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Council receives TIF management report showing $1.1 million collected in 2024
Summary
Consultant Greg Balsano presented the annual TIF management report to the St John Town Council; the report, informational only, summarized 2024 revenues, expenses, outstanding bonds and parcel data for the town’s redevelopment allocation areas.
Greg Balsano, a consultant from Baker Tilly, presented the Town of St John’s annual Tax Increment Financing (TIF) management report on March 26 and told the Town Council it is an informational filing required by the Department of Local Government Finance due April 15.
Balsano said the report covers taxes payable 2024 and summarized allocations for the town’s redevelopment areas. For 2024 the report showed the TIF funds collected just over $1,100,000 in revenue and recorded about $940,000 in expenses. One large line item was a $584,700 payment on the 2018 redevelopment district bonds, Balsano said. He also reviewed the end‑of‑year fund balances as of Dec. 31, 2024 and the list of outstanding bonds that will begin additional payments in coming years.
Balsano explained that TIF captures the incremental assessed value on properties inside redevelopment allocation areas (the difference between current assessed value and the base assessed value when the area was created) and that the captured revenue is used to finance infrastructure and incentives that support economic development in those areas. He noted three new allocation areas were created in January 2025; the report presented to council covered the parcels and values in effect for taxes payable 2024 and therefore does not yet reflect the January 2025 changes.
Balsano said a PDF with the parcel list and assessed value data for each allocation area for taxes payable 2024 will be uploaded to the YALG S site (the file name and location were identified in the presentation) and that no council action was required because this presents prior‑year information that the Redevelopment Commission must file with the state.
Town staff and council members had no additional questions beyond clarifying that the report shows the prior year (payable 2024) figures and therefore does not yet reflect the pruning changes made for payable 2025.
