Forest Park DDA finance report shows cash on hand, cites past fraud mitigation

The Forest Park Downtown Development Authority received a financial update at its Feb. 26 meeting that outlined cash balances, recent activity and investment choices, and flagged prior fraudulent activity staff said has since been mitigated.

The finance presenter reported operating cash held across three Truist accounts with a beginning combined balance noted as $5,865,180. For January, deposits totaled $17,846 and withdrawals/debits $10,462, producing an ending balance the presenter reported as $5,872,005.64. The presenter also summarized operating revenue and expense figures, saying the operating revenue budget for the year is $3,639,477 with year‑to‑date actual revenue of $3,492,195, and that year‑to‑date operating expense on the cover sheet was recorded at 477,782 (as presented in the packet).

The presenter noted prior fraudulent activity that affected accounts; staff said those issues have been mitigated and provided bank statements and a department payments report as supporting material. The board asked follow-up questions about check amounts and insurance coverage; staff said they would provide additional insurance and coverage documentation from their carrier and that Truist representatives review accounts annually.

The presenter explained the board’s use of Georgia Fund 1 (a statewide government investment pool) to achieve higher yields and noted account performance figures included in the packet. Staff also noted some accounts are associated with bond payments and therefore must be kept separate.

Board members asked for an overall financial orientation at an upcoming retreat to better understand budget line items and projections for the coming fiscal year.

The board took no separate budgetary vote during the update; the finance presentation concluded and the meeting proceeded to other agenda items.