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TIRZ No. 1 board ratifies overdue annual reports, approves minutes and current report
Summary
At its Feb. 10 meeting, the Tax Increment Reinvestment Zone No. 1 Board approved the 10/11/2022 minutes, ratified overdue annual reports for 2022–2024 and approved the current annual report; staff said there are no penalties for late filing but the zone is not currently in compliance and the audit is pending.
The Tax Increment Reinvestment Zone No. 1 Board voted on Feb. 10 to approve meeting minutes from Oct. 11, 2022, ratify annual reports for 2022–2024 and accept the current annual report for the zone.
Assistant City Manager Karen Riggs told the board the annual report is required by Chapter 311 of the Texas Tax Code and described the report’s required elements, including value increases and property tax revenues. Riggs said the city has not completed its audit for the year and will bring a ratification next year if numbers change. She reported an ending fund balance for the fiscal year ending Sept. 30, 2025, of $258,181.
During discussion about the ratification of past reports, a councilor asked whether late filing carries penalties; Riggs said the ratification is intended to bring the city current with the comptroller and that there are no penalties for the late filings, but confirmed the zone was not currently in compliance. Following brief questions from board members, motions to approve the minutes, ratify the prior years’ reports and accept the current report were made and the board approved each by verbal vote. The record shows the current annual report vote passed unanimously.
The board did not receive public comments at the meeting. City staff said an audit remains outstanding and, if the audit alters reported numbers, staff will return with a ratification as needed.
The board adjourned at 6:10 p.m.
