Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the TIF Accounting topic
No spam. Unsubscribe anytime.
China Select Board reviews TIF accounting, pauses spending beyond prior approval
Summary
Town Manager Rebecca Hapgood reported a multi-year review of Tax Increment Financing (TIF) revenue that identified $283,953.50 in uncommitted funds and $726,558.51 unspent as of June 30, 2025; auditors will review figures before a Third Amended TIF is resubmitted.
The China Select Board on Nov. 3 heard an update from Town Manager Rebecca Hapgood on the town’s Tax Increment Financing (TIF) accounting and was advised not to spend beyond amounts approved in the Second Amended TIF.
Hapgood told the board she and staff spent hours reviewing TIF documents back to the 2015 commitment, working with Town Attorney Meader, auditors from Purdy Powers & Company, and TIF Committee member Jamie Pitney to reconcile revenue and designations. She reported that, as of June 30, 2025, she believes there is $283,953.50 in uncommitted TIF funds and $726,558.51 that remains unspent; some of the unspent amount is designated for specific projects.
Hapgood said auditors will review the reconciled figures before the town finalizes updated TIF documents and resubmits a Third Amended TIF to the Maine Department of Economic and Community Development. She emphasized that, because the Third Amended TIF has not yet been approved by the state, the town should not spend amounts exceeding what the Second Amended TIF authorized.
The board did not take formal action on the TIF item at the Nov. 3 meeting; Hapgood’s report was presented as an informational update and a step toward completing the audit and resubmission process.
