The Downtown Development Authority approved its fiscal year 2026 budget during the June 25 regular meeting after reviewing previously distributed materials and an amortization schedule for an outstanding loan related to the children's museum redevelopment.

Audrey, the DDA director, told the board the packet materials were unchanged from the previous month and provided an amortization schedule for the outstanding loan owed to the city by the children's museum redevelopment project. She asked whether board members had any additional questions; none were raised and a motion to adopt the FY26 budget passed on a voice vote.

Why it matters: Staff cautioned that fiscal reporting can look uneven when project disbursements and reimbursements fall across fiscal years. The director noted that façade restoration grant reimbursements that were spent in FY25 may arrive in FY26; staff said that will make FY26 results look better compared with FY25, which will show the awards paid out before all reimbursements were received.

Board action: The board adopted the FY26 budget as proposed. The adoption follows the board’s passage of a purchasing policy earlier in the meeting, which staff said the board will reference when finalizing budget categories.

What’s next: Staff will proceed under the approved FY26 budget and will present year‑end financials for the prior fiscal year at the July meeting, once reimbursements and remaining accounting items are reconciled.