DDA previews 2027–28 budget; staff flags a roughly 6% drop in assessed value from state changes
Staff introduced the DDA's two‑year budget outlook, warning that state changes in assessed‑to‑actual valuation reduced the DDA's base assessed valuation by about 6%; staff outlined projected revenue volatility tied to TIF agreements (Clay Works phase), proposed reserve levels and near‑term project funding priorities.
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Staff presented an introductory review of the DDA two‑year budget and outlined key revenue drivers and uncertainties. The presentation identified a roughly 6% reduction in assessed valuation due to recent state legislative changes that alter the ratio of assessed to actual value, which will lower property‑tax‑based revenue for taxing entities in the near term. Staff emphasized this does not entirely negate expected increases from new developments; for example, completion of Clay Works Phase 1 was described as a driver of increased tax‑increment estimates in 2027, but the 2028 estimate remains uncertain.
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