In a recent government meeting, officials discussed the financial transactions related to tax collections and their allocation to the Detroit Institute of Arts (DIA). The meeting revealed that approximately $9.5 million in taxes was collected, with the entirety transferred to the DIA, resulting in a zero balance for the authority. This trend of tax revenue is expected to continue, with projections indicating further increases in 2024 due to rising property values.

Officials noted that while the revenue has increased, the funds have been fully expended by the DIA, raising questions about accountability and the management of these funds. Discussions highlighted the importance of understanding how the DIA utilizes the financial support it receives, especially as property values rise and additional funds are generated.

Concerns were raised regarding the collection of delinquent taxes, which could add over half a million dollars to future revenues. The officials acknowledged the need for transparency and suggested that regular reports from the treasurer could provide insights into the timing and management of these funds.

The meeting underscored the ongoing relationship between the authority and the DIA, with officials expressing a willingness to reform their agreement to ensure better accountability and oversight of the funds being allocated. As property values fluctuate, the need for a balanced approach to funding and spending remains a priority for the authority.