TO: Counties, Cities and Towns, and Redevelopment Commissions
FROM: Matthew Parkinson, Director of Data Analysis
SUBJECT: 2014 TIF Management Application Launched
DATE: June 16, 2014
The Department has launched the 2014 version of the Tax Increment Financing (TIF) Management application. Local officials may begin to use TIF Management to submit data for TIF districts. The 2014 application is similar to the 2013 application in purpose and design, though a number of changes have been made to facilitate the ease of data submission and to improve the consistency of data collected.
Changes to this year’s TIF application include:
- The Customize Redevelopment Commission page has been separated into two pages: Customize Redevelopment Commission and Manage TIF Districts. The new second page will be used to create and save information about TIF Districts. In addition, users will enter information about revenues and expenses on the Manage TIF Districts page rather than through the Manage TIF Funds page.
- Users will now be asked to enter Fund/Account Name information into the Manage TIF Districts page. Users should avoid entering aggregated information on this screen; instead, information should be recorded individually by TIF District and by fund/account. This means that if the unit maintains all of its TIF Districts in a single fund, the unit should not report the consolidated information. Rather, please include only the account specific to the TIF District being reported.
- Units will now be asked to proactively indicate if a TIF District does not have debt instead of simply entering no debt information.
- Validation is in place to require that the following conditions be met before TIF data may be submitted:
- All TIF Districts must have at least one linked fund or account.
- Revenues and Expenditures may not be left blank.
- Units must either link a debt to a TIF District or, as noted above, indicate that the TIF District has no debt.
- Parcel data must be uploaded for TIF Districts.
- Various improvements to formatting and webpage functionality.
In addition to the changes to this year’s application, users are advised that TIF districts newly created in the last year must be entered using the Manage TIF Districts page.
As noted in a memorandum from the Department on June 13, 2014, a redevelopment commission is required to submit a report to the fiscal body of the unit that established the redevelopment commission before August 1. The fiscal body is then required to submit the report to the Department before October 1. The TIF Management application is now open so that redevelopment commissions and fiscal bodies may meet the August 1 and October 1 requirements.