HomeMy WebLinkAboutIV.D - TIF Fund Transfer-TO BE ADDED AT MTG
HEDRA Memorandum
To: HEDRA Board Members
From: Melanie Lammers, Finance Manager
Date: January 10th, 2019
Item: 2018 Budget Amendment
HEDRA Action Requested:
HEDRA is asked to approve a budget amendment effective for 2018 to authorize a
transfer to the Riverfront TIF district in the amount of $2,105.
Background Information:
The Hastings Riverfront Tax Increment District was decertified on 10-13-2016. We
continue to report on the district each year because there is an outstanding interfund loan
in the amount of $2,105.00. This is money that was spent above tax increment
collections. Until the loan is fulfilled, we must report into perpetuity. With the Hastings
HRA being the creator of the district, staff requests HEDRA transfer money to the
Riverfront TIF fund to fulfill the loan. This will allow reporting requirement to cease in
2019.
Financial Impact:
This budget amendment uses $2,105 of fund balance from HEDRA effective date of 12-
31-2018.
Advisory Commission Discussion:
None.
Council Committee Discussion:
None.
Attachments:
None.