Municipal Tax Incremental Finance (TIF) Annual Report and Audits

• ​State law requires municipalities with active TIDs to electronically file an annual report for each TID by July 1 with the Wisconsin Department of Revenue (DOR)
  
• If you are not a clerk or clerk/treasurer, you must request access to file this form through My DOR Government Account
  
• Reported items include general information, beginning fiscal balance, revenues, expenditures, future costs, future revenue, and ending fiscal balance
  
• Future costs and future revenue are estimates based on the remaining life of the TID. Refer to a recent cash flow statement or the project plan for more information.
  
• A standing Joint Review Board must meet by July 1 (or when the report is available) to review each TID's annual report, performance, and status
  
• Municipality must provide each overlying tax jurisdiction a copy of the annual report by July 1
  
• ​Under state law, DOR must charge a municipality $100 per day for each TID Annual Report not filed within 60 days of July 1

State law:​

• ​ 60.85(8)(c), Wis. Stats.
  
• 66.1105(6m)(c), Wis. Stats.
  

66.1106(10), Wis. Stats.

For Town and Municipal TIDs, CPA audits are required at least three times during the TID's life, no later than 12 months after:

• 30% of total project expenditures
• End of expenditure period
• Termination of the district

For Environmental Remediation TIDs created before November 2017, a CPA audit is required at least once during the TID's life, no later than 12 months after:

• Termination of the district

The CPA must determine if all financial transactions comply with ​state law.

State law:

• 60.85(8)(b), Wis. Stats.
• 66.1105(6m)(b), Wis. Stats.​
  
• 66.1106(10)(c), Wis. Stats.