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Joint Review Board Packet 2017 12-12-17 (Downtown)NOTICE OF ANNUAL MEETING OF JOINT REVIEW BOARD Kendall County Bristol-Kendall Fire Protection District 111 West Fox Street 103 East Beaver Street Yorkville, Illinois 60560 Yorkville, Illinois 60560 United City of Yorkville Kendall Township 800 Game Farm Road 9513 Walker Road Yorkville, Illinois 60560 Yorkville, Illinois 60560 Waubonsee Junior College #516 Yorkville School Community Unit #115 Route 47 at Waubonsee Drive 602-A Center Parkway Sugar Grove, Illinois 60554 Yorkville, Illinois 60560 YOU ARE HEREBY NOTIFIED that a meeting of the annual Joint Review Board to review the annual report for the Downtown Tax Increment Financing Redevelopment Project Area will be convened on December 12, 2017 at 3:45 p.m. at the United City of Yorkville City Hall, 800 Game Farm Road, Yorkville, Illinois 60560. PLEASE BE ADVISED that the Joint Review Board shall elect or re-elect a public member as well as a chairperson. In accordance with the provisions of the Tax Increment Allocation Redevelopment Act (the “Act”) (65 ILCS 5/11-74.1-1 et seq.), the Joint Review Board shall review the annual report for the Downtown Redevelopment Project Area. /s/ Beth Warren , City Clerk This page intentionally left blank. A G E N D A ANNUAL JOINT REVIEW BOARD UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS DOWNTOWN REDEVELOPMENT PROJECT AREA December 12, 2017 United City of Yorkville 3:45 p.m. 800 Game Farm Road Yorkville, Illinois 60560 1. Call the Meeting to Order 2. Roll Call: United City of Yorkville Kendall County Kendall Township Yorkville School District #115 Waubonsee Community College District #516 Bristol-Kendall Fire Protection District 3. Motion to elect or re-elect a Public Member 4. Motion to elect or re-elect a Chairperson 5. Minutes for Approval 6. Review of Annual Report for the Downtown Redevelopment Project Area 7. Questions, Comments from the Board 8. Discussion, deliberation and recommendation 9. Adjournment This page intentionally left blank. ANNUAL JOINT REVIEW BOARD OF THE UNITED CITY OF YORKVILLE US RTE 34 & IL RTE 47 COUNTRYSIDE AND DOWNTOWN REDEVELOPMENT PROJECT AREAS Tuesday, November 22, 2016 3:00pm City Hall Conference Room 800 Game Farm Rd., Yorkville, IL Call Meeting to Order The meeting was called to order at 3:05pm by City Attorney Kathy Orr. Roll Call Attorney Orr took roll call as follows: United City of Yorkville City Administrator Bart Olson Interim Assistant City Administrator Erin Willrett Finance Director Rob Fredrickson Community Development Director Krysti Barksdale-Noble Kendall Township no representative Kendall County Andrez Beltran Kendall County Forest Preserve David Guritz Waubonsee Community College Dist. #516 Darla Cardine Yorkville School Dist. #115 Pat Browne Bristol-Kendall Fire Protection District Tom Lindblom Bristol Township no representative Motion to Elect or Re-elect Public Member Ms. Orr called for a motion to elect a Public Member. So moved by Tom Lindblom and seconded by David Guritz to elect Erin Willrett as Public Member. 1 Motion to Elect or Re-elect Chairperson A motion was then made by Mr. Lindblom and seconded by Mr. Guritz to elect a Chairperson. City Administrator Bart Olson was chosen to be Chairperson. Minutes for Approval The minutes from last year's meeting on November 24, 2015 were approved on a unanimous voice vote following a motion by Mr. Guritz and second by Mr. Beltran. Review of Annual Report for US Rt. 34 & Il Rt. 47 Countryside and Downtown Redevelopment Project Areas Rob Fredrickson presented figures and a summary of the Countryside TIF. Mr. Olson added that bond service payments are being made since the NGC Theater was built. If bond payments are able to be completed with outlot development, the bond can be closed out early. Many types of development are being pursued at this time. A summary and review of figures of the Downtown TIF's were also presented by Mr. Fredrickson. Three to four redevelopment agreements were approved for the downtown, however, only one is generating money at this time. The current TIF in the downtown ends in 2029 which is not enough time to incentivize a developer to coordinate a major redevelopment project. The City Council reviewed this recently and determined that $500,000 would first be needed for environmental cleanup. TIF extensions are done by the State and are a maximum of 12 years. Other government bodies must approve before the State will consider the extension. If the extension is desired, Mr. Olson said action must be taken. He will put all this information in writing and send to each member of the Review Board. Attorney Orr will prepare a Resolution in hopes