The Finance Department operates a governmental budgeting system that provides financial information to both external users and internal management.
This information is used to monitor the expenditure of public funds and to ensure that the financial transactions of the City are conducted in accordance with statutory and contractual requirements and City policy.
Tax Increment Financing (TIF) is a financial tool that cities use to attract new industrial development, create jobs, redevelop declining areas, or clean up environmentally contaminated sites.
Over the next several years, as TIF districts are decertified, this increment value is added back to the City’s total tax capacity. The City’s goal is to keep its levy increases in line with capacity increases. The decertification of TIF districts is beneficial in this regard. There are five districts which will end in the next five years.