As a public entity, it is our goal to be as transparent as possible and provide the public with the information they need to make informed decisions. In the coming months, the school district will be extending an invitation to anyone that is interested in learning about the Montana school funding formula and specifically how the Anaconda School District allocates those resources.
As part of this week’s school article, I would like to explain how the Tax Increment Financing Industrial District (TIFID) remittance has been used in the past and how it is currently being used. Prior to House Bill 114, which was passed in the 2015 legislature session, the school district was depositing the TIFID remittance into the flexibility fund. By placing it in the flexibility fund, the school was able to increase its budget authority in that fund by the amount received. This increased the overall budget authority for the school district. With the extra budget authority, the school district was able to allocate that money towards projects that it previously couldn’t have funded. After the 2015 legislative session the school district was required to deposit the TIFID remittance in a fund that would reduce local taxes. Currently, all the remittance is being deposited in the general fund to reduce local taxes. By doing this, it has reduced the overall budget authority of the district and is being used to fund the day to day operations of the district. With the reduced budget authority, the district is unable to fund projects that were once funded by the TIFID remittance.
Should you have any questions about TIFID monies or the laws surrounding them please feel free to give me a call and I would be happy to discuss this with you.
Anaconda Business Manager/Clerk