Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Coldwater DDA approves fiscal 2025 budget, preserves funds for façade grants
Summary
The Coldwater Downtown Development Authority voted unanimously on May 22 to approve its fiscal year 2025 budget, projecting about $138,000 in year-end fund balance and earmarking rebate funds to match an MEDC façade-restoration grant. The board also approved routine bills and the consent agenda by voice vote.
The Coldwater Downtown Development Authority voted unanimously May 22 to adopt its fiscal year 2025 budget after a brief discussion of projected revenues, reserves and a façade-rebate program.
Audrey, the DDA director, told the board the organization should finish the fiscal year with roughly $138,000 in fund balance and described revenue sources that include tax capture, LCSA reimbursements, donor contributions, a state grant expected next fiscal year, and rising rental income from the Children’s Museum. She also said capital improvements planned at 58 and 60 West Chicago Street are moving forward pending Michigan Department of Transportation permissions for temporary right‑of‑way closures.
“At the end of this fiscal year, we should have about a $138,000 fund balance,” Audrey said during the meeting.
Board members discussed the rebate program budget line and the DDA’s required match for an MEDC façade‑restoration initiative. Audrey said the transcripted total for the rebate line appears garbled in the record; she stated that $75,000 of the program funding would come from an MEDC reimbursement grant and that the DDA had allocated previously saved rebate funds to meet grant match requirements. She noted the budget shows a temporary drawdown of rebate reserves with limited unencumbered flexibility remaining.
Dershell moved to approve the FY2025 budget; Kelly seconded. The chair called a voice vote; all present voted in favor and the motion passed.
Votes at a glance
- Motion to excuse absent member Brad Rockey — moved by Kelly, seconded by Vielchini; outcome: approved by voice vote. - Consent agenda (minutes, committee minutes, 2023 visitor data and event analysis) — moved by Dershell, supported by Kelly; outcome: approved by voice vote. - April 2024 bills and accounts ($4,398.59) — moved by Mayor Kramer, supported by Veil Keeney; outcome: approved by voice vote. - FY2025 budget — moved by Dershell, seconded by Kelly; outcome: approved by voice vote.
What happens next
The DDA will proceed with planned capital work as permits and MDOT approvals allow and will continue to manage the rebate program to fulfill MEDC match requirements. The board set its next meeting for June 26, 2024.
