Levelland’s two Tax Increment Financing programs recently ended the fiscal year with money in the bank and no debt.
The TIF Reinvestment Zone #1 collected $78,408 in revenue and ended the fiscal year – on Sept. 30 – with a fund balance of $140,439.
‘The TIF has no debt,’ said Assistant City Manager Erik Rejino. ‘It’s a very good position.’
He said the board may want to start a discussion next year if no new projects are tackled.
The board could consider returning revenue to the taxing entities that make up the TIF, or it could consider building infrastructure.
TIF consists of the city, Hockley County and the High Plains Underground Water Conservation District.
The organization receives property tax dollars based on the increase in values that have resulted after TIF has provided funding for projects.
Rejino said TIF #1 should take in about $80,000 next year.