that there will be support from the Board. There was no further business and the meeting adjourned at 3:30pm. Respectfully transcribed by Marlys Young, Minute Taker 2 3 SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.] FY 2017 Name of Redevelopment Project Area (below): Primary Use of Redevelopment Project Area*: If "Combination/Mixed" List Component Types: Tax Increment Allocation Redevelopment Act Industrial Jobs Recovery Law No Yes Were there any amendments to the redevelopment plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes, please enclose the amendment labeled Attachment A x Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the Act during the preceding fiscal year. [65 ILCS 5/11-74.4-5 (d) (3) and 5/11-74.6-22 (d) (3)] Please enclose the CEO Certification labeled Attachment B x Opinion of legal counsel that municipality is in compliance with the Act. [65 ILCS 5/11-74.4-5 (d) (4) and 5/11-74.6-22 (d) (4)] Please enclose the Legal Counsel Opinion labeled Attachment C x Statement setting forth all activities undertaken in furtherance of the objectives of the redevelopment plan including any project implemented and a description of the redevelopment activities.? [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A and B)] If yes, please enclose the Activities Statement labeled Attachment D x Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the redevelopment project area or the area within the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (7) (C) and 5/11-74.6-22 (d) (7) (C)] If yes, please enclose the Agreement(s) labeled Attachment E x Is there additional information on the use of all funds received under this Division and steps taken by the municipality to achieve the objectives of the redevelopment plan? [65 ILCS 5/11-74.4-5 (d) (7) (D) and 5/11-74.6-22 (d) (7) (D)] If yes, please enclose the Additional Information labeled Attachment F x Did the municipality's TIF advisors or consultants enter into contracts with entities or persons that have received or are receiving payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7) (E)] If yes, please enclose the contract(s) or description of the contract(s) labeled Attachment G x Were there any reports or meeting minutes submitted to the municipality by the joint review board? [65 ILCS 5/11-74.4-5 (d) (7) (F) and 5/11-74.6-22 (d) (7) (F)] If yes, please enclose the Joint Review Board Report labeled Attachment H x Were any obligations issued by the municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and 5/11-74.6-22 (d) (8) (A)] If yes, please enclose any Official Statement labeled Attachment I and Attachment J MUST be Yes x An analysis prepared by a financial advisor or underwriter setting forth the nature and term of obligation and projected debt service including required reserves and debt coverage? [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)] If attachment I is yes, Analysis MUST be attached and labeled Attachment J x Has a cumulative of $100,000 of TIF revenue been deposited into the special tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and 5/11-74.6-22 (d) (2) If yes, please enclose Audited financial statements of the special tax allocation fund labeled Attachment K x Cumulatively, have deposits of incremental taxes revenue equal to or greater than $100,000 been made into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)] If yes, The audit report shall contain a letter from the independent certified public accountant indicating compliance or noncompliance with the requirements of subsection (q) of Section 11-74.4-3 labeled Attachment L x A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)] If yes, please enclose list only, not actual agreements labeled Attachment M x __X____ ______ Downtown Yorkville * Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. Commercial Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one): 4 FY 2017 TIF NAME: Special Tax Allocation Fund Balance at Beginning of Reporting Period 253,703$ SOURCE of Revenue/Cash Receipts: Revenue/Cash Receipts for Current Reporting Year Cumulative Totals of Revenue/Cash Receipts for life of TIF % of Total Property Tax Increment 67,307$ 627,061$ 99% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment 0% Local Utility Tax Increment 0% Interest 2$ 612$ 0% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources 0% Private Sources 0% Miscellaneous Income 1,454$ 5,612$ 1% All Amount Deposited in Special Tax Allocation by source 68,763$ Cumulative Total Revenues/Cash Receipts 633,285$ 100% Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) 224,910$ Distribution of Surplus Total Expenditures/Disbursements 224,910$ Net/Income/Cash Receipts Over/(Under) Cash Disbursements (156,147)$ FUND BALANCE, END OF REPORTING PERIOD*97,556$ * If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 SECTION 3.1 - (65 ILCS 5/11-74.4-5 (d)(5)(a)(b)(d)) and (65 ILCS 5/11-74.6-22 (d) (5)(a)(b)(d)) Provide an analysis of the special tax allocation fund. Downtown Yorkville 5 FY 2017 TIF NAME: Downtown Yorkville Amounts Reporting Fiscal Year Legal Services 11,154 Auditing Services - TIF Compliance Report 265 JRB Packet & Document Postage 39 Canoecopia Conference 750 Developer Incentive 20,558 Parking & Environmental Studies 37,920 70,685$ 2. Annual administrative cost. -$ 3. Cost of marketing sites. -$ -$ Paving of Downtown Parking Lots 18,321 Painting of Pump House 9,750 Improvements to Buildings 5,229 33,300$ IL Rte 47 Expansion 7,420 Downtown Streetscape Improvments 103,504 110,924$ 1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration of the redevelopment plan, staff and professional service cost. SECTION 3.2 A- (65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) (5)(c)) Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-10 (o)] PAGE 1 ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND (by category of permissible redevelopment project costs ) 4. Property assembly cost and site preparation costs. 5. Costs of renovation, rehabilitation, reconstruction, relocation, repair or remodeling of existing public or private building, leasehold improvements, and fixtures within a redevelopment project area. 6. Costs of construction. 6 -$ -$ -$ -$ -$ -$ 11. Cost of reimbursing school districts for their increased costs caused by TIF assisted housing projects. 12. Cost of reimbursing library districts for their increased costs caused by TIF assisted housing projects. 10. Capital costs. 7. Costs of eliminating or removing contaminants and other impediments. 8. Cost of job training and retraining projects. 9. Financing costs. PAGE 2 SECTION 3.2 A 7 -$ -$ -$ -$ -$ Earnest Money for Property Acquisition 10,000 10,000$ 224,910$ 17. Cost of day care services. TOTAL ITEMIZED EXPENDITURES 13. Relocation costs. 14. Payments in lieu of taxes. 15. Costs of job training, retraining, advanced vocational or career education. 16. Interest cost incurred by redeveloper or other nongovernmental persons in connection with a redevelopment project. SECTION 3.2 A PAGE 3 18. Other. 8 FY 2017 TIF NAME: Name Service Amount HR Green Engineering Services 26,815.00$ Kathleen Field Orr & Associates Legal Services 11,154.00$ D Construction Parking Lot Paving 18,321.27$ Illinois Department of Transportation Downtown Streetscape Imprv 103,503.88$ List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year. Section 3.2 B Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal transparency. Downtown Yorkville 9 FY 2017 TIF NAME: FUND BALANCE BY SOURCE 97,556$ Amount of Original Issuance Amount Designated 1. Description of Debt Obligations Total Amount Designated for Obligations -$ -$ 2. Description of Project Costs to be Paid IL Route 47 Expansion 39,573$ Imperial Investments Redevelopment Phase 1 1,271,669$ Downtown Streetscape Improvements 30,000$ Total Amount Designated for Project Costs 1,341,242$ TOTAL AMOUNT DESIGNATED 1,341,242$ SURPLUS/(DEFICIT)(1,243,686)$ SECTION 3.3 - (65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d) Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source Downtown Yorkville 10 FY 2017 TIF NAME:Downtown Yorkville __X___ Check here if no property was acquired by the Municipality within the Redevelopment Project Area. Property Acquired by the Municipality Within the Redevelopment Project Area. Property (1): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (2): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (3): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (4): Street address: Approximate size or description of property: Purchase price: Seller of property: Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)] 11 TIF Name: 1 TOTAL:11/1/99 to Date Estimated Investment for Subsequent Fiscal Year Total Estimated to Complete Project Private Investment Undertaken (See Instructions)5,650,578$ -$ 5,650,578$ Public Investment Undertaken 209,565$ 1,341,242$ 1,550,807$ Ratio of Private/Public Investment 26 79/82 3 56/87 Project 1*: Landscaping Private Investment Undertaken (See Instructions)-$ -$ -$ Public Investment Undertaken 24,063$ -$ 24,063$ Ratio of Private/Public Investment 0 0 Project 2*: IL Route 47 Expansion Private Investment Undertaken (See Instructions)-$ -$ -$ Public Investment Undertaken 53,927$ 39,573$ 93,500$ Ratio of Private/Public Investment 0 0 Project 3*: Downtown Streetscape Improvement Private Investment Undertaken (See Instructions)-$ -$ -$ Public Investment Undertaken 103,504$ 30,000$ 133,504$ Ratio of Private/Public