DDA reviews audit status, financials and watches state ad‑valorem legislation
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Summary
Staff updated the board on internal and state audit activity and October financials; counsel warned of multiple bills at the state level (including SB 840) that could affect ad‑valorem revenue, and board discussed the potential need to engage a lobbyist or partner with city lobbyists.
DDA staff reported ongoing audit work (internal operational audit responses and a CBIZ financial audit in progress) and reviewed October financials, noting a timing lag because many revenue receipts post in November. Staff said the DDA was operating on reserves earlier in the fiscal year and that Old School Square payments and decorative lighting explain a chunk of early expenditures.
DDA counsel advised the board to monitor the state legislative session closely (session dates cited) and flagged bills that could change municipal revenue flows and local authority. Counsel referenced a bill by shorthand as "SB 840" (reported in the meeting) and offered to brief the board on bill language and likely impacts. Board members asked staff to quantify how much DDA revenue comes from homesteaded properties and to evaluate exposure under potential ad‑valorem caps or changes.
The board also discussed whether to join or contract lobbyist support; staff and counsel suggested exploring shared arrangements with the city's existing lobbyist to avoid duplication and excessive costs. No contract or budget action was taken at the meeting.