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Review shows small FY2024 revenue, lingering negative fund balance for Davis Junction TIF
Summary
Consultants reported FY2024 revenue of about $26,007.25 (mostly from a Dollar General) and expenses of about $23,006.75, leaving a small net increase; they also reported a longstanding negative fund balance and roughly $135,577 in reimbursements paid to date.
Consultants presented the TIF fund's FY2024 activity and a longer-term view of reimbursements. The presenter said the district started FY2024 with a negative fund balance (presented in the transcript as roughly -$1,314,006.60), recorded about $26,007.25 in revenue (mostly from the Dollar General property), and incurred roughly $23,006.75 in expenses, producing a modest net increase in fund balance for the year.
On developer reimbursements, the presenter said the village had reimbursed approximately $135,577 to date under a reimbursement agreement that caps payments at $200,000 and draws from 70% of the annual tax increment. The presenter noted that, "Assuming that the rate of growth for taxes may be same, estimate that he'll be done paying this application of, in 2020," (transcript phrasing retained); board members did not dispute the consultant's accounting but asked for the slides to confirm details.
