During this Recession and time of financial crisis, we want to increase our communication with you, learn what your challenges are, share our thoughts, and give you some ideas on how you can best use your TIF funds to solve your town's financial concerns.
Several of our towns have already contacted us to help them solve their fiscal problems. They are successfully navigating through this economic chaos to balance their budgets and have started their own "stimulus" programs - all by spending some time with us to learn about using their existing TIF funds.
As you prepare for your next budget, while trying to balance this year's, we have some suggestions to help you with your fiscal problems.
Take this TIF - 3 STEP approach and apply it to your current budget concerns and long term funding issues:
1. Review this year's budget and the past few years spending from your general fund
- Review other funds for any similar costs and projects that have been included in your original or amended TIF Plan.
- Contact us and we will help you determine reimbursements that can be made from TIF funds to those funds.
2. Prepare next year's budget with a similar approach
- Determine what you want to spend next year that could be spent out of the TIF fund.
- Review your TIF Plan and estimated costs listed there to see if they match up to next year's projects.
- Identify if the TIF Plan can be amended easily to cover costs in the general fund or other funds? Remember, you are entitled to increase your original costs listed in the TIF Plan by the cost of living increase plus 5%.
- Contact us and we will help with this analysis.
3. Determine your long term public infrastructure needs
- Are these projects within the TIF District(s) boundaries? Could you issue TIF bonds and pay them off with TIF increment already being generated? Current interest rates through the federal stimulus program have provided our towns with average interest rates as low as 3.01% for 20 years! This is the best time in history to borrow funds.
- You will not increase taxes if you have current increment to repay the bonds.
- Call us and we will calculate the bond level your increment will support.
- We can provide full services from assisting to select nationally recognized municipal bond counsel to national underwriters that market the bonds at the lowest rates.
Call our knowledgeable team. We are anxious to help you solve your budget challenges and advise you on the best way to keep your town strong in this time of financial uncertainty.
Thank you for your partnership. We look forward to hearing from you in regards to your TIF - 3 STEP questions.