Finance Committee Minutes - August 2022

Finance Committee Meeting

Downtown Chattanooga Alliance

Wednesday, August 3, 2022

Time: 3:01pm – 4:02pm

Location: TN Aquarium I-Max Theater – 2 nd Floor Conference Room

201 Chestnut St, Chattanooga, TN 37402

1. Call to Order

Gordon Stalans, Treasurer of the DCA, called the meeting to order. Finance

Committee members attending were Donald O’Connor, Steve Hunt and Councilman

Darrin Ledford.

Not attending was Matt McGauley

Also present was Steve Brookes, Executive Director of the DCA and Kelly Fitzgerald,

Chairman of the DCA.

1. 2022 Budget Forecast

(a) G. Stalans reported that the DCA finances are in good shape. The collection of delinquent assessments from 2019 & 2020 has been higher than projected.

2. 2023 Budget Discussion

(a) G. Stalans reported that the DCA is working to bring their budget in line with the City’s fiscal year. This will require a six-month budget from January 2023 – June 2023.

(b) There was discussion that the DCA would present it’s 2023-2024 budget to the City Council during the City’s budget process.

(c) It was pointed out that a change in our budget cycle would help with the Non-

Profit applications for a reduced or waived DCA assessments. The application

process would be complete before the budget presentation to the City Council.

(d) A change in the budget cycle would require a change in the DCA bi-laws. This

would require a motion from the Board of Directors.

3. Finance Committee Discussion & Recommendation

(a) Finance Committee reviewed the properties that have not paid their DCA

assessment.

(b) Finance Committee discussed waiving properties that have paid their DCA

assessment, but have amounts under $125 remaining. These amounts are the result

of penalties & interest accruing. Finance Committee will make a recommendation to

the Board of Directors to waive these amounts.

4. Reduction and/or waivers for Non-Profit Organizations

(a) Finance Committee discussed the August 30 th budget meeting with the City Council.

(b) Discussion centered around the two church buildings in the district. (not the assessments on their parking lots, as it is understood that state law does not allow a waiver).

(c) A discussion took place regarding the concerns some City Council members have about the church assessment. It was pointed out that the DCA has not assessed a penny on the church parcels (house of worship parcels). City Council is looking into the possibility of an amendment to the City Ordinance in regard to the church parcels (not the parking lots).

The meeting adjourned at 4:02pm