The Park Ridge board recently heard a presentation on the annual TIF report.
The Park Ridge board recently heard a presentation on the annual TIF report.
The Park Ridge Intergovernmental Joint Review Board heard a presentation on the Dempster TIF at 10 a.m. on March 1.
The annual meeting was held in the Council Chambers at 505 Butler Place.
The Dempster Tax Increment Financing (TIF) District Fund report was presented by Robert Rychlicki and Kane McKenna. The independent auditor, BKD LLP, audited the basic financial statements of the city for the 2014-15 fiscal year. As part of the audit, the city's compliance with the Illinois Tax Increment Redevelopment Allocation Act, Section 11-74.4-3(q) -- regarding the Dempster TIF District -- was also reviewed. The auditor's opinion was that the city complied with the requirements for the Dempster TIF District.
The financial statements are the responsibility of the city, while the auditor's responsibility is to express opinions based upon the audit. The auditor said that the information used to prepare the city's basic financial statements was fairly stated.
The Dempster Tax Increment Financing District Fund balance sheet, dated April 30, showed assets of $196,149 and liabilities of $86,805, which left a balance of $109,149. This balance is restricted to TIF activity.
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