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Board approves closing two TIF accounts, rejects wider interfund forgiveness motions
Summary
After staff explained audits showed TIF 1 and TIF 2 had been closed in earlier audits but remained on village books, the board authorized closure/journal entries for TIF 1 and TIF 2 and approved related resolutions; multiple motions to forgive interfund balances and close other funds failed amid trustee demands for receipts and more documentation.
Village finance staff told trustees that Tax Increment Financing (TIF) District 1 and TIF District 2 had been closed in prior audits (2014'15) but the village ledger still listed residual balances. Staff recommended board action to authorize administrative entries to reconcile the village books with audited financial statements.
Chris Marabelli presented the timeline and said auditors had consolidated the balances in 2014'15 and that the ledger now needs a journal entry to match the audited statements.…
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