2012-2013 Budget - City of Saginaw MI

REVENUE BUDGET SUMMARYDOWNTOWN DEVELOPMENT AUTHORITYThe Downtown Development Authority was establishedby Ordinance D-1376 pursuant to 1975 PA 197, asamended, to correct and prevent deterioration in businessdistricts, and to promote economic growth in the district.The Downtown Development Authority Fund accountsfor revenues and expenditures captured and utilized inthe Downtown Development District. Projects and mustbe approved by City Council prior to the City Assessorcapturing these tax dollars. A portion of these taxdollars must be utilized on reinvesting in the DowntownDevelopment District. The City Controller andAssessing Offices work with the Department ofDevelopment to ensure that this district is in compliancewith the approved plan and that all dollars collected arereconciled.For the FY 2013 Approved Budget, revenues in theDowntown Development Authority Fund will be$62,300, which represents zero growth from theprevious fiscal year. .SUMMARY OF REVENUES2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedProperty Taxes 13,482 5,955 1,299 9,819 9,819 2,699 9,819Interest and Rents 0 78 118 0 0 (104) 0Sale of Real Property 0 1,500 0 0 0 34,500 0Other Revenues 5,489 0 70 52,481 52,481 0 52,481Total Revenues 18,971 7,533 1,487 62,300 62,300 37,095 62,300EXPENDITURE BUDGET SUMMARYThe total Downtown Development Authority Fund’s expenditures will be $62,300, for FY 2013. This is the sameallocation as in FY 2012.FUNDING LEVEL SUMMARY2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected Approved1775 Component Unit 2,638 7,939 1,487 62,300 62,300 15,347 62,3008559 Increase to FundEquity 0 0 0 0 0 0 0Total Expenditures 2,638 7,939 1,487 62,300 62,300 15,347 62,300198