DDA reviews April financial report; staff provides bank and Encode reports

The Downtown Development Authority reviewed financial statements for April during its May 22 meeting. Mister Wiggins presented operating cash, revenues, expenses and supporting bank statements and Encode reports.

Wiggins reported three operating accounts with a combined beginning balance of $2,598,761 and deposits of $170,988; he reported withdrawals of $28,076. He reported an ending balance in the transcript as “$22,741,006 74,” a figure that appears inconsistent with the other numbers presented and was not clarified in the meeting record. Wiggins also reported an operating revenue budget of $1,429,007.68 and a year-to-date actual revenue figure of $3,678,033. He reported year-to-date operating expenses of $940,007.34, with a line item for commerce of $86,951 and a budget balance described in the packet as $4,022,084.

Wiggins told the board he included three graphs (operating cash, operating revenue and operating expense), bank statements (ending in 0510, 3693 and 11160) and a Georgia Fund 1 statement showing reinvested earnings of $7,510.03, moving that account from $2,082,007.49 to $2,090,002.59 as of April 30, 2025. He said some timing differences between Encode system entries and bank statement posting dates remain and that the departmental payment report is included to reconcile transactions.

No formal action was recorded on the financial report in the transcript; the board approved meeting minutes earlier in the session. No additional clarifications to the inconsistent ending-balance figure were recorded during the meeting.