DDA Does Routine Budget Maintenance

Routine annual budget adjustments totaling about $2 million have been approved by the Ann Arbor Downtown Development Authority board. Action to adjust the FY 2014 budget came at the board’s final meeting of the fiscal year, on June 4, 2014.

The main part of the adjustment was a $1.6 million payment made for the First & Washington parking garage, which is part of the City Apartments project. The amount was budgeted for last year, but not paid until this year.

The rest of the adjustment was attributable to expenditures out of the housing fund – $500,000 of it to support Ann Arbor Housing Commission projects. The remaining $37,500 went to support a countywide housing needs assessment – an amount that was approved by the board at the same meeting in a separate vote.

The DDA will end the fiscal year with $6,167,757 in fund balance. The breakdown of that total is: TIF ($619,571); Housing ($160,154); Parking ($2,161,676) and Parking Maintenance ($3,226,356).

This brief was filed from the DDA offices at 150 S. Fifth Ave., Suite 301. A more detailed report will follow: [link]