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Presentation: TIF activity rise expected in next fiscal year

Annual reports for past 2 fiscal years presented to board

Published: Friday, Feb. 21, 2014 1:15 a.m. CST

DIXON – Financial activity for Dixon’s Central Business District TIF fund is likely to increase in the next 12 months, according to a presentation Thursday at City Hall.

That increased activity will come from the downtown streetscape project, which is estimated to cost about $5 million, and will be paid for, in part, by funds from the downtown TIF.

Matt Keegan, of the Ward Murray Pace & Johnson, presented the Dixon Joint Review Board with the annual reports for the Riverfront TIF and the Central Business District TIF for the 2012 and 2013 fiscal years Thursday at City Hall.

The annual reports for the past 2 fiscal years were presented instead of just the most recent fiscal year, Keegan said, because of the delay in Dixon’s overall audit.

The city’s audit for the 2012 and 2013 fiscal years, done by Wipfli, was delayed until late January because of the circumstances of former Comptroller Rita Crundwell’s arrest in April 2012.

For the Central Business District TIF, fiscal year 2012 ended with a $179,576 balance after collecting $273,042 in tax revenue and spending $580,000.

In fiscal year 2013, the Central Business District TIF ended with a $799,431 balance after collecting $319,112 in tax revenue. No expenditures were reported.

In fiscal year 2012, the Riverfront TIF collected $137,107 in tax revenue and spent $224,163, leaving a fund balance of $13,219.

The Riverfront TIF fund ended fiscal year 2013 with a $149,417 balance after the city spent $24,342 and collected $160,467 in tax revenue.

 

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