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Committee reviews Department of Revenue TID annual reports; recommends council acceptance
Summary
Finance staff presented Department of Revenue tax increment district (TID) annual reports filed July 1, showing projected surpluses or deficits through each TID's life; committee recommended the reports be referred to council.
The Finance Committee reviewed tax increment district annual reports filed with the state Department of Revenue and recommended the council accept and file them. Danielle (staff member) told the committee the TID annual reports were the same documents presented at the prior meeting but now include the Department of Revenue forms that show the life‑of‑project projected surplus or deficit in Section 5.
Danielle said the Section 2 beginning balance, Section 3 revenues and Section 4 expenditures are shown for each TID, and Section 5 summarizes an ending surplus or deficit as of the end of 2024. She noted the numbers will change annually as projects and projected revenues change. She also pointed out that TID 9 will not show incremental collections in the report until 2025 because it did not start collecting increments in 2024.
Committee members moved to accept the TID reports and refer them to council for acknowledgment. The motion carried on an affirmative voice vote of members present.
Ending: The Committee forwarded the Department of Revenue TID annual reports (filed July 1) to the council for formal acceptance.
