Vt. auditor says Burlington owes state $1 million
MONTPELIER, Vt.—The state auditor says the city of Burlington owes the state education fund $1 million because it mismanaged a waterfront financing program 13 years ago.
The city is disputing the charge.
The Burlington Free Press ( http://bfpne.ws/JQEjYK) reports that an audit of the city's waterfront tax increment financing (TIF) district says the city improperly used the money to restructure a debt to buy waterfront land called the Urban Reserve (or "North 40").
State Auditor Tom Salmon says in the report released Thursday that most of the city's accounting of TIF funds was well-managed. But he says the Urban Reserve was purchased in 1991, before the TIF district was created, and its refinancing was ineligible for the program.
Information from: The Burlington Free Press, http://www.burlingtonfreepress.com