Establish New Custodial Fund and Bank Account for TIRZ #2 (The Coves at Winfield Development)
Submitted for:
Angelica Morales
Submitted By:
Angelica Morales
Department:
Auditor
Subject:
Discussion and possible action to establish a new custodial fund for Tax Increment Reinvestment Zone (TIRZ) #2(The Coves at Winfield Development) and the creation of related bank account.
Issue: A new custodial fund is required to properly allocate the distribution of receipts for Tax Increment Reinvestment Zone (TIRZ) #2(The Coves at Winfield Development).
Solution: Establish a separate custodial fund and bank account to recognize the 40% attributable to Tax Increment Reinvestment Zone (TIRZ) #2(The Coves at Winfield Development).
Result: Proper recording of receipts from Tax Increment Reinvestment Zone (TIRZ) #2(The Coves at Winfield Development).