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DDA approves May financials and adopts 2026–27 budget; fund‑balance question deferred for finance director
Summary
The DDA approved May financial reports, moved to file them, and adopted the 2026–27 final budget as presented after discussion about a $24,001,500 fund-balance figure and timing for an amendment to move surplus to operating supplies; the board asked staff to have the finance director at the next meeting to clarify debt payment timing.
The Downtown Development Authority voted to approve and file its May financial statements and to adopt the 2026–27 final budget as presented, after members asked for clarification about the timing of debt payments and a large fund‑balance figure.
During discussion, a board member raised a question about the fund balance and whether some of that amount should be shifted into operating supplies. "I just wanna follow‑up on the question on the fund balance, that $24,001,500," one member said, asking staff to consult the finance director about whether to move funds to operating supplies. Staff replied that any such change would be an amendment and noted the item was on its second reading; staff said the finance director was unavailable that morning and would be asked to attend the next meeting to answer detailed questions.
Committee member (speaker 1) moved to approve and file the financial statement; the board voted in favor. Later, that member moved to approve the 2026–27 budget as presented and the board again approved the motion. Chair (speaker 2) confirmed the plan to bring the finance director to the next meeting to explain the debt‑payment timing and the recommended handling of the fund balance.
No roll-call vote counts were recorded in the meeting transcript; the minutes reflect that members responded "aye" when asked for approval. The board did not adopt any immediate amendments to the budget during the meeting and instructed staff to return with clarifying financial details.
