Title
Consider/Discuss/Act on an Ordinance Authorizing a Fiscal Year 2011-2012 Budget Amendment for the Tax Increment Reinvestment Zones (TIRZ)
Summary
MEETING DATE: April 17, 2012
DEPARTMENT: Finance
CONTACT: Rodney Rhoades, Director
RECOMMENDED CITY COUNCIL ACTION:
· Approve Ordinance
ITEM SUMMARY:
· Two TIRZ areas were created in 2010 where revenue from future years Ad Valorem and Sales & Use tax increments are captured.
· Expenditures will increase when the TIRZ revenues are transferred out of the General Fund.
BACKGROUND INFORMATION:
· Each TIRZ Board approved their respective 2011 Annual Report on March 6, 2012 with City Council subsequent approval on March 20, 2012.
FINANCIAL SUMMARY:
· Reappropriate $747,123 General Fund fund balance (accounts 001-9999-403-8876 and 001-9999-403-8877) and transfer to:
o TIRZ No. 1 Fund 76 - $442,090
o TIRZ No. 2 Fund 77- $305,033
BOARD OR COMMISSION RECOMMENDATION: N/A