New Technology Now in Use by Development Dynamics LLC Provides Proper Administration
The growing number of special districts established in the State of Missouri is being met with the uncertainty of properly managing the funds in compliance with state laws. Development Dynamics LLC (D2) is no stranger to this issue, and recently released a new online Administration Dashboard Tool to give district board members, auditors, and the public 24/7 access to revenue and fund reporting.
Special districts are allowed by Missouri law as a means to encourage local economic development, and often include the collection of special sales taxes to fund infrastructure improvements which help make development possible. In most cases, notes or bonds are issued by the special district to reimburse for public infrastructure projects. The figures are based on revenue projections for the development. The special tax money collected is then used to repay the notes or bonds. Such is the case at D2’s home of WingHaven®.
“D2 provides expertise to assure board members of compliance issues we are not experienced with,” said Paul McKee, Chairman of WingHaven® Transportation Development District. “D2 is efficient, responsive and technically accurate thereby providing required information to the board and reporting entities such as the Missouri State Auditor in a timely manner. Since public tax money is paying for the debt service, the auditor wants to ensure that all the guidelines and correct reporting is occurring – it is when a District does not provide sound administration and financial reporting that raises the auditors’ eyebrows.”
The D2 Dashboard was created with these concerns in mind. Revenue reporting is input into the online system as receipts are collected from local merchants. A portion of the Dashboard is available to the general public, while more detailed information is accessible with a user name and password. Users may log in at any time to view the district’s revenue and disbursements in concise, easy to read charts. “D2’s dashboard gives the interested parties immediate access to the revenue figures so we all know where we stand,” said McKee in reference to the WingHaven® Transportation Development District, the first local special district to make use of the Dashboard.
Pat Nasi, Principal of D2 notes their administration of the data, coupled with the accessibility of information provided by the Dashboard, has put auditors’ minds at ease. “Special Districts in Missouri are relatively new and are quickly being created all across the state,” notes Nasi. “Inexperience with administration is causing errors and raising the fear of state audits and bad press of an otherwise positive economic development tool.”
D2 is an economic development advisory and administrative services team, founded in 2000 by Principals Pat Nasi and Laura Lashley. D2 has been involved with several high profile projects across the Region, including Winghaven®, Gravois Bluffs, Ozark Centre, and the Troy/Lincoln County transportation development districts.
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