Downtown Development Authority Minutes 07-09-2024

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                                         CITY OF MUSKEGON

                   DOWNTOWN DEVELOPMENT AUTHORITY (DDA) /
                  BROWNFIELD REDEVELOPMENT AUTHORITY (BRA)

                                  REGULAR MEETING MINUTES

                                               July 9, 2024

M. Bottomley called the meeting to order at 10:32 AM and roll was taken.

   I.        Roll Call: Present: B. Tarrant, M. Kleaveland, H. Sytsema, A. Boyd, M. Bottomley
             B. Hastings, S. Black, J. Moore
             Absent: K. Reid, J. Wallace Jr., J. Seyferth, K. Thornton

   II.       Approval of the meeting minutes of June 11, 2024 was made by H. Sytsema and
             supported by B. Hastings

   III.      Public comments on agenda items - None

   IV.       DDA agenda items- Contessa Alexander

          A. DDA Financial Report June 30, 2024 - Staff is asking the DDA board to review and
             accept the financial statements for June 30, 2024- There have been a few changes to
             the DDA financials since your June meeting. The change involves a slight increase in
             the total salaries/benefits to $109,822.20. Your total recurring costs increased to
             $166,989.94. The end of the year fund balance decreased to $307,683.52. The events
             revenue increased to $101,134.16. Sponsorship increased to $292,130.25. Projects
             and events increased to $281,812.29. There was also a farmer’s market transfer of
             $92,651.20. Total expenses increased to $374,463.49. Fund balance at the end of the
             year decreased to $189,325.06

             B. Hastings made a motion to accept the May 21, 2024, 2024 DDA and events
             financial statements. Supported by J. Moore
              Roll Call:
              Yays: B Tarrant, M. Kleaveland, H. Sytsema, A. Boyd, M. Bottomley B. Hastings, S.
              Black, J. Moore
              Nays: None

          B. Budget Reforecast FY 2023-24 - City staff requests an amendment to the budget for
             FY 23-24. The reforecast for the 4th quarter is due to the increase in revenue, which
             is now $481,207. You previously budgeted for $480,000. The majority of the changes
             are related to the events budget:
             •A revenue decreases
             •An increase in sponsorship revenue
             •An increase in miscellaneous materials and supplies
             Other changes on the DDA side include a decrease in advertising.
      C. Budget Approval FY 2024-25- During the last meeting, city staff presented various
         programs the DDA can fund under Act 57 of 2018. The board approved the budget
         for the following initiatives: sponsoring a chalet, supporting the Farmer’s Market, and
         paying for a property appraisal for this fiscal year. These are the priority projects for
         the year. Additionally, the board has approved for staff to work on projects beyond
         the current fiscal year. In order to approve the updated budget, the board will need to
         amend the current budget.

         H. Sytsema made a motion to amend the current DDA and Events budget for FY
         2024-25 and approve the updated budget. Supported by J. Moore

           Roll Call:
           Yays: B Tarrant, M. Kleaveland, H. Sytsema, A. Boyd, M. Bottomley B. Hastings, S.
           Black, J. Moore
           Nays:

Adjournment at 11:15 AM

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