Source: Sherman Publications

Remove Images

Oxford Village
DOWNTOWN DEVELOPMENT AUTHORITY (DDA) ANNUAL REPORT

March 28, 2012

NOTICE

VILLAGE OF OXFORD

DOWNTOWN DEVELOPMENT AUTHORITY (DDA) ANNUAL REPORT

For Fiscal Year Ending June 30, 2011

Pursuant of DDA Act 197 of 1975 Section 15 (3)

A) The amount and source of revenue in the account:

REVENUE Amount

Property Tax: $ 426,330

Intergovernmental -Local 5,471

Interest Earned 2,656

Other Revenue 41,685

Total Revenue $ 476,142

B) The amount in any bond reserve account

Loan Proceeds $ 39,213

C) The amount and purpose of

expenditures from the account

Community Development $ 327,851

Debt Service 145,637

Capital Outlay -net 1,295

Total Expenditures 579,783

Net Change in Fund Balance (64,428)

FUND BALANCE, beginning of year 225,517

FUND BALANCE, end of year $ 161,089

D) The amount of principal and interest

on any outstanding bonded indebtedness

OUTSTANDING INDEBTEDNESS $ 1,460,913

E) The initial assessed value of the project area

Real Property SEV $ 4,972,300

Personal Property SEV 578,875

Total Initial Assessed Value $ 5,551,175

F) The captured assessed value

retained by the authority

Captured Real Property $ 15,426,750

Captured Personal Property 1,845,885

Total 2010/2011 Captured Value $ 17,272,635

G) The tax increment revenuews

received

From Village $ 189,857

From Township (General, Parks &

Rec, Library, Fire) 126,625

From Intergovernmental-Local

(County, OCC) 109,848

Total Tax Increment Revenues Received $ 426,330

H) The number of jobs created as a result of the implementation of the tax increment financing plan

Estimated Jobs Created 9

I) Any additional information the governing body or the state tax commission considers necessary

none

Source 2010-2011 Audit