TAX INCREMENT FINANCING (T.I.F.)

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Rodger Harrell
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1 TAX INCREMENT FINANCING (T.I.F.) Tax Increment Financing (T.I.F.) is a financing technique that can be used to pay for costs associated with the renovation of conservation areas. Funding is done by designating incremental increases in real estate and sales tax revenues above a frozen level to pay for infrastructure and other public improvements needed in the area. This technique is statutorily authorized by the "Tax Increment Allocation Redevelopment Act" 65 ILCS 5/11-74,4-1. The Village of Libertyville established a geographically identifiable T.I.F. District in 1986 which was due to expire in The technique of T.I.F. is being implemented on the basis of a redevelopment plan and subsequent sub area plan. In addition, a multi-year TIF implementation work plan has been created and will guide the Village's efforts in the TIF District. In 2010, the TIF was extended for a 12 year period and now expires in The extension funded ground improvements to the parking lot on the west side of the downtown and will be used for a second parking structure on the west side along with ground improvements on the east. As part of the agreements with the other taxing bodies in the TIF area, the Village will rebate 70% of all property tax revenues on an annual basis. Account Detail 776 Parking Improvement Civic Center Parking Construction $3,000,000 Civic Center Parking Design 500,000 Legion Lot Landscaping 25,000 $3,525,

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3 VILLAGE OF LIBERTYVILLE MUNICIPAL BUDGET TAX INCREMENT FINANCING DISTRICT BUDGETED TIF REVENUES ACTUAL ACTUAL BUDGET ESTIMATE APPROVED C 609 PROPERTY TAX 2,772,097 2,942,657 3,000,000 3,193,830 3,200,000 C 690 INTEREST 1,997 7,201 5,000 6,000 6,000 C 699 MISCELLANEOUS TOTAL TIF REVENUES 2,774,094 2,949,858 3,005,000 3,199,830 3,206,000 BUDGETED EXPENDITURES ACTUAL ACTUAL APPROVED ESTIMATE APPROVED 776 PARKING IMPROVEMENTS 61,532 42, , ,305 3,525, SURPLUS REBATED 1,940,466 2,059,852 2,100,000 2,235,680 2,300, MISCELLANEOUS 3,520 3,530 4,000 4,265 4,300 TOTAL TIF EXPENDITURES 2,005,518 2,105,591 2,209,000 2,381,250 5,829,300 TAX INCREMENT FINANCING DISTRICT SUMMARY ACTUAL ACTUAL BUDGET ESTIMATE APPROVED TOTAL REVENUES 2,774,094 2,949,858 3,005,000 3,199,830 3,206,000 TOTAL EXPENDITURES 2,005,518 2,105,591 2,209,000 2,381,250 5,829,300 NET INCOME / (LOSS) 768, , , ,580 (2,623,300) BEGINNING BALANCE MAY 1 550,158 1,318,734 2,163,001 2,163,001 2,981,581 ENDING BALANCE APRIL 30 1,318,734 2,163,001 2,959,001 2,981, ,

4 IMPACT FEE FUND The Impact Fee Fund was established in the fiscal year. This fund will account for any parking impact fees paid for developments in the downtown area. When parking improvements are constructed, these funds will be transferred to a capital project fund to offset construction costs. 308

5 VILLAGE OF LIBERTYVILLE MUNICIPAL BUDGET IMPACT FEE FUND BUDGETED REVENUES ACTUAL ACTUAL BUDGET ESTIMATE APPROVED 601 PARKING IMPACT FEE , SIDEWALK IMPACT FEE 0 2, , INTEREST MISCELLANEOUS TOTAL IMPACT FEE REVENUES 0 2, , ,000 BUDGETED EXPENDITURES ACTUAL ACTUAL APPROVED ESTIMATE APPROVED 784 TRANSFER TO CAPITAL PROJECTS TRANSFER TO TIF MISCELLANEOUS TOTAL IMPACT FEE EXPENDITURES IMPACT FEE FUND SUMMARY ACTUAL ACTUAL BUDGET ESTIMATE APPROVED TOTAL REVENUES 0 2, , ,000 TOTAL EXPENDITURES NET INCOME / (LOSS) 0 2, , ,000 BEGINNING BALANCE MAY ,452 2,452 7,352 ENDING BALANCE APRIL ,452 2,452 7, ,

6 CAPITAL IMPROVEMENTS The Capital Improvements Fund functions as a capital projects inventory for a variety of expenditures. These expenditures include road and parking improvements, street lighting and signalization, public building improvements, storm water/sewer improvements, sidewalk improvements, bridge improvements, and landscaping improvements. Account Detail 768 Streetscape Improvements 784 Sidewalks & Bike Paths Street light Painting $ 30,000 Various Sidewalk Replacement $ 65, Road Improvement Program 799 Miscellaneous Program Engineering $ 90,000 Sticker Decals $ 3, Reconstruction 675,000 Vehicle Forms Printing 10,000 Pavement Patching 200,000 Postage for Stickers 6,500 Crack Sealing 35,000 Infrastructure Mgmt Study 35,000 Thermoplastic Pavement Marking 40,000 $ 54,500 $ 1,040, Storm Sewer Improvement North Shore Bikepath Drainage $ 121,000 Greentree Storm Sewer 15,000 Sunset Dr Storm Sewer 10,000 $ 146,

