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Review and approval of the 2024 Tax Incremental Districts budgets
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Submitted by:
John Ruggini
Department:
Finance Department
A. Issue
Per the Financial Affairs Committee request, the 2024 Tax Incremental Financing District budgets are presented for review separate from the rest of the operating and capital budgets.
B. Background/Options
The 2024 expenditures and revenues in the Tax Incremental District Funds are included with the City’s operating and capital budgets. The budgets only reflect the 2023 re-estimated and 2024 expenditures and revenues associated with developments that have terms approved by the Common Council. For example, there are no revenues or expenditures budgeted associated with the Boston Store redevelopment, despite there being an approved term sheet, because the timing of the City’s financial commitments are not yet finalized.
The Department of Revenue maintains a “TIF Manual <https://www.revenue.wi.gov/DOR%20Publications/tif-manual.pdf>” (link attached) that includes helpful background information on tax increment financing as well as information the use of tax increment district financing around the state.
C. Strategic Plan (Area of Focus)
Economic Development and Financial Resilience
D. Fiscal Impact
No impact to General Fund
E. Recommendation
Approval of Tax Increment District budgets