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BSD reports $1.5 million fund balance; staff flags DPS line over budget
Summary
Staff told the Birmingham City BSD that the fund balance is $1,500,290.34 and that special assessments and investment income are arriving; they warned the DPS line is at about 98% of budget versus a 66% target and said staff will monitor and correct account charges.
The Birmingham City Business Improvement District (BSD) reported a total fund balance of $1,500,290.34 and said special assessment receipts and investment income are beginning to arrive.
At the BSD meeting, staff presented the monthly financial report, saying year-to-date contributions from private sources — sponsorships and donations — total $175,060. Accounts payable were described as “a little under $30,000,” and staff noted a suspense account entry reflecting an accidental double payment on a special assessment that will be returned to the property owner.
Finance staff emphasized that Downtown Public Safety (DPS) spending is running significantly ahead of where it typically should be at this point in the fiscal year. “At this point in the year, we should be at about 66% spent, but we're at about 98% for DPS,” a staff presenter said; staff said they found an overcharge for February that should reduce the line by roughly $4,000 when corrected and that they are exploring cost-saving options for DPS funds.
Staff also reported employee costs are running about 57% of budget to date and that the BSD expects to hire three to four seasonal employees for the summer season, which will increase payroll spending. Website maintenance and vendor transition costs were described as an encumbrance the BSD expects to absorb without exceeding budgeted amounts. Marketing and advertising and special-event budgets were described as tracking near plan, with some events expected to be slightly over budget.
Staff provided a brief snapshot of liabilities and mortgage figures and said total expenditures shown in the report were $905,720.62; they said outstanding special assessments and incoming receipts should reduce the operating deficit identified in the report. No formal action was taken on the financial report; staff said they will return with corrected numbers in next month’s packet and continue to monitor the DPS line and other costs.
Ending: BSD staff said they will correct the identified billing error on the DPS line for the next report, continue monitoring employee and events spending, and follow up as special assessments are collected.
