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Friday, September 9, 2011

TIF Reporting Deadline Approaching

All Illinois municipalities with a tax increment financing district (TIF) must file an annual report for each TIF with the State of Illinois Comptroller's office no later than 180 days after the end of the fiscal year or as soon as audited financial statements are available.  For most communities with a fiscal year ending April 30th, that means filing a report no later than the end of October. 

Each TIF report must contain certain information and supporting documents, including the following:
  • A description of any amendments to the redevelopment plan.
  • A certified audit if the TIF has accumulated funds in excess of $100,000.
  • A certificate by a certified public accountant.
  • A statement of activities or projects undertaken in the TIF.
  • A description of any property purchased in the TIF.
  • An accounting of the TIF fund, including obligations issued by the municipality and expenditures.
  • A list of all intergovernmental agreements and any funds transferred or received pursuant to an agreement.
  • A certification by the TIF Administrator that the report is complete and accurate.
  • A certificate of compliance signed by the Mayor or Village President.
  • An opinion by legal counsel that the municipality is in compliance with the TIF Act.
Although there is no statutory penalty for failing to file a TIF report, a list of all municipalities who are "non-compliant" will be posted on the State Comptroller's website.  So, to avoid making the "naughty list", a community with one or more TIFs should start putting the necessary documentation together now to be ready to file by the end of October.  Also, don't forget that the Joint Review Board needs to meet on an annual basis, and that meeting should take place before the report is filed with the Comptroller.

You can find additional information about TIF reporting requirements on the State of Illinois Comptroller's website:  http://www.ioc.state.il.us/index.cfm/departments/local-government-division/tif-districts/


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