FY 17 Annual Report

Special Revenue Funds

2017

CITY OF SPENCER, IOWA

TAX INCREMENT FINANCING

FUND #125

FUND INFORMATION

Tax Increment Financing (TIF) Districts have been established in various locations in Spencer to encourage economic development and to promote housing development. TIF revenues are used to pay debt incurred for specific projects and to pay property tax rebates on increased valuation per development-specific agreement within the districts. As these agreements expire, the new valuation will be added to the base valuation for the entire city, and distributed to all taxing entities. The City of Spencer has three active Urban Renewal Districts (URD). URD's #3, #4 and #7 were consolidated in 2014 to create the Consolidated Spencer Urban Renewal Area. Urban Renewal District #6 had not activity and was retired early. The two remaining active Urban Renewal districts include #5 (Fairview Housing) and #8 (Deerfield Park Housing).

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

TAXES

818,451.00

835,048.24

102.03

687,243.91

USE OF MONEY

1,000.00

4,980.20

- -

3,083.86

OTHER FINANCING

-

- 690,327.77

TOTAL REVENUES

819,451.00

840,028.44

102.51

EXPENDITURES

CONTRACTUAL SVCS

441,115.00

337,548.81

76.52

1,887.25

COMMODITIES TRANSFERS

-

-

-

216,062.93 374,841.00 592,791.18

377,336.00

377,336.00

100.00

818,451.00

714,884.81

87.35

TOTAL EXPENDITURES

Fund Balance

(DECREASE) INCREASE /

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2015

JUNE 30, 2016

125,143.63

243,695.49

840,028.44

714,884.81

368,839.12

SPECIAL REVENUE