered the monthly financial report for the Buffalo Urban Development Corp. this week.
Profic, the chief financial officer of both the BUDC and Erie County Industrial Development Agency, laid out in detail the balance sheet, income statement and budget comparison for the BUDC board, for both the month of August and the year-to-date.
That's pretty standard for any agency. But BUDC's finances have become more complicated since the agency took on the $100 million redevelopment at the Northland Corridor, and its budget is much bigger. The project is complex, with multiple entities created to manage the construction, loans, tax credits and grants that are involved. As a result, it's become a regular mishmash that board members struggle to understand.
And they appreciated her efforts. “It’s so important,” said Common Council President Darius Pridgen. “At the end of the day, it just starts to be numbers thrown around."
She did her best to make it easier. But in the end, she also acknowledged the reality.
"I’m happy to address any questions you may have at this time, if you’re not already thoroughly confused," Profic said, to laughter.