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AGENDA ITEM #10.6. <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: March 8, 2006 <br /> Subiect: TIF UPDATE <br /> Report: The City received a notice from the State Auditor <br /> regarding some past TIF issues. Ehlers has been working <br /> with our Auditor and the State Auditor to clean up the <br /> �. issues. Most of the items had to do with reporting. We <br /> believe all issues have been addressed with the exception of <br /> one. There needs to be a transfer of$1,334 from the <br /> General Fund to the TIF funds from the 12/31/2005 <br /> financial statements. This will cover the amount of <br /> increment that was transferred out of the TIF fund that <br /> shouldn't have been. Or probably more correctly, to cover <br /> administrative expenses for which there is no <br /> documentation. This is something that took place many <br /> years ago. <br /> Council Action Requested: Council motion authorizing a <br /> transfer from the General Fund (Council Contingency) of <br /> $1,334 to the TIF fund. <br />