FY 17 Annual Report
Special Revenue Funds
2017
CITY OF SPENCER, IOWA
TAX INCREMENT FINANCING
FUND #125
FUND INFORMATION
Tax Increment Financing (TIF) Districts have been established in various locations in Spencer to encourage economic development and to promote housing development. TIF revenues are used to pay debt incurred for specific projects and to pay property tax rebates on increased valuation per development-specific agreement within the districts. As these agreements expire, the new valuation will be added to the base valuation for the entire city, and distributed to all taxing entities. The City of Spencer has three active Urban Renewal Districts (URD). URD's #3, #4 and #7 were consolidated in 2014 to create the Consolidated Spencer Urban Renewal Area. Urban Renewal District #6 had not activity and was retired early. The two remaining active Urban Renewal districts include #5 (Fairview Housing) and #8 (Deerfield Park Housing).
CURRENT BUDGET
YEAR TO DATE
% OF
FY 2016 ACTUAL
ACTUAL
BUDGET
REVENUES
TAXES
818,451.00
835,048.24
102.03
687,243.91
USE OF MONEY
1,000.00
4,980.20
- -
3,083.86
OTHER FINANCING
-
- 690,327.77
TOTAL REVENUES
819,451.00
840,028.44
102.51
EXPENDITURES
CONTRACTUAL SVCS
441,115.00
337,548.81
76.52
1,887.25
COMMODITIES TRANSFERS
-
-
-
216,062.93 374,841.00 592,791.18
377,336.00
377,336.00
100.00
818,451.00
714,884.81
87.35
TOTAL EXPENDITURES
Fund Balance
(DECREASE) INCREASE /
BALANCE
BALANCE
REVENUES
EXPENDITURES
JULY 1, 2015
JUNE 30, 2016
125,143.63
243,695.49
840,028.44
714,884.81
368,839.12
SPECIAL REVENUE
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