7 VILLAGE OF LIBERTYVILLE MUNICIPAL BUDGET CAPITAL IMPROVEMENT FUND BUDGETED REVENUES ACTUAL ACTUAL BUDGET ESTIMATE APPROVED 626 VEHICLE LICENSES 418, , , , , TELECOM INFRASTRUCTURE MAINT FEE 291, , , , , GRANTS 380, , , FEDERAL REIMBURSEMENT INTEREST 2,995 4,301 4,000 3,000 3, TRANSFER GENERAL FUND MISCELLANEOUS 842 2, ,200 25,000 TOTAL CAPITAL IMPROVEMENT REVENUES 1,094, , , , ,500 BUDGETED EXPENDITURES ACTUAL ACTUAL APPROVED ESTIMATE APPROVED 768 STREETSCAPE IMPROVEMENTS - 28,804 50,000 30,000 30, ANNUAL ROAD IMPROVEMENT PROGRAM 166, ,900 1,400,000 1,029,000 1,040, STORM SEWER IMPROVEMENTS 36,508 58,820 70,000 76, , STREETLIGHT REPLACEMENT/PAINTING 45,065 40,000 31,230 40, BRIDGE REPAIR & REPLACEMENT 50,000 10,000 50, ENGINEERING FAU PROJECTS 50, , SIDEWALKS AND BIKE PATHS 113,300 66,309 60,000 60,000 65, PETERSON ROAD CORRIDOR 12,385 3,224 25,000 25,000 25, MISCELLANEOUS 19,516 21,913 59,500 19,500 54,500 TRANSFER TO GENERAL FUND 0 0 TOTAL CAPITAL IMPROVEMENT EXPENDITURES 399,292 1,188,035 1,889,500 1,280,925 1,450,500 CAPITAL IMPROVEMENT FUND SUMMARY ACTUAL ACTUAL BUDGET ESTIMATE APPROVED TOTAL REVENUES 1,094, , , , ,500 TOTAL EXPENDITURES 399,292 1,188,035 1,889,500 1,280,925 1,450,500 NET INCOME / (LOSS) 694,876 (481,641) (1,163,500) (599,725) (717,000) BEGINNING BALANCE MAY 1 1,508,874 2,203,750 1,722,109 1,722,109 1,122,384 ENDING BALANCE APRIL 30 2,203,750 1,722, ,609 1,122, ,

8 ROAD IMPROVEMENT FUND This Road Improvement Fund accounts for the proceeds and expenses of the bonds issued for road rehabilitation. The bonds are accounted for in the bond fund and were approved through a referendum. A total of $20 million in bonds will be issued over 4 years beginning in Account Detail 773 Road Rehabilitation Rehabilitation $ 3,476, Engineering 330, Engineering 100, Pavement Rehabilitation 50,000 CCDD Engineering 50,000 Crack Sealing 40, Rehabilitation-Bell Lane 24,000 Construction Management 30,000 $ 4,100,

9 VILLAGE OF LIBERTYVILLE MUNICIPAL BUDGET ROAD IMPROVEMENT FUND BUDGETED REVENUES ACTUAL ACTUAL BUDGET ESTIMATE APPROVED 676 GRANTS INTEREST 5,304 14,063 10,000 16,000 15, BOND ISSUE PREMIUM 50,275 86, , BOND PROCEEDS 5,000,000 5,000,000 5,000,000 5,000,000 5,000, MISCELLANEOUS TOTAL ROAD IMPROVEMENT REVENUES 5,055,579 5,100,831 5,010,000 5,072,260 5,015,000 BUDGETED EXPENDITURES ACTUAL ACTUAL BUDGET ESTIMATE APPROVED 728 BOND ISSUE COSTS 33,435 41,645 42,000 46,385 45, ANNUAL ROAD IMPROVEMENT PROGRAM 624,723 2,746,907 5,543,210 3,342,690 4,100, MISCELLANEOUS TRANSFER TO GENERAL FUND TOTAL CAPITAL IMPROVEMENT EXPENDITURES 658,181 2,788,552 5,585,210 3,389,075 4,145,000 ROAD IMPROVEMENT FUND SUMMARY ACTUAL ACTUAL BUDGET ESTIMATE APPROVED TOTAL REVENUES 5,055,579 5,100,831 5,010,000 5,072,260 5,015,000 TOTAL EXPENDITURES 658,181 2,788,552 5,585,210 3,389,075 4,145,000 NET INCOME / (LOSS) 4,397,398 2,312,279 (575,210) 1,683, ,000 BEGINNING BALANCE MAY 1 0 4,397,398 6,709,677 6,709,677 8,392,862 ENDING BALANCE APRIL 30 4,397,398 6,709,677 6,134,467 8,392,862 9,262,

10 PARK IMPROVEMENT FUND This fund was established in 1995 to account for and accumulate funds expressly for improvements to the public parks system. Sources of funding for this Fund are park impact fees, grants and transfers from the General Fund operating budget. Account Detail 782 Park Improvement Relocate Hockey Rink $ 250,000 Riverside Preschool Exterior Repair 45,000 Butler Lake Weed Spraying 13,000 Shoreline Plant Woody Burn 10,000 Butler Lake Shoreline Management 10,000 Buy A Brick Program 10,000 Plans for Riverside Gutters 10,000 Butler Park Dumpster Enclosure 5,500 Adler Park Dumpster Enclosure 4,750 Riverside Park Dumpster Enclosure 2,500 $ 360,

11 VILLAGE OF LIBERTYVILLE MUNICIPAL BUDGET PARK IMPROVEMENT FUND BUDGETED REVENUES ACTUAL ACTUAL BUDGET ESTIMATE APPROVED 654 PARK IMPACT FEES 157, ,753 80,000 50, , GRANT REIMBURSEMENT 25,800 11, BUY A BRICK , SALE OF ASSETS ,000 1,678, INTEREST TRANSFER GENERAL FUND WETLAND MITIGATION MISCELLANEOUS 9,830 17,991 10,000 8,000 10,000 TOTAL PARK IMPROVEMENT FUND REVENUES 193, ,575 90, ,000 1,994,530 BUDGETED EXPENDITURES ACTUAL ACTUAL APPROVED ESTIMATE APPROVED 782 PARK IMPROVEMENT COSTS 85, , , , , TRANSFER TO SPORTS COMPLEX 150, TRANSFER SALES TAX BOND FUND (Rec Offices) 74,190 73,500 76,590 76, , MISCELLANEOUS ,500 TOTAL PARK IMPROVEMENT FUND EXPENDITURES 159, , , , ,840 PARK IMPROVEMENT FUND SUMMARY ACTUAL ACTUAL BUDGET ESTIMATE APPROVED TOTAL REVENUES 193, ,575 90, ,000 1,994,530 TOTAL EXPENDITURES 159, , , , ,840 NET INCOME / (LOSS) 34,027 35,665 (113,315) 5,490 1,089,690 BEGINNING BALANCE MAY 1 506, , , , ,647 ENDING BALANCE APRIL , , , ,647 1,671,

12 PUBLIC BUILDINGS IMPROVEMENT FUND Established to account for and accumulate funds for capital improvements to Village buildings including the Village Hall, Schertz Municipal Building, Fire Stations and the Public Works Building. Ongoing funding will come from transfers from the General Fund. Account Detail 790 Village Hall 795 Schertz Building Replace Floor in Hallway & Kitchen $15,000 Repair Exterior Handrails $18,000 Repair Fire Sprinklers 6,300 Replace PD Mech RTU 30,000 Landscape Material 1,000 Replace Tile-Booking Room 5,000 Wall Heaters 800 Consultant For Mechanical Elevator Upgrades 3,500 System 3,500 Replace Counters 1 st Floor 2,500 Elevator Upgrades 3,000 29,100 Upgrade Fire Sprinkler System 4, Fire Station Landscape Materials 2,500 Elevator Upgrades $3,500 Wall Heaters 1,200 67,

13 VILLAGE OF LIBERTYVILLE MUNICIPAL BUDGET PUBLIC BUILDING IMPROVEMENT FUND BUDGETED REVENUES ACTUAL ACTUAL BUDGET ESTIMATE APPROVED C 680 GRANT 129, C 690 INTEREST C 691 TRANSFER GENERAL FUND (Public Buildings) 55,000 55,000 55,000 55,000 85,000 C 699 MISCELLANEOUS TOTAL PUBLIC BLG IMPROVEMENT FUND REVENUES 184,831 54,736 55,025 55,000 85,000 BUDGETED EXPENDITURES ACTUAL ACTUAL APPROVED ESTIMATE APPROVED 790 VILLAGE HALL 0 23,108 32,200 24,650 29, PUBLIC WORKS BUILDING 26, FIRE STATIONS 111, , SCHERTZ MUNICIPAL BUILDING 19, ,200 17,200 67, PARK/RECREATION BUILDINGS MISCELLANEOUS (Contingency) TOTAL PUB BLDG IMPROVEMENT FUND EXPENDITURES 158,183 23,108 49,400 41,850 99,800 PUBLIC BUILDING IMPROVEMENT FUND ACTUAL ACTUAL BUDGET ESTIMATE APPROVED TOTAL REVENUES 184,831 54,736 55,025 55,000 85,000 TOTAL EXPENDITURES 158,183 23,108 49,400 41,850 99,800 NET INCOME / (LOSS) 26,648 31,628 5,625 13,150 (14,800) BEGINNING BALANCE MAY 1 154, , , , ,392 ENDING BALANCE APRIL , , , , ,

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