Annually, the Ferndale DDA Board of Directors and Executive Director draft a budget for its next fiscal year (July – June) by submitting it to the City of Ferndale as part of its annual budget adoption process. By Public Act 197, and Ordinance 703, the board shall annually prepare and shall submit to the council on the same date that the proposed budget for the city is required by the city charter to be submitted to the council. The board shall not finally adopt a budget for any fiscal year until the budget has been approved by the city council. The board may, however, temporarily adopt a budget in connection with the operation of any improvements which have been finance by revenue bonds where required to do so by the ordinance authorizing the revenue bonds.
Interim changes are submitted at the mid-year at the same time City of Ferndale approves mid-years, or as Board determines to submit to Council to make adjustments throughout the year.
Here is the current approved budget:
The Ferndale DDA uses the City of Ferndale’s auditors to audit its budget annually.
The Ferndale DDA is funded through a Tax Increment Financing (TIF) Plan. The plan was last renewed in 2012 and runs through the end of 2031.
TIF is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects. Through the use of TIF, municipalities typically divert future property tax revenue increases from a defined area or district toward an economic development project or public improvement project in the community. To learn more about the 2012 Ferndale DDA Downtown Development Plan and TIF Plan, you can download it here: