5.0. HRSR 11-25-1996 - Laserfiche WebLink

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• X. FINANCIAL REPORTING REQUIREMENTS Pursuant to Minnesota Statutes,Section 469.175, Subdivisions 5, 6, and 6(a); the City or Authority must file an annual disclosure report for all tax increment financing districts with the State Auditor, the county board, county auditor, and school board. Pursuant to Section 469.175, Subd. 5, of the Tax Increment Financing Act, the City or Authority must file an annual disclosure report for the Tax Increment Financing District. The report shall be filed with the State Auditor, the county board, county auditor, and school board on or before July 1 of each year. The report to be filed by the City or Authority shall include the following information: 1. the amount and source of revenue in the tax increment account; 2. the amount and purpose of expenditures from the account; 3. the amount of any pledge of revenues, including principal and interest, on any outstanding bond indebtedness; 4. the original net tax capacity of the Tax Increment Financing District; 5. the captured net tax capacity retained by the City; 6. the captured net tax capacity shared with other taxing districts; 7. the tax increment received; 8. any additional information necessary to demonstrate compliance with the tax increment financing plan. Section 469.175, Subd. 5, of the Tax Increment Financing Act also provides that an annual statement showing the tax increment received and expended in that year, the original net tax capacity, captured net tax capacity, amount of outstanding bonded indebtedness, the amount of the district's increments paid to other governmental bodies,the amount paid for administrative costs, the sum of increments paid, directly or indirectly, for activities and improvements located outside of the district, and any additional information the City or Authority deems necessary shall be published in a newspaper of general circulation in the City. Pursuant to Minnesota Statutes, Section 469.175, Subd. 6, of the Tax Increment Financing Act, the City or Authority must annually submit to the State Auditor, on or before July 1, a financial report which shall: 1. provide for full disclosure of the sources and uses of the public funds in the district; 2. permit comparison and reconciliation with the City's accounts and financial reports; 3. permit auditing of the funds expended on behalf of the tax increment district, including a single district that is part of a multi district project or that is funded in part or whole through the use of a development account funded with tax increments from other districts or with other public money; and 4. be consistent with generally accepted accounting principles. The financial report must also include the following: 1. the original net tax capacity of the district; 2. the captured net tax capacity of the district, including the amount of any captured net tax capacity shared with other taxing districts; • 3. for the reporting period and for the duration of the district, the amount budgeted under