08-11-2003 EDA Packet - Laserfiche WebLink

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City of Lino Lakes, Minnesota The County Auditor shall notify the Authority of all changes made to the original net tax capacity of the TIF District. Section AB Financial Reporting and Disclosure Requirements The State Auditor shall enforce the provisions of the TIF Act and shall have full responsibility for financial and compliance auditing of the Authority's use of tax increment financing. On or before August 1 of each year, the Authority must annually submit to the State Auditor, County Auditor and to the governing body of the municipality a report which shall: provide full disclosure of the sources and uses of public funds in the TIF District; (1) (2) permit comparison and reconciliation of the acx nta and financial reports; (3) permit auditing of the funds expended oehalf of the Tiff District; and (4) be consistent with generally accepted accounting principles. The report shall include, among other items, the foliowing information: (1) the original net tax capacity of the da subdivision 1; (2) (3) (4) (5) the net tax capacity for th the captured net tax capaci any fiscal 469.1 eduction any subdistrict under 469.177, district and any subdistrict; the captured net tax capacity under section city retained for tax increment financing under 469.177, rap hr clause (1 ); ptured ,tax capacity distributed among affected taxing districts under 469 1 i' subdivision,2, paragraph (a), clause (2); the type of .he date the municipality approved the tax increment financing plan and the date approval ofOny modification of the tax increment financing plan, the approval of which requires notice, discussion, a public hearing, and findings under subd sion 4°; paragraph (a); the date the authority first requested certification of the original net tax capacity of the district and the date of request for certification regarding any parcel added to the district; the date the county auditor first certified the original net tax capacity of the district and the date of certification of the original net tax capacity of any parcel added to the district; (11) the month and year in which the authority has received or anticipates it will receive the first increment from the district; SPRINGSTED Page 14