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Baker Tilly: Honda allocation-area TIF collected $5.08M for pay 2025; pay 2026 projected near $5.6M
Summary
Baker Tilly presented the annual tax-increment-financing (TIF) report for Decatur County’s Honda allocation area, reporting $5,080,191 collected for pay 2025, projected pay 2026 revenues near $5.6 million, $5.9 million outstanding on Series 2008A bonds, and excess revenues split roughly 50/50 between city and county projects.
Kimber Majors of Baker Tilly told the Decatur County overlapping taxing districts at their annual meeting that the Honda allocation-area TIF performed in line with expectations: the firm estimated $5,080,080 for pay 2025 and recorded $5,080,191 in actual collections.
"What we estimated for pay 2025 was $5,080,080. And if you'll note, the actual 2025 collections were $5,080,191," Majors said, noting the close match as a positive sign for revenue forecasting.
The presentation reviewed recent trends and obligations. Majors said pay 2026 revenue is projected to jump to nearly $5.6 million after a dip in 2024 tied to abatements at the Honda plant. She reported outstanding Series 2008A bonds with about $5.9 million remaining and an expected final maturity date of Feb. 1, 2032.
Majors described the allocation between debt service and excess revenue. "Our debt service year over year is roughly around $2 million," she said, and estimated TIF receipts of $5–6 million leave a several-million-dollar margin that is currently shared roughly 50/50 between the city and the county.
The presentation included a list of projects previously funded by TIF proceeds (sewer and water infrastructure, an E911 system, road and bridge improvements, snow trucks and a weather warning siren, a cyber center and biomed lab, and a level-three preschool) and outlined planned uses under discussion: a storage facility, sports complex, community building, aquatic center, a Catholic school, and a preschool. Majors said, even if those approved expenditures proceed at the estimated amounts, the allocation-area cash balance is projected to increase, with an estimated cash balance of approximately $4 million at the end of 2026.
Majors also flagged anticipated county bridge replacements as future projects with costs still to be determined. She closed by inviting board members to follow up with Baker Tilly with questions.
The report was presented to satisfy Indiana Code 36-7-25-8; Baker Tilly and the board closed the annual session and returned to the continuing agenda.
