Reporting GuideReporting Guide

• ceo and legal certification must be includedwith report even if there is no activity in the tIFdistrict.

• the annual tIF Report is due even if the districtdid not receive an increment or was inactive.

• Illinois statutes do not allow the Ioc to grantextensions for late report submission.

Commonly Asked Questions

Is there a penalty for delinquent TIF Reports?

• A list of all municipalities that are not incompliance with the tIF reporting requirementsfrom FY 2010 and forward willbe posted on the comptroller’swebsite.

How often does the Joint

Review Board meet?

• the JRB is required to meetannually 180 days after theclose of the municipal fiscalyear or as soon as theredevelopment project audit(and the annual report ofwhich it is part) becomesavailable. A copy of the tIFReport should be submittedto each of the taxing districtsthat overlap the tIF districtprior to this meeting.

Is transferring funds from one TIF district to

another adjacent district a legally permissible

cost?

• You should consult with your legal counsel todetermine what are permissible costs.

If a TIF district has been inactive, is the

municipality still required to file a TIF Report?

• Yes, if there has been no activity, the financialforms should reflect this. All other items, such asceo certification, legal opinion, activitystatement, etc. must be filed as part of the tIFReport.

The Following Attachments Must Be

Included With The Annual TIF Report:

• certified audit for special tax allocation fundsthat have accumulated over $100,000 inincremental tax revenue since inception .

• A letter from the independent certified publicaccountant indicating compliance ornoncompliance with the requirements ofsubsection (q) of Section 11 74.4 3.

• A brief activity statement thatsummarizes fiscal year activitiesundertaken to further tIFRedevelopment Plan goals andobjectives.

• tIF Administrator confirmation ofcompleteness and accuracy of theReport.

• certification of compliance letter bymunicipal chief executive officer.

• opinion by legal counsel that municipalityhas complied with the tIF Act.

• A list of intergovernmental agreement(s)with a brief description of each and anaccounting of any moneytransferred or received by the municipality during thatfiscal year pursuant to theagreement(s).

100 W. Randolph StreetSuite 15-500

chicago, Illinois 60601Phone: 877/304-3899

Fax: 312/814-2986

Website: WWW.Ioc.StAte.Il.uS

ILLINOIS TAX INCREMENT ASSOCIATION

133 South Fourth StreetSuite 204

Springfield, Illinois 62701Phone: 217/523-4905

Fax: 217/391-4371

Website: WWW.IllInoIS-tIF.com

Printed by Authority of the State of Illinois

5/2011, 50

STATE OF ILLINOISCOMPTROLLER

JUDY BAAR TOPINKA

www.IOC.STATE.IL.US

STATE OF ILLINOISCOMPTROLLER

JUDY BAAR TOPINKA

Tax IncrementFinance

Dear local leaders:

With governments at all levels facingunprecedented fiscal challenges, we have ashared responsibility as stewards of taxpayerdollars to consistently evaluate, monitor andimprove the way public dollars are spent.now more than ever the people of Illinoisdepend on us to make wise and ethicalfinancial decisions, to closely monitorrevenues and spending, and to serve asadvocates for fiscal responsibility.

the local Government Division of the officeof the comptroller, and the Illinois taxIncrement Association are here to assist in anyquestions regarding tIFs. If you needassistance completing an Annual tIF Report,please do not hesitate to contact one of theseresources.

I wish you the best of luck and look forwardto working with you throughout myadministration and serving the people of theState of Illinois together.

Sincerely,

Judy Baar topinkaIllinois State comptroller

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this guide was developed in conjunction withthe Illinois office of the comptroller and theIllinois tax Increment Association. It wascreated to provide information tomunicipalities with at least one taxIncrement Finance (tIF) Districtand assist in their filing ofannual reports to the Ioc.

municipalities with one ormore tIFs are required to filethe annual reports with theIoc under the tax AllocationRedevelopment Act and theIndustrial Jobs Recovery law.

the following agencies assist in thecompletion of the annual tIF report:

Illinois Office of the Comptroller (IOC)

www.IOC.STATE.IL.US

• central repository for annual tIF Reports.

• Annually distributes forms and instructions tomunicipalities.

• makes tIF Reports available for publicinspection.

• completed tIF Reports (FY 2010 and on) will beposted online within 45 days of receipt.

Illinois Tax Increment Association (ITIA)www.ILLINOIS-TIF.COM

• organizes and conducts workshops and seminarson critical tIF issues.

• Sponsors semi-annual conferences and quarterlynewsletters for its members, designed to keepthem up to date regarding local and stateeconomic development issues and lawspertaining to tax increment financing.

•Provides its members with numerousopportunities for professional dialogue,

research, education and exchange ofinformation.

Responsibilities of TIF

Municipalities

• Submit annual tIF Report to the Ioc 180 days after the municipal fiscal year ends (or assoon thereafter as the audited

financial statements become available).

• conduct annual Joint Review Board (JRB) meeting following

submission of the annual tIFReport to the Ioc.

• Distribute copies of the annual tIF Report to alloverlapping taxing districts and interested parties.

• Select tIF Administrator (responsible for thecompletion and submission of the tIFReport).

Responsibilities of the TIF

Administrator

• coordinate annual tIFreporting process for themunicipality.

• Sign tIF Report approvedby the municipality.

• Prepare and submit reports toIoc and overlapping taxingjurisdictions, convene annual JRB,mail notices to interested parties.

• monitor deadlines, report components,compliance audit for individual Special taxAllocation Fund(s).

• monitor tIF budget and accounting of tIF fund(s).

• confirm eligible expenditures & accurate receiptof tIF revenue.

• Determines surplus

• Identify amendments to plan such as boundaryextensions, district terminations, etc.

Responsibilities of Municipal or

TIF Attorney

• Address any questions regarding permissibleredevelopment costs.

Responsibilities of Auditor

• Prepare a certified Audit for Special taxAllocation Fund(s) that has accumulated over$100,000 in incremental tax revenue sinceinception.

• the audit report shall contain a letter from the independent certified public accountantindicating compliance or noncompliance with the requirements of subsection (q) of

Section 11 74.4 3.

Annual TIF Report Basics

• the tIF Report is due 180 days after the municipal fiscal year ends (or as soon thereafter as the audited financial statements become available).

• FY 2010 and subsequent tIF reports must be submitted in an

electronic format.

• the Report must be signed by thetIF Administrator.

• If there is a change in tIF Administrator, a letterfrom the mayor muSt be included with the tIFReport.

Responsibilities

Annual