FY 17 Annual Report

Special Revenue Funds

2017

CITY OF SPENCER, IOWA

SELF-SUPPORTED MUNICIPAL IMPROVEMENT DISTRICT

FUND #162

FUND INFORMATION

This fund accounts for the revenue and expenditures of the City's Downtown Self-Supported Municipal Improvement District (SSMID). The District was created pursuant to Chapter 386 of the Code of Iowa. In 1989, the Spencer Main Street Company approached the City Council about the creation of a SSMID to promote and enhance the downtown district. Specifically, the money received from the SSMID funds the Main Street Program Director, property tax refunds for businesses as well as past capital improvements in the downtown area. The creation of the SSMID takes a petition by property owners located within the district and then the support of the City Council. The District is comprised of two zones, the first zone is located in the central core of downtown and is assessed an additional $4.00 / $1,000 of valuation. The second zone is located on the edges of downtown and is assessed an additional $2.00 / $1,000 of valuation. The money that is received by the City is remitted to Spencer Main Street Company on a regular basis, thus leaving little as on ongoing fund balance.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

TAXES

86,260.00

95,674.59

110.91

80,255.66 80,255.66

TOTAL REVENUES

86,260.00

95,674.59

110.91

EXPENDITURES CONTRACTUAL SVCS

86,260.00

2,636.35

3.06

77,463.68 77,463.68

86,260.00

2,636.35

3.06

TOTAL EXPENDITURES

SPECIAL REVENUE