Perth trustees approve February financials and direct TIF receipts into bond accounts

Treasurer presented the village's February financial report and trustees approved the report and a recommended intra-fund transfer tied to recent TIF receipts.

Key figures presented at the meeting: the treasurer said the month produced roughly $17,000 net change after investment activity; water and sewer sales were about $17,000 for February (typical for the off-season). Property-tax receipts for the village were reported at roughly $8,700 and motor-vehicle tax at $1,153 (combined roughly $9,900). The treasurer also reported a TIF (tax increment financing) account balance and said the village must account for principal and accrued interest (the transcript references an amount of $482,000 and 7% interest dating to 2017).

TIF transfer motion: The treasurer asked for a transfer of funds tied to a recent TIF payment: the transcript records a transfer amount of "8,956.9" to Bond A and references a related figure "99517" for Bond B; trustees approved the transfer on the motion. The transcript text contains those numeric strings as spoken; the clerk's official accounting record should be checked to confirm exact amounts and destination accounts.

Why it matters: Moving TIF receipts to bond accounts affects debt-service accounting and which taxing bodies receive incremental revenue. Trustees said they will purchase software (recommended by attorney Mike Bacon) to calculate allocations accurately because TIF distributions depend on timing of development and tax collection.

Next steps: The board approved the transfer and will continue regular reporting; staff will provide the invoices spreadsheet in advance of the next meeting for review.