Posted: Oct 10, 2012 4:19 PM by Katy Harris
Updated: Oct 10, 2012 4:52 PM
The Department of Revenue is seeking a settlement agreement with the Anaconda School District concerning the district's procedures in accounting for TIFID funds.
On Tuesday, a court hearing was vacated because the Department of Revenue said it wanted to negotiate a settlement with the school district. The school district agreed to continue the hearing and is waiting to receive a proposal from the Department of Revenue for Board of Trustee review.
Since 2009 the school district has received Tax Increment Financing Industrial District monies and has placed those revenues into flexibility funds without any DOR intervention. The Department of Revenue now thinks the district should deposit this source of money into the general fund which would then require a rollback in the school district's tax levy for that fund.
The school district claims they aren't required to deposit these revenues into the general fund budget based on state statute and the options allowed by the Office of Public Instruction.