Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
DDA financial report: debt and operating accounts low as board seeks city support
Summary
DDA finance presenter Jonathan Smith reported a debt-service balance of about $43,000 and an operating account around $49,000 through December, said the agency is 'thin' financially, and tied urgency to delays on the city-center project and ongoing expenses.
Jonathan Smith gave the board an updated financial report through December and said the DDA’s debt service account stood at about $43,000 and its operating account at about $49,000 after recent payments. He observed that the authority’s reserves are "thin" and noted continued extensions of development deadlines are contributing to the shortfall.
Board members connected the financial picture to decisions about the city-center deal and other property-related costs, saying prompt action or city assistance would ease cash-flow pressure. The discussion preceded a motion and unanimous vote to accept an intergovernmental loan from the City of Chamblee to shore up near-term finances.
