REPORT ON STATUS OF TAX INCREMENT FINANCING PLAN

 12/14/2012 - 14:48

 

City of Saline
Tax Increment Finance Authority
REPORT ON STATUS OF TAX INCREMENT FINANCING PLAN
June 30, 2012
     
Information on the status of the Tax Increment Financing Authority (TIFA) tax increment financing plan is provided per Public Act 450 of 1980, as amended, as follows:
     
REVENUES    
Property taxes    $              648,153
Interest   1,414
Contributions from City of Saline funds   0
Total Revenue    $              649,567
     
EXPENDITURES    
Administrative   100,056
Community Relations   73,053
Distribution to other taxing units   0
Expended through City of Saline funds:    
General   22,723
Municipal Streets   210,608
Saline Recreation Complex    
Water and Sewer   49,362
Expended through Economic Development Corporation 135,000
Total Expenditures    $              590,802
     
EXCESS OF REVENUES OVER EXPENDITURES   58,765
FUND BALANCE - July 1, 2011   527,042
FUND BALANCE - June 30, 2012    $              585,807
     
BOND RESERVE ACCOUNT   45,000
OUTSTANDING BONDED INDEBTEDNESS   0
CONTINUING PROJECTS RESERVE   540,807
     
DEVELOPMENT AREA INITIAL ASSESSED VALUE    
Ad Valorem    $         40,941,400
Commercial Facilities    
Restored   155,800
New   0
Industrial Facilities    
Restored   0
New   8,140,600
     
CAPTURED ASSESSED VALUE RETAINED    
Ad Valorem    $         47,643,769
Commercial Facilities    
Restored   (155,800)
New   0
Industrial Facilities    
Restored   0
New    $         19,138,536
     
CITY OF SALINE TAX INCREMENT FINANCE AUTHORITY  
     
Signed:  David A. Guenther, Treasurer Date:  December 5, 2012
     

 

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