Letter To The Editor:
WOOD RIVER - Last week, Councilman Bill Dettmers requested a special meeting to further discuss matters related to TIF agreements and a forensic audit of the TIF process.
Get The Latest News!
Don't miss our top stories and need-to-know news everyday in your inbox.
As a CPA and Certified Fraud Examiner, I believe this is unnecessary and would result in additional professional expenses on top of the increase in legal fees already incurred due to Councilman Dettmers' numerous attorney meetings and legal requests. Consequently, I will not participate in it. I informed Mayor Stalcup of my decision and he is in agreement.
TIF funds undergo an annual audit and testing by an independent audit firm. I am confident in the integrity of the process. Additionally, our attorneys have thoroughly reviewed our TIF agreements and addressed the numerous questions from Councilman Dettmers, which have cost the city considerable time and legal fees.
As a comparative, fiscal year-to-date through January of each fiscal year, 2023 legal fees were $23,931, fiscal year-to-date through January 2024 - $102,775, and fiscal year-to-date through January 2025 - $91,953. As a result, I’ve asked city leadership to perform a review to document both the hours and purpose of the legal fees from the last few years.
As a city councilman, I have consistently advocated for transparency and accountability in city government, particularly concerning financial matters like Tax Increment Financing (TIF) funds. All these issues have been discussed numerous times in publicly televised and recorded city council meetings for residents to view. I am proud to say that we have achieved an unprecedented level of transparency in the City of Wood River. Agendas, minutes, ordinances and council packets are now available on the City’s website for residents to access.
Our goal is to foster an environment that encourages responsible business development in Wood River while maintaining the highest standards of financial management and transparency.
Our TIF arrangements should not be competing with IRS audits in terms of reporting and documentation requirements. They should be simple and straightforward for small businesses to comply with. They should honor the spirit and letter of the statutes governing tax increment financing. Extraneous and painstaking requirements that Councilman Dettmers is demanding are entirely rooted in Steve-Palen-Derangement-Syndrome. They discourage business growth, and impose unnecessary bureaucratic burden on city staff.
Over the last several years we held the line on the tax levy and now Wood River has both the lowest tax rate in over 30 years and the highest EAV in its history. It’s time for all the council members to end the personality-driven hyperbole and come together to promote our competitive advantage in the metro area.
Jeremy Plank, CPA, CFE
Wood River City Councilman
Opinions expressed in this section are solely those of the individual authors and do not represent the views of RiverBender.com or its affiliates. We provide a platform for community voices, but the responsibility for opinions rests with their authors.
More like this:
