HomeMy WebLinkAboutIR 7853 INFORMAL REPORT TO CITY COUNCIL MEMBERS No, 7853
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ft ofrw To the Mayor and Members of the City Council August 4, 1994
X Subject: TAX ABATEMENT AUDIT
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During the July 26, 1994 Pre-Council meeting, Councilman Silcox inquired as to the availability
of an audit or report on the compliance status of property owners currently receiving tax
abatement. This informal report serves as a follow up to that inquiry.
The city requires all property owners receiving property tax abatement to provide periodic
reports on their compliance with the terms of each agreement. Beginning in January of this
year, the City sent all relevant property owners a "Tax Abatement Report Form" which
requested detailed information to determine the property owner's compliance with the terms of
each respective agreement. Property owners were asked to submit the completed form by March
1, 1994. The information within this report is utilized by the Internal Auditor to conduct audits
of each agreement.
Due to a number of factors beyond the city's control, few property owners submitted the reports
by the March deadline. To facilitate submission of the reports, City staff provided the property
owners with both a deadline extension and technical assistance for completion of the form. To
date, 12 of the 14 property owners have submitted the reports, all of which were presented to
the Internal Auditor's Office.
At this time, the audit is ongoing. Following completion of the Auditor's report on the
additional items mentioned above, staff will consult any additional property owner who appears
to be in non-compliance to determine the cause and potential -resolution of any and all
deficiencies. Once these consultations are completed, staff will present the findings in a formal
report to City Council. It is anticipated that a formal presentation can be made in early
September.
Bob If you ve additional questions, please contact Mike Groomer or Tom Higgins.
T rrell
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH,TEXAS