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Council hears first readings to create JED and TIF accounting funds for Hebron Landing
Summary
Council held first readings on ordinances to create a custodial fund for a joint economic development district (JED) and a special revenue fund for Hebron Landing tax increment financing (TIF), with finance staff explaining these are accounting mechanisms required to process incoming JED/TIF dollars.
Mayor (speaker 6) introduced Ordinance 0526 to establish a custodial fund for the Kirkersville-Union-Hebron Joint Economic Development (JED) district and Ordinance 0626 to create a special revenue fund for the Hebron Landing incentive district TIF program.
Fiscal/finance staff (speaker 9) explained why the special funds are needed: once a JED and TIF are in place, separate accounting numbers must be created so the auditor can process incoming dollars and distribute them. "We now have to create a special fund so that we can process the funds coming into that and then the funds that I will be sending back out," the finance staff said, explaining that creation of the funds is a mechanism to receive and disburse those dollars and that the process requires auditor approval.
Council treated both items as first readings; staff said they will forward required documentation to the auditor after the three-reading process and that no appropriation or spending was requested at this stage. Council members asked clarifying questions about timing and whether the items would be comfortable to let follow the normal three-reading process to allow the auditor to complete acceptance.
