TIF Reporting, Internal Loans and Certification€¦ · TIF Reporting, Internal Loans and...
Transcript of TIF Reporting, Internal Loans and Certification€¦ · TIF Reporting, Internal Loans and...
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Iowa League of Cities Annual Conference & Exhibit
TIF Reporting, Internal Loans and Certification
Ted Nellesen, City Budget DirectorIowa Department of Management
Handouts and presentations are available online at www.iowaleague.org
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Annual Urban Renewal Report (AURR)
• Mandated under HF2460• Due December 1st every year• Report on the data by Legislative Services Agency– Due February 15th
– Data from Report to be filed on Dec. 1st
– Contain list of Cities that haven’t filed by deadline– Submitted to Legislature and Governor
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Brief Overview of TIF Certification
• Projects undertaken & debt assumed to fund projects
• New debts certified to County Auditor– Certification also due December 1st each year
• Revenue received in the next fiscal year– Example
• Certification of new debt: 12/1/2013• Revenue received on new certification: 7/1/2014 – 6/30/2015
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FY2012 AURR
• AURR is rear‐facing report – always reporting on the FY that just ended
• FY2012 Report Submittal Statistics• 468 Entities Required to File FY2012 Report– 49 Counties– 415 Cities– 4 Rural Improvement Zones
• 437 Entities Filed FY2012 Report– 47 Counties Filed– 387 Cities Filed– 3 Rural Improvement Zones Filed
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Process for Completing the AURR
• Completed online – Report form accessed through DOM Website
• PDF of report created– Savable and Printable – Should be included in the Council packet for approval meeting
• Must be approved by motion and majority vote of the seats, not those present
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Public Access to Completed Report
• Access to the final reports and supporting documents through public portal:– DOM Homepage– Link –
• https://solr.legis.iowa.gov/tif/public
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Public Access to Completed Report
Data Comparison Tool
Data Access Tool
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Public Access to Completed Report
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Items Required to be Uploaded
• Urban Renewal Plan– 939 UR plan documents in FY2012
• Map of UR Area– 930 UR map documents in FY2012
• Urban Renewal Ordinance– 925 UR ordinance documents in FY2012
• Math doesn’t quite work…– 1,011 UR Areas exist, so we should see at least that many of each of these documents
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Projects – FY2012
• Projects were to be reported if…– Being PHYSICALLY COMPLETED in FY2012– Still making PAYMENTS ON DEBT THAT FUNDED THE PROJECT in FY2012
– Project was APPROVED BY COUNCIL during FY2012
Projects Reported of FY 11/12# Commercial Projects 1,217# Residential Projects 283
# Infrastructure/Other/Unclassified Projects 1,891
Total Active Projects 3,391
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Project Page
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Debt/Obligation – FY2012
• Needed to be reported if…– Debt was OUTSTANDING DURING FY2012– Debt TO BE CERTIFIED in the future was incurred during FY2012Debt ‐ Beginning of FY
Rebates Outstanding 895GO Bonds/Notes Oustanding 1,007
TIF Rev Bonds/Notes Outstanding 121Internal Loans Outstanding 564
Other Debt Outstanding 210Total # Debts Outstanding 2,797
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Debt/Obligation – FY2012
Rebates Outstanding 512,886,680GO Bonds/Notes Oustanding 1,623,970,002
TIF Rev Bonds/Notes Outstanding 425,495,310Internal Loans Outstanding 122,879,837
Other Debt Outstanding 177,931,144Total Amount of Debts Outstanding 2,863,162,973
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Types of Debt/Obligations
• General Obligation Bonds/Notes• TIF Revenue Bonds/Notes• Agreements
– Tax Rebate Agreements– Developer Agreements
• Internal Loans• Other Debt• Outstanding LMI Housing Requirements
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Internal Loans & TIF
• Allowable, and commonly used, form of TIF Debt
• Should always be formalized and approved• Common mistakes with Internal Loans
– Certifying but never making the internal loan (deficit spending TIF Fund)
– Not formalizing internal loans via resolution by Council
– Failing to track and pay back internal loan
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Debt Page
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Expenditures
• FY2012 only required inputting of itemized expenditure information for rebates and developer agreements.
• No information was required to be input about non‐rebate/agreement expenditures– These expenditures were still requested for voluntary report, but only as a bulk number.
Rebate Expenditures 61,523,398Non‐Rebate Expenditures 229,052,721
Returned to County Treasurer 79,935Total Expenditures 290,656,054
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Revenues
• TIF revenue by is reported by tax district• Whole dollar amounts; only amount of revenue for the FY being reported
• Revenues from interest and loan repayments/land sales must also be reported
Tax Revenues 274,088,886TIF Sp. Rev Fund Interest 6,416,714
Asset Sales and Loan Repayments 19,647,203Total Revenues 300,152,803
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Levy Authority Summary
• What does it mean?– “Back of the envelope”
calculation• Trying to find the amount
of TIF that should be recouped in future years
– Who has collected too much already
Debt Outstanding– FY2012 Expenses– FY2012 Ending CashYear‐End Net Debt