08/22/2011 Council Packet - Laserfiche WebLink

Home Search

• • City of Lino Lakes, Minnesota 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 goveming body of the municipality a report which shall: (1) (2) (3) (4) provide full disclosure of the sources and uses of public funds in the TIF District; permit comparison and reconciliation of the accounts and financial reports; permit auditing of the funds expended on behalf of the TIF District; and be consistent with generally accepted accounting principles. The report shall include, among other items, the following information: (1) the original net tax capacity of the district and any subdistrict under 469.177, subdivision 1; (2) the net tax capacity for the reporting period of the district and any subdistrict; (3) the captured net tax capacity of the district; (4) any fiscal disparity deduction from the captured net tax capacity under section 469.177, subdivision (5) (6) 3; the captured net tax capacity retained for tax increment financing under 469.177, subdivision 2, paragraph (a), clause (1); any captured net tax capacity distributed among affected taxing districts under 469.177, subdivision 2, paragraph (a), clause (2); (7) the type of district; (8) the date the municipality approved the tax increment financing plan and the date of approval of any modification of the tax increment financing plan, the approval of which requires notice, discussion, a public hearing, and findings under subdivision 4, paragraph (a); (9) 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; (10) 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; (12) the date the district must be decertified; (13) for the reporting period and prior years of the district, the actual amount received from, at least, the following categories: (i) tax increments paid by the captured net tax capacity retained for tax increment financing under section 469.177, subdivision 2, paragraph (a), clause (1), but excluding any excess taxes; SPRINGSTED Page 14 P53