KANSAS CITY, Mo. -- A draft of the much-delayed and much-debated audit on the city's tax increment financing was released Tuesday.

KMBC's Maria Antonia reported that the numbers showed Kansas City is not getting what it expected out of tax incentives known as TIF.

The 49-page report is a draft of the final audit, and it showed the city is looking at a shortfall of $233 million in revenue.

For example, Kansas City expected revenues of nearly $2 million from the renovation of the Hotel Phillips, but the draft report showed that actual revenue was only $840,000.

Hotel Phillips is one of nearly three dozen plans listed as delivering below expected revenues, Antonia reported. Only 10 projects were listed as performing above expected revenues.

The draft report said that revenues for projects are consistently overstated.

"I'm not surprised. It is the developers' interest to put the best face he or she can on a project to gain approval," said mayoral candidate and former city auditor Mark Funkhouser, who has made TIF a campaign issue.

The draft report also said that performance objectives are vague. It recommended taking steps to improve projections and making yearly comparisons of actual and projected revenues.

Mayoral candidate Alvin Brooks said he'll wait for the final TIF report to come out before commenting. His staff called the timing of the draft's release "political."

The Economic Development Corporation, which administers the TIF program, said they want time to study the draft numbers. The EDC president told KMBC their figures show TIF plans produced 74 percent of expected revenues.

Antonia reported that the draft report indicated projects produced only half the promised revenue.

The EDC said it's trying to determine where the audit draft numbers are coming from.

The Kansas City mayoral election is March 27.