DDA finance report flags roughly $4 million interfund transfer; staff to supply reconciliation

Director Williams presented the Downtown Development Authority(DDA) financial report, outlining the DDAoperating cash across three bank accounts and saying staff will supply documentation on a planned interfund transfer to reconcile amounts owed to the general fund.

The presentation showed operating cash and account balances and a summary of December activity. Director Williams told the board that accounting work is required to move roughly $4 million from the DDA to the general fund to correct "due to/due from" entries. "I will have to get you a list and just show you. I think this is, I have to check that too. I don't I don't wanna say out of turn. Let me get let me get that hard information," Director Williams said.

Nina Robinson, who spoke during the financial discussion, described the matter as accumulated pilot payments that were processed through the DDA bank account but had not been transferred to the general fund. Robinson said staff will move funds between Truist accounts and record journal entries to remove the interfund balance, and that some DDA payments have recently been paid from pooled cash and corrected afterward by journal entry.

Mayor Angeline Butler and other board members asked for a clear list of transactions and timing. Director Williams and Robinson said they will return with detailed backup and firm timing for journal entries and transfers; Robinson noted the auditor will review the DDA accounting during the upcoming audit period and that staff are preparing for that review.

Board members emphasized the size of the transfer and requested that staff provide line-item documentation before funds move. There were no formal board actions or votes on transfers at the meeting; staff described follow-up steps and said they would supply the requested detail at the next meeting.