Investment 0 0 Project 4*: Paving of Downtown Parking Lots Private Investment Undertaken (See Instructions)-$ -$ -$ Public Investment Undertaken 18,321$ -$ 18,321$ Ratio of Private/Public Investment 0 0 Project 5*: Painting of Pump House Private Investment Undertaken (See Instructions)-$ -$ -$ Public Investment Undertaken 9,750$ -$ 9,750$ Ratio of Private/Public Investment 0 0 Project 6*: 101 E Van Emmon (Imperial Investments) Private Investment Undertaken (See Instructions)129,697$ -$ 129,697$ Public Investment Undertaken -$ 30,864$ 30,864$ Ratio of Private/Public Investment 0 4 18/89 1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area. 2. The Municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option, complete 2a.) 2a. The number of projects undertaken by the municipality within the Redevelopment Project Area: LIST the projects undertaken by the Municipality Within the Redevelopment Project Area: *PROJECT NAME TO BE LISTED AFTER PROJECT NUMBER Select ONE of the following by indicating an 'X': SECTION 5 - 20 ILCS 620/4.7 (7)(F) PAGE 1 FY 2017 Downtown Yorkville Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed. 12 Project 7*: 210 Van Emmon Apartments (Imperial Investments) Private Investment Undertaken (See Instructions)671,880$ -$ 671,880$ Public Investment Undertaken -$ 159,887$ 159,887$ Ratio of Private/Public Investment 0 4 18/89 Project 8*: 217 Bridge Street (Imperial Investments) Private Investment Undertaken (See Instructions)315,643$ -$ 315,643$ Public Investment Undertaken -$ 44,974$ 44,974$ Ratio of Private/Public Investment 0 7 1/55 Project 9*: 219 Bridge Street (Imperial Investments) Private Investment Undertaken (See Instructions)176,916$ -$ 176,916$ Public Investment Undertaken -$ 12,348$ 12,348$ Ratio of Private/Public Investment 0 14 17/52 Project 10*: 101 E Van Emmon & 219 Bridge Street (Imperial Investments) Private Investment Undertaken (See Instructions)384,817$ -$ 384,817$ Public Investment Undertaken -$ 87,910$ 87,910$ Ratio of Private/Public Investment 0 4 20/53 Project 11*: 211 - 215 Bridge Street (Imperial Investments) Private Investment Undertaken (See Instructions)1,075,512$ -$ 1,075,512$ Public Investment Undertaken -$ 251,774$ 251,774$ Ratio of Private/Public Investment 0 4 25/92 Project 12*: 201 - 209 Bridge Street (Imperial Investments) Private Investment Undertaken (See Instructions)1,595,404$ -$ 1,595,404$ Public Investment Undertaken -$ 376,492$ 376,492$ Ratio of Private/Public Investment 0 4 19/80 Project 13*: 102 E Van Emmon (Imperial Investments) Private Investment Undertaken (See Instructions)1,154,508$ -$ 1,154,508$ Public Investment Undertaken -$ 272,628$ 272,628$ Ratio of Private/Public Investment 0 4 23/98 Project 14*: 202 - 210 Van Emmon & 306 - 308 Heustis Apartments & Townhomes (Imperial Investments) Private Investment Undertaken (See Instructions)146,202$ -$ 146,202$ Public Investment Undertaken -$ 34,792$ 34,792$ Ratio of Private/Public Investment 0 4 18/89 Project 15*: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 PAGE 2 **ATTACH ONLY IF PROJECTS ARE LISTED** 13 SECTION 6 FY 2017 TIF NAME: Year redevelopment project area was designated Base EAV Reporting Fiscal Year EAV 6/13/2006 5,745,902$ 5,853,783$ ___X___ SECTION 7 Provide information about job creation and retention: Number of Jobs Retained Number of Jobs Created Description and Type (Temporary or Permanent) of Jobs Total Salaries Paid -$ -$ -$ -$ -$ -$ -$ SECTION 8 Provide a general description of the redevelopment project area using only major boundaries: Optional: Information in the following sections is not required by law, but would be helpful in evaluating the performance of TIF in Illinois. *even though optional MUST be included as part of complete TIF report Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area Downtown Yorkville List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus. Overlapping Taxing District Surplus Distributed from redevelopment project area to overlapping districts Check if the overlapping taxing districts did not receive a surplus. -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Enclosed previously provided previously provided Optional Documents Legal description of redevelopment project area Map of District 14 15 16 Unit Code 047/035/30 Attachment D Activities Statement Downtown Yorkville The Downtown TIF district was created in 2006 to help facilitate mixed use development in the downtown area. Over the last several fiscal years, the City has entered into several agreements with Imperial Investments for the redevelopment of several buildings in the downtown area. The downtown portion of the IL Route 47 expansion was completed in fiscal year 2015. This expansion is a joint project between