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Auditor details TIF swap with Lafayette; treasurer reports $190.4M March balance
Summary
Auditor Jennifer Weston told the council the City of Lafayette will transfer $827,000 to the county while the county will transfer $11 million to the city to consolidate TIF holdings; Treasurer Yadira Salazar reported a March month-end balance of $190,399,816.93 and total interest of $627,572.75.
At its April 14 meeting Tippecanoe County Auditor Jennifer Weston told the council the county and the City of Lafayette each currently hold 50% of two different tax increment financing (TIF) accounts and have agreed to consolidate holdings so each jurisdiction will hold its own funds.
Weston said the City of Lafayette will transfer $827,000 to the county and the county will transfer $11,000,000 to the city. She said the change should not affect interest credits because each fund retains its own interest and will simplify invoicing between the entities.
Treasurer Yadira Salazar reported the March month-end cash balance at $190,399,816.93, total interest for the month of $627,572.75, an average interest rate of 3.76% and a weighted average interest rate of 3.8%. She stated the General Fund had received 54.08% of total interest earned for 2026 and that 20.6% of the forecasted General Fund budget had been collected with 25.0% of the year elapsed.
County Attorney Doug Masson said the original arrangement may have been established when the Subaru of Indiana TIF was developed. The council did not vote on the swap at the meeting; Weston said guidelines for the Innkeepers Tax distribution (Resolution 2026-09-CL) will be reviewed at the May 12 meeting.
