Copy of DDA Annual Report 2022

VILLAGE OF LAKE ORION
DOWNTOWN DEVELOPMENT AUTHORITY (DDA)
ANNUAL REPORT
FY 06/30/2022

Pursuant Act 57 of 2018 and DDA Act 197 of 1975
REVENUES
Property Tax: $ 740,526
Other Taxes 8,015
Interest Earned 2,458
Other Revenue 150,293
Total Revenue $ 901,292
EXPENDITURES
Community Development $ 608,752
Debt Service – Principal 100,000
Debt Service – Interest 12,500
Capital Outlay – net 93,203
Total Expenditures $ 814,455
INITIAL ASSESSED VALUE
Real Property SEV $ 9,307,300
Personal Property SEV 926,100
Commercial Facilities Tax –
Total Initial Assessed Value $ 10,233,400
CAPTURED VALUE
Captured Real Property $ 33,506,160
Captured Personal Property 950,790
Captured Commercial Facilities Tax –
Total 2022 Captured Value $ 34,456,950
TAX INCREMENT REVENUES RECEIVED
From Village $ 349,061
From Township 392,840
From Intergovernmental-Local 87,764
Total Tax Increment Revenues Received $ 829,665
Fund Balance *
DDA
Operating
Property
Acquistion
Beginning 1-Jul-21 $ 559,269 $ 214,821
Ending 30-Jun-22 $ 638,446 * 222,473
* Fund Balance:
Budgeted for subsequent year $ –
Operating Reserve 170,000
Future Parking Improvements 150,000
Unrestricted 318,446
Total Fund Balance $ 638,446
Source 2021- 22 Audit
Joshua Johnson, Village of Lake Orion, Finance Director / Treasurer
Publish: Lake Orion Review
VILLAGE OF LAKE ORION
DOWNTOWN DEVELOPMENT AUTHORITY (DDA)
ANNUAL REPORT
FY 06/30/2022