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Urbana moves TIF closeout accounting and approves $1.1M fire engine purchase
Summary
Council approved Budget Amendment No. 7 to move pre-existing TIF commitments into a post-closure fund (including $6.39M port to central TIF) and authorized Budget Amendment No. 8 to purchase a stock fire engine using $1.1M from the Vehicle Replacement Fund (VERF).
The Urbana City Council approved several budget amendments tied to TIF closeout and a capital equipment purchase.
Finance staff summarized Budget Amendment No. 7, which moves projects and commitments made before the Tax Increment Financing (TIF) closing into a post-TIF-closure fund in order to track outstanding obligations. The amendment…
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