#1547 BUDGET

PUBLIC NOTICE

The Board of Directors of the Dover Urban Renewal Agency will conduct a public hearing on  August 1, 2012 at 4 PM at Dover City Hall to review the budget and actual line items below:

The public is invited to comment on the preliminary budget at that time.

 ACTUAL   ACTUAL  BUDGET  PROPOSED

 9/30/2010   9/30/2010  FY 2011-12  FY 2012-13

Income:

    Beginning Balance  $             0  $     0  $   150,000  $ 150,000

    Bond Sale Proceeds           7,000,000

    Property Tax Increment      508,025      561,210        550,000      600,000

    Interest           5,830          2,615          12,500        12,500

    Miscellaneous

    Total Income  $  513,855  $ 563,825  $7,712,500  $ 762,500

Expenditures:

     Capital Improvements  $  111,221  $ 126,250  $   192,250

     Debt Service      467,330      467,300        538,000      522,000

     Developer Reimbursement     150,000   7,000,000

     City of Dover        30,000        30,000          30,000        30,000

     Interest          2,251          2,250            2,250

     Accounting/Admin          6,000          6,000            6,000          6,000

     Professional: Legal          4,609          3,325            5,000          5,000

     Office Expense             418             500      500

     Professional: Audit          9,000          4,500            4,500          4,500

     Miscellaneous

     Total Expenditures  $  780,829  $ 511,125  $7,712,500  $ 762,500

     Ending Balance  $(266,974)  $   52,700  $              0  $            0

SNP Legal 1547

July 18, 25, 2012