Tax Incremental Finance (TIF) - Audits and Annual Report

Secs. 60.85, 66.1105, and 66.1106, Wis. Stats.

For more information, review the TIF Audits and Annual Reports page.

  1. What audits and reports does a municipality with a Tax Incremental District (TID) need to complete?

  2. Can the municipal audit take the place of the TID Annual Report?

  3. Does the first audit occur when the municipality reaches 30 percent of the capital expenditures or 30 percent of the total expenditures?

  4. If the municipality amends the project plan to add costs after reaching 30 percent of project expenditures and completed a first audit, does the municipality need to complete another first audit?

  5. If the municipality finished a TID's final audit, but continued to incur additional project costs, is the municipality required to complete another final audit?

  6. What determines the last reporting year for the TID Annual Report (Form PE-300)?

  7. Can a municipality use TIF funds to pay a Certified Public Accountant (CPA) to complete the required audits and annual reports?

  8. Can a municipality use TIF funds to pay for Annual Report penalties?

  9. Does the Joint Review Board (JRB) need to meet before the municipality electronically files (e-files) the TID Annual Report(s)?

  10. When a municipality schedules the JRB meeting, can the municipality email the TID Annual Report(s) to the JRB before the meeting?

  11. Does a municipality need to provide DOR with documentation stating the JRB met to review the TID Annual Report?

  12. How does the municipality determine the amount of "future costs" and "future revenue" on the TID Annual Report?

  13. When completing the TID Annual Report for the first time, how should a municipality account for expenses in the prior year when the annual report was not required?

  14. When an error is found in a TID Annual Report after the amendment deadline of November 1, how should a municipality correct the report?

  15. If a municipality settles a claim on a property within a TID and issues a tax refund, how should that be reported on Form PE-300?

  16. Are TID statistical reports available?


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FOR QUESTIONS OR COMMENTS CONTACT:

MS 6-97
WISCONSIN DEPARTMENT OF REVENUE
Office of Technical and Assessment Services
PO Box 8971
Madison, WI 53708-8971
Phone: (608) 266-7750
Email additional questions to ​tif@wisconsin.gov