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university park conducting forensic audit to uncover extent of misappropriated tif funds

university park conducting forensic audit to uncover extent of misappropriated tif funds News Article With The full text news. The Resource Link is down the post and you can View this News Article in the source page.



university park conducting forensic audit to uncover extent of misappropriated tif funds

years of mismanagement and reliance on improper financial maneuvers to pay the bills have left the far south suburb of university park mired in a monetary crisis of monumental proportions, officials said.for years, officials improperly shifted tax increment finance dollars into the village's general fund to plug university park's multi-million dollar budget shortfalls, officials acknowledge. the transfers, which had been standard village practice for years, created a massive tif debt from which university park, a village of around 7,000 in will and cook counties, must now dig out.municipalities regularly utilize tax increment financing or tif to spur development in blighted areas that would not otherwise attract outside investment. any future "tax increment" generated as a result of redevelopment within a designated tif district is diverted to a special tif account and must be used solely for economic development.in university park's case, however, officials routinely tapped tif accounts to cover payroll and critical operations such as police, fire and public works service, new village manager john pate said.pate, who speaks candidly about university's parks dire financial situation, said that while past budgets appeared on their face to have been balanced, the balancing was accomplished only by redirecting tif funds."what balanced those budgets," he said, "was either a $1.5 million or $2.5 million loan being taken out of the tifs to balance the general budgets …"...