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Oswego TIF shows budgeted deficit for 2026; village relies on loans and future development to cover obligations
Summary
Staff told trustees the Hudson Crossing TIF is budgeting a deficit in 2026, carries outstanding interfund loans of about $11 million, and depends on development — including a delayed senior living project and parking garage increment — to meet debt service.
Village staff told trustees at a Committee of the Whole workshop that Oswego’s Tax Increment Financing (TIF) fund is budgeting a deficit for fiscal 2026 and will continue to rely on interfund loans and future development‑generated increment to meet debt obligations.
Andrea (staff member) said the TIF fund’s revenue for the year is estimated at just over $2 million while expenditures are about $4.3 million, producing a planned deficit. She explained the TIF was created “to encourage development in blighted and underdeveloped areas” and described the TIF as covering infrastructure that has been advanced before the increment to pay for it has materialized.
Key figures and mechanics: Andrea reported the TIF is starting with an $11 million beginning fund balance and that there are outstanding loans in the TIF of just over $11 million, most notably loans from the capital fund. She said…
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