City of Saline LDFA TIF Status Report

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 12/14/2012 - 15:55

 

City of Saline
Local Development Finance Authority
REPORT ON STATUS OF TAX INCREMENT FINANCING PLAN
June 30, 2012
         
Information on the status of the Local Development Financing Authority (LDFA) tax increment financing plan is provided per Public Act 281 of 1986, as amended:
         
    Shelton District   Sauk Trail District
REVENUES        
Property taxes    $             192,183    $                 411,917
Interest   188   290
Contributions from City of Saline funds   0   0
Total Revenue    $             192,371    $                 412,207
         
EXPENDITURES        
Administrative    $               36,087    $                   52,647
Debt Service   0   0
Distribution to other taxing units   0   0
Other   0   0
Contributions to City of Saline funds:        
Municipal Streets   132,690   166,002
Water and Sewer   24,682   201,596
Total Expenditures   193,459   420,245
         
EXCESS OF REVENUES OVER EXPENDITURES    $                (1,088)    $                    (8,038)
FUND BALANCE - July 1, 2011    $               63,924    $                 213,196
FUND BALANCE - June 30, 2012    $               62,836    $                 205,158
         
BOND RESERVE ACCOUNT    $               50,000    $                            0
CONTINUING PROJECTS RESERVE    $               12,836    $                 205,158
OUTSTANDING BONDED INDEBTEDNESS    $                        0    $                            0
         
DEVELOPMENT AREA INITIAL ASSESSED VALUE        
Ad Valorem    $                        0    $                 185,600
Commercial Facilities        
Restored   0   0
New   0   0
Industrial Facilities        
Restored   0   0
New   0   0
         
CAPTURED ASSESSED VALUE RETAINED        
Ad Valorem    $          7,416,194    $              8,336,021
Commercial Facilities        
Restored   0   0
New   0   0
Industrial Facilities        
Restored   0   0
New    $             277,100    $            15,712,800
         
CITY OF SALINE LOCAL DEVELOPMENT FINANCE AUTHORITY    
         
Signed:  Peter Kozma, Treasurer    Date:  December 3, 2012   

 

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Tran Longmoore
Tran Longmoore is a veteran community journalist. He is founder and owner of TheSalinePost.com. He is co-publisher of The Saline Post weekly newspaper. Email him at [email protected] or call him at 734-272-6294.

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