FY 17 Annual Report

Special Revenue Funds

2017

CITY OF SPENCER, IOWA

SALES TAX TIF

FUND #127

FUND INFORMATION

The State of Iowa authorized communities to establish a Sales Tax Tax Increment Financing district several years ago. At that time, the City of Spencer created a district that surrounds the Menards development. In a Sales Tax TIF district the entities continue to pay the appropriate amount of sales tax as required by law. When the district is established, a baseline amount of sales tax collected is established and then in subsequent years the amount of sales tax collected above that baseline is then distributed to the City, regardless of any existing sales tax distribution requirements. The City can only use money generated by a Sales Tax TIF in the district tin which it was generated and only for expanding economic development within the district.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

TAXES

- - -

39,062.11

- - -

202.30 - 28,314.69 28,112.39

USE OF MONEY

518.74

OTHER FINANCING

-

TOTAL REVENUES

-

39,580.85

-

EXPENDITURES TRANSFERS

-

-

-

-

-

-

-

-

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

39,580.85

34,796.84

39,580.85

-

74,377.69

SPECIAL REVENUE