Agenda - Council Work Session - 11/13/2012

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(3) permit auditing of the funds expended on behalf of a district, including a single district that is part of a multidistrict 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; (4) be consistent with generally accepted accounting principles. (b) The authority must annually submit to the state auditor a financial report in compliance with paragraph (a). Copies of the report must also be provided to the county auditor and to the governing body of the municipality, if the authority is not the municipality. To the extent necessary to permit compliance with the requirement of financial reporting, the county and any other appropriate local government unit or private entity must provide the necessary records or information to the authority or the state auditor as provided by the system of accounting and financial reporting developed pursuant to paragraph (a). The authority must submit the annual report for a year on or before August 1 of the next year. (c) The annual financial report must also include the following items: (1) the original net tax capacity of the district and any subdistrict under section 469.177_ subdivision 1: (2) the net tax capacity for the reporting period of the district and any subdistrict; (3) the captured net tax capacity of the district; (4) any fiscal disparity deducrion from the captured net tax capacity under section 469.177, subdivision 3- (5) the captured net tax capacity retained for tax increment financing under section 469.177_ subdivision 2. paragraph (a), clause (1); (6) any captured net tax capacity distributed among affected taxing districts under section 469.177. subdivision 2, paragraph (a), clause (2); (7) the type of district; (8) the date the municipality approved the tax increment financing plan and the date of approval of any modification of the tax increment financing plan, the approval of which requires notice, discussion, a public hearing, and findings under subdivision 4, paragraph (a); (9) the date the authority first requested certification of the original net tax capacity of the district and the date of the request for certification regarding any parcel added to the district; (10) the date the county auditor first certified the original net tax capacity of the district and the date of certification of the original net tax capacity of any parcel added to the district; (11) the month and year in which the authority has received or anticipates it will receive the first increment from the district; (12) the date the district must be decertified; (13) for the reporting period and prior years of the district, the actual amount received from, at least, the following categories: (i) tax increments paid by the captured net tax capacity retained for tax increment financing under section 469.177_ subdivision 2, paragraph (a), clause (1), but excluding any excess taxes; (ii) tax increments that are interest or other investment earnings on or from tax increments; (iii) tax increments that are proceeds from the sale or lease of property, tangible or intangible, purchased by the authority with tax increments; (iv) tax increments that are repayments of loans or other advances made by the authority with fax i (v) bond proceeds; and (vi) the market value homestead credit paid to the authority under section 273.1384 (14) for the reporting period and for the prior years of the district, the actual amount expended for, at least, the following categories: ncrements;