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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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