The Chelsea Downtown Development Authority (DDA) Board unanimously approved its proposed $415,934 balanced budget during a special meeting on May 4.
On the revenue side, City Manager John Hanifan said that projected revenues were expected to decline in the 2017-18 budget year due to personal property tax reforms.
Included in the revenue reductions were the DDA’s Tax Increment Financing Authority amount, which declined from $325,959 in 2016-17 compared to $260,000 in 2016-17.
However, real property taxes increased a bit from $26,980 to $29,848 due to increases in property values.
In total, the DDA is expected to collect about $416,000 in revenue in the 2017-18 budget year.
There is a projected $282,193 in the DDA’s fund balance and it’s expected that the board will use some of this money in the 2017-18 budget cycle, perhaps putting $100,000 toward the purchase of the Palmer lot as well as an undisclosed amount for marketing and the sculpture walk.
On the expense side of this balanced budget, included are about $31,000 for city employees who perform snow and trash removal, $12,000 for professional services such as the annual audit, assessor wages, videotaping of meetings, legal fees and the garden club planters.
In addition, there is a $100,000 payment for the Palmer lot purchase and $40,000 for the DDA’s portion of the Mack Building redevelopment plus a combined about $204,500 in debt payments and interest on bonds.
If you would like to view the meeting, please click here.
