Page 47 - Cover 3.psd

ADOPTED | BUDGET

BUDGET OVERVIEW (MINOR FUNDS)

Tax Increment Financing Fund

The Tax Increment Financing (“TIF”) Fund is used to account for the collection of property taxes
associated with Tax Increment District #1/1A, Tax Increment District #2 and Tax Increment District
#3. TIF #1 was created in 1998 to fund significant public drainage improvements. The City of North
Richland Hills, Tarrant Count, Tarrant County College District, Tarrant County Hospital District and
Birdville ISD contributed. TIF #2 was created in 1999 to fund public improvements including the
construction of the NRH Public Library which opened in 2008 and the NRH Centre which opened in
2012. The City of North Richland Hills, Tarrant County, Tarrant County College District and Tarrant
County Hospital District contribute. TIF #3 and a Public Improvement District (PID) were created in
2019 to fund construction of new streets, sidewalks, water lines, sewer lines, drainage and other
public improvements in the 52.873 acres City Point development located at the southeast corner of
Boulevard 26 and Rodger Line Drive, adjacent to NRH City Hall. The City of North Richland Hills
and Tarrant County contribute.

Tax Increment Financing Fund FY 2021/2022 Revised Budget

Revenues / Resources

During FY 2021/2022 TIF 1/1A and TIF 2 completed their respective project plan and were
approved for closure by the City Council on June 27, 2022. The revised revenues in the three TIF
Districts for FY 2021/2022 are $30,004,540. This is $25,348,423 above the FY 2021/2022
Adopted Budget. Below are the revenue highlights.

 $296,637 increase in the Appropriation of Fund Balance for TIF 1/1A. This was necessary
to issue a final refund to participating taxing entities for the closure of the fund.
 $26,165,170 increase in the Appropriation of Fund Balance for TIF 2. This was necessary
to issue a final refund to participating taxing entities for the closure of the fund.

Expenditures

The revised expenditures in the TIF Districts for FY 2021/2022 are $30,004,540. This is
$27,983,583 above the FY 2021/2022 Adopted Budget. Below are the expenditure highlights.

 $297,655 increase in final distribution payment to participating entities for closure of TIF
1/1A.
 $9,781,877 in bond defeasance cost due to the resolution of debt associated with TIF 2.
 $12,533,199 in final distribution payments to participating entities for closure of TIF 2.
 $3,914,656 for FY 2020/2021 payment rebate to participating entities for closure of TIF 2.
 $3,449,798 for FY2021/2022 payment rebate to participating entities for closure of TIF 2.

47 NRH | TEXAS