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Bartlesville

Posted: Aug 23, 2016 4:33 PMUpdated: Aug 24, 2016 6:19 AM

BRTA Approves Budget

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Bill Lynch

Monday afternoon the Bartlesville Redevelopment Trust Authority met for the Monthly regularly scheduled meeting. BRTA Executive Director Chris Wilson provided the end of year financial report, a thorough review of the fiscal year 2017 budget, as well as the directors report. Residential Redevelopment Consultant Carol Ervin also brought forward several projects for consideration or extension.

 

Wilson provided the end of the year financial report because BRTA Accountant Deborah Muggenburg, from Stotts, Archambo, Mueggenborg & Barclay, was unavailable. The BRTA ended the fiscal year well into the negative in TIF 1 due primarily to the recent approval of the Downtown Landscaping Project. TIF 1 ended the year nearly 191 thousan dollars over budget. TIF 2 ending the year nearly $80,000 under budget, TIF 7 ended the year breaking even, and TIF 8 was $6,500 over budget.

 

The deficit in TIF 1 was addressed extensively during the FY17 proposed budget presentation. Wilson stated that due to the decline in ad valorem funds, or tax money from the TIF, it is expected and planned that TIF 1 will again be over budget for FY17. Though the negative balance is planned and intentional, as the BRTA must appropriate funds to pay incentives for the new First Methodist Church Project. The BRTA board approved the proposed budget along with three residential redevelopment projects. The Bartlesville Redevelopment Trust Authority's next scheduled meeting is September 26.

 


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