City & School District TIF Surplus Budget Estimates

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The school district is allocating its share for debt service, while the City of DeKalb’s will be dropped into the General Fund.

One might ask why the city has projected $670,000 for FY2012 since the October estimates came in $528,200 under its preliminary estimates. At least two factors must be at play: the rise in city property tax from .60 to .65, and a rosy projection of 11.67% growth in sales taxes even though the reason for the October surplus estimate adjustments were made in response to a state notification that the sales tax portion would be reduced 22% due to a general drop in sales taxes.

Might make one wonder about other possible rainbows and unicorns in this budget draft.

Sources:

District 428’s FY10-11 budget, p. 6

City of DeKalb’s adopted FY2011 budget, pp. 22-24

City of DeKalb’s FY2012 draft budget proposal, pp. 22-24

City Barbs, “FY2011 TIF Surplus,” Distribution Reconciliation chart and letter from the city