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BeltLine auditors report collections ahead of projections; Atlanta council accepts audit and asks for clearer SSD reporting
Summary
A performance audit of the Atlanta BeltLine Special Service District found revenues running ahead of the original projections; Atlanta BeltLine officials, auditors and councilmembers discussed where excess increment would go and requested clearer reporting in the SSD memorandum of understanding.
The Finance and Executive Committee accepted and filed a performance audit of the Atlanta BeltLine Special Service District on Sept. 24 that found property-tax increment collections were ahead of the original multi-decade projections and recommended clearer reporting about how excess increment is used.
The audit, presented to the committee, found early-year collections have outperformed conservative offering-document forecasts. Ken Neighbors, outside counsel for Atlanta BeltLine, explained the forecasting approach and said forecasts are typically conservative: “They forecast scenarios of 2% annual…
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