Annual Audits & Budgets
HOW IS THE DDA FUNDED?
• The DDA is funded using Tax Increment Financing (TIF) and can only capture taxes on the increased value or “tax increment,” which is the incremental difference between the 1999 base value and the current taxable value.
• The DDA does NOT collect new taxes. Lyon Township has entered into a Tax Increment Financing Agreement with Oakland county which means that tax dollars which would normally go to the County are instead, kept in our community for specific worthwhile projects within the DDA District. No monies can be spent outside of the district
• Improvements made to the downtown area such as new roads, utilities, sidewalks, lighting, and landscaping all help to increase property values, which property owners in the district benefit from.
• If the DDA had not made utility and road improvements, most of the non-residential development would not have occurred, and the tax base would not have grown to the extent it has.
• The capture area is only within the DDA District, yet the entire Lyon Township community will eventually see the full benefits of the Vision Plan and Master Plan realized and then can start to enjoy a revitalized and vibrant downtown area.
Below are two lists of the important financial documents related to the DDA and its programs of work.
One list contains 5+ years of audit information and the other is current and previous years annual budgets.
It is important to note that the government-wide financial statements include not only the Charter Township of Lyon itself (known as the primary government), but also the Lyon Township Downtown Development Authority, which is a separate legal entity for which Charter Township of Lyon is financially accountable. Financial information for this component unit is reported separately from the financial information presented for the primary government itself.
The Downtown Development Authority is a component unit of the Charter Township of Lyon. This fund accounts for the activities of the Downtown Development Authority, which utilizes tax increment financing for its primary revenues, with expenditures comprising a number of capital improvement projects, operations and related professional services for the Township’s designated downtown area. Please refer to the table of contents page for each audit to see where you can find financial information specific to the DDA in regards to Balance Sheets, Statement of Revenues, Expenditures and Changes in Fund Balance and other relevant notations.
As required by generally accepted accounting principles, the financial statements present the Charter Township of Lyon and its component units, entities for which the government is considered to be financially accountable. Blended component units , although legally separate entities are, in substance, part of the Township's operations and so data from these units is combined with data of the primary government. The discretely presented component units such as the DDA, on the other hand, are reported in a separate column in the government-wide financial statements to emphasize that they are legally separate from the government.
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