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TONICA — The village of Tonica received a “clean” audit opinion from Hopkins & Associates of Granville. Accountant Joel Hopkins said the village’s finances, including its Tax Increment Financing district, are within the bounds of state law.
The village had a $65,954 profit in its TIF fund this year, but that is only a few thousand dollars more than what it made there last year. It also had a $60,000 loss in the water/sewer/garbage fund and saw an overall decrease of $21,000 in the general fund.
Hopkins suggested the village utilize TIF funds to pay a portion of its utilities rather than deplete its general fund, which ended the year with a balance of $278. “Your general fund has been kind of financing your water and sewer fund,” Hopkins said. “It’s just something to take some of the financial burden off of those funds because they’re really starting to drain.”
Village president Kevin Sluder said the village has other plans for the TIF money. “We’ve got a very big expenditure coming up,” he said, referencing the new sewage treatment plant the village is planning to construct under mandate from the Environmental Protection Agency.
Hopkins said legally the board needs to make a transfer between funds before using money from one fund to cover another.
Hopkins also reminded the board that its debt payments will increase dramatically in 2016. Attorney Bob Steele said the village is paying interest on the loan for the first two years, but then it will begin to pay on the principal.
* The board approved the addition of Clark “Tony” Shirley as a firefighter.
*The site of the former Village Inn is nearly clear, according to Steele. The fire department has agreed to burn the brush pile that remains on the property. “That will take care of that eyesore, and we should be done with those people,” Steele said.
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