08/11/2003 Council Packet - Laserfiche WebLink

Home Search

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: (1) (2) permit comparison and reconciliation of the accounts and financial reports; (3) (4) be consistent with generally accepted accounting principles. provide full disclosure of the sources and uses of public funds in the TIF District; permit auditing of the funds expended on behalf of the TIF District; and 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) (3) the captured net tax capacity of the district; the net tax capacity for the reporting period of the district and any subdistrict; (4) (5) any fiscal disparity deduction from the captured net tax capacity under section 469.177, subdivision. 3;, the captured net tax capacity retained for tax increment financing under 469.177, subdivision 2, paragraph (a), clause (1); (6} any captured net tax capacity distributed among affected taxing districts under 469.177, subdivision 2, paragraph (a), clause (2); (7) the type of district; he 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); 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; SPRINGSTED Page 14