Annual TIF Deadlines Annual TIF report must be submitted to the Illinois Office of the Comptroller 180 days after the municipal fiscal year ends (or as soon thereafter as the audited financial statements become available) Municipal audit due 180 days after the municipal fiscal year ends Joint Review Board must meet annually 180 days after the fiscal year ends (or as soon thereafter as the Municipal audit/tif report is distributed) Annual TIF Report must be submitted to the Joint Review Board (as well as other the major taxing districts overlapping the TIF district) before the annual JRB meeting For Housing Impact TIFs, interested party registrants must be notified annually as to the availability of the annual report Note: Municipal audit, certified audited financial report, and audited financial statements are one and the same Act also refers to it as the redevelopment project audit.
Which Fiscal Year? Municipalities with fiscal years ending between November 1 and December 31 must report for fiscal years 1999 and thereafter for all TIF districts active as of 11/1/99 Municipalities with fiscal years ending between January 1 and October 31 must report for fiscal years 2000 and thereafter for all TIF districts active as of 11/1/99 First Year Reporting Historical Research Musts Assemble the Redevelopment Plan, including the Plan budget for each TIF District Research revenues by source since inception of each TIF District (property tax increment, sales tax increment, etc.) to establish a cumulative revenue amount (report section 3.1) Research past private and public investment undertaken for projects within each TIF district that required investment since 11/1/99 and that may require investment in the future (report section 5) Assemble all past official statements, indentures, Redevelopment Agreements, note obligations, etc. for outstanding obligations for each TIF district
Reporting Year Research by Major Category Revenues and receipts (property tax increment, local & state sales tax increment, interest, bond proceeds, fund transfers, other revenues, etc.) Expenditures by eligible cost category (administration, marketing, property assembly, public improvements, etc.) and by significant vendor (paid $5,000 or more) TIF Termination Ordinance or Major Plan Amendments (expanded boundaries, substantial change in land use, significant budget changes, etc.) Acquisition, Disposition and/or Redevelopment of Property Private and public investment for TIF supported projects Review of Activities based on Plan goals & objectives Debt Obligations and Payments Reports of the Joint Review Board (including minutes of prior year JRB Meetings) Payments to municipal developers or other entities that also have contracts with TIF consultants
Required Financial Information, Statements and Municipal Certifications Certified audited financial report for special tax allocation funds that have accumulated over $100,000 in incremental tax revenue since inception A letter from Auditors indicating compliance or noncompliance with requirements of the TIF Act pertaining to eligible redevelopment costs A brief activity statement that summarizes fiscal year activities undertaken to further Plan goals and objectives TIF administrator must attest to completeness and accuracy of report Certification of compliance letter by municipal chief executive officer Opinion by legal counsel that municipality has complied with the TIF Act
Special Considerations Year End Balance and Determination of Surplus* New TIF District Confirm Adoption Date and the first fiscal year for reporting for that TIF District Confirmation of Termination of a TIF District Optional Information (job creation/retention data, TIF District map and legal description, and amounts of surplus distributed to each taxing district are optional components of the TIF report) *The report must include the balance in the special tax allocation fund at the end of the fiscal year including a breakdown of that balance by source and a breakdown of that balance identifying any portion of the balance that is required, pledged, earmarked, or otherwise designated for payment of or securing of obligations and anticipated redevelopment project costs. Any portion of such ending balance that has not been identified as being required, pledged, earmarked, or otherwise designated for payment of or securing of obligations or anticipated redevelopment projects costs shall be designated as surplus.