What is Required?
Under the Illinois Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-5), every municipality with an active TIF district must:
- File an annual TIF report with the Illinois State Comptroller
- Provide copies to all overlapping taxing bodies and have a Joint Review Board meeting
These reports help track how TIF funds are collected, invested, and managed, thus ensuring that redevelopment remains aligned with the public good.
What to Include in Your Report.
The annual TIF report must contain:
- A summary of TIF revenues and expenditures
- A description of redevelopment activities undertaken during the reporting year
- Outstanding obligations, project costs, and fund balances
- Updated property value and increment data
Collecting this information early in your fiscal close-out process makes reporting smoother and minimizes last-minute rushes.
This All Sounds Great, but What's the Deadline?
TIF reports are due 180 days after the end of your fiscal year, or as soon as your audited financial statements are complete.
All reports must be submitted electronically through the Comptroller’s online reporting system:
Cook County municipalities are obligated through Cook County’s Debt Disclosure ordinance to report the same information reported to the Comptroller’s Office with the exception of section 3.2B, which eliminates the vendor dollar threshold of any payments in excess of $10,000. The County requires all vendors that were paid during the course of the fiscal year with TIF dollars be listed.
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