Prior to December 31 each year, the Downtown District Board reviews and approves the operating and capital improvements budgets for the following year.
Assessment rates for operations and capital improvements are set in the fourth quarter prior to the first year of a new 5-year service plan and prior to each succeeding year of a service plan if changes to the initial rates are to be made. Setting of the rates or of any changes must be approved by the Downtown District Board.
Budget preparation will involve the following before the Downtown District Board adopts the Operating and Capital budgets:
1. Review of needs and priorities within the District
2. Review of draft budget by board committees
3. Review of draft budget by Downotwn District Board
4. Receipt of property owner input through Town Hall Meeting, survey or other format
Each year an annual audit of Downtown District funds for the prior year will be completed by an independent accounting firm and accepted by the Board of Directors.