By Seth Kinker, email@example.com
The Dexter Downtown Development Authority (DDA) spent the majority of their May 16 meeting discussing the DDA forecast and budget for the 2019/2020 fiscal year (FY) before approving both to send to
The DDA forecast is a projection of short- and long-term spending compared to the actual budget which allocates the fund. The forecast spans the life of the DDA development plan, going until FY 2037/2038 while the 2019/2020 FY pertains to what the DDA will do with their funds from Jun. of 2019 to Jul. of 2020.
Adjustments made to the forecast before approval had to do with putting more funds towards payments, similar to the budget that was also passed during the meeting
One change was $156,000 being allocated to this FY for the DDA’s substation relocation project.
“It takes over the payments from the City,” said Michelle Aniol, Community Development Manager for the City of Dexter. “The DDA will make the second payment and reimburse the city for the first one and the remaining three payments would be (in) fiscal years 2020/2021, 2021/2022, 2022/2023.”
Aniol told The
Another change to the forecast had $65,000 projected for city maintenance for the
The forecasted net change is $10,363. $434,032 is estimated in revenue with $423,669 estimated in expenditures, with the ending fund balance estimated at $188,477. $275,469 of the estimated dollars in expenditures, by far the largest amount, will go towards debt payments.
In addition to the forecast, the DDA also approved their budget for the 2019/2020 FY. In total, the budget for the DDA for this FY come to $524,800 with $86,800 expected in revenue.
With most of the funds going towards debt payments, $275,600 of the budget goes towards debt payments, Aniol told The
“Thanks in part to, one, a stronger local economy,” said Aniol. “(Two), the developments that are happening in the city. Everything from the childcare