Storm Lake, IA (KICD)– Income for the City of Storm Lake coming from tax increment financing properties is expected to increase greatly at the start of the next fiscal year to correct a miscalculation by Buena Vista County.

The numbers were first questioned late in 2022 and have been under review for the last several months with Finance Director Brian Oakleaf explaining at last week’s City Council meeting the mistake came as part of a series of complicated calculations.

Oakleaf says the next step in getting the problem fully resolved will come next month when distributions are available.

The total estimated TIF revenue expected for the next fiscal year for Storm Lake is a little over 1.6 million dollars, nearly double what has been received in the past.