the City and the Illinois Department of Transportation (IDOT), and includes various roadway and infrastructure (water, sanitary sewer, storm sewer) improvements on Route 47, from just south of Kennedy Road through its intersection with IL Route 71. The cost of the project that is applicable to the Downtown TIF district is approximately $100,000, which will be paid to the State over a period of ten years. In the current fiscal year the installation of new streetlights in the downtown area was substantially completed, with partial grant funding provided by the State of Illinois Integrated Transportation Enhancement Program (ITEP). Also in the current fiscal year the City began the process of acquiring the former Old Second Bank building at 102 East Van Emmon Street, which was completed in early May of 2017 (FY 2018). Additional TIF District projects in Fiscal Year 2017 included the paving of several downtown parking lots; pump house painting; and a parking & environmental study. Looking ahead to the upcoming fiscal year, the City will continue to develop the downtown area as a formal overlay district, in accordance with the recommendations of the recently updated Comprehensive Plan. Additional projects for Fiscal Year 2018 include the environmental remediation of the area around the playground site within Riverfront Park and the paving of several lots in the downtown area. 17 This page intentionally left blank. UNITED CITY OF YORKVILLE, ILLINOIS COUNTRYSIDE AND DOWNTOWN TAX INCREMENTAL FINANCING DISTRICTS FINANCIAL AND COMPLIANCE REPORT FOR THE FISCAL YEAR ENDED APRIL 30, 2017 18 UNITED CITY OF YORKVILLE, ILLINOIS COUNTRYSIDE AND DOWNTOWN TAX INCREMENTAL FINANCING DISTRICTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT .............................................................................................. 1 FINANCIAL STATEMENTS Balance Sheet .............................................................................................................................................. 2 Statement of Revenues, Expenditures and Changes in Fund Balance ....................................................... 3 Notes to the Financial Statements ............................................................................................................... 4 INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS ............................................................... 5 19 INDEPENDENT AUDITORS’ REPORT 20 21 FINANCIAL STATEMENTS 22 UNITED CITY OF YORKVILLE, ILLINOIS COUNTRYSIDE AND DOWNTOWN TAX INCREMENTAL FINANCING DISTRICTS Balance Sheet April 30, 2017 Downtown TIF Cash and Investments $- 119,224 Receivables - Net of Allowances Accounts - 56 Prepaids - 618 Total Assets - 119,898 Liabilities Accounts Payable 761 22,342 Due to Other Funds 494,993 - Total Liabilities 495,754 22,342 Fund Balances Nonspendable - 618 Restricted - 96,938 Unassigned (495,754)- Total Fund Balances (495,754)97,556 Total Liabilities and Fund Balances - 119,898 Countryside TIF LIABILITIES FUND BALANCES ASSETS The notes to the financial statements are an integral part of this statement. 2 23 UNITED CITY OF YORKVILLE, ILLINOIS COUNTRYSIDE AND DOWNTOWN TAX INCREMENTAL FINANCING DISTRICTS Statement of Revenues, Expenditures and Changes in Fund Balance For the Fiscal Year Ended April 30, 2017 Downtown TIF Revenues Taxes Property Taxes $215,360 67,307 Interest - 2 Miscellaneous - 1,454 Total Revenues 215,360 68,763 Expenditures General Government Administration Fees 1,281 - Professional Services - 304 Legal Services - 11,154 TIF Incentive Payout - 20,558 Capital Outlay Project Costs - 71,970 Property Acquisition - 10,000 Downtown Streetscape Improvement - 103,504 Route 47 Expansion - 7,420 Debt Service Principle Retirement 26,315 - Interest and Fiscal Charges 133,572 - Total Expenditures 161,168 224,910 Net Change in Fund Balances 54,192 (156,147) Fund Balances - Beginning (549,946)253,703 Fund Balances - Ending (495,754)97,556 Countryside TIF The notes to the financial statements are an integral part of this statement. 3 24 UNITED CITY OF YORKVILLE, ILLINOIS COUNTRYSIDE AND DOWNTOWN TAX INCREMENTAL FINANCING DISTRICTS Notes to the Financial Statements April 30, 2017 4 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The operations of Countryside and Downtown Tax Incremental Financing Districts are accounted for through special revenue funds of the United City of Yorkville, Illinois. It applies the following policies: Basis of Accounting The financial statements are prepared on the modified accrual basis of accounting under which revenue is recognized when it becomes both measurable and available, and expenditures generally are recognized when the liability is incurred. 25 26