CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
title
Receive the 2021 2nd Quarter Financial Report
body
DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Budget Manager
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
The state moved into Phase 5 of the Restore Illinois Plan in June, prompting a near return to normal for the state for the first time since February 2020. Since the onset of the pandemic, staff has increased diligence in monitoring financial trends in and around the City to gauge potential stress points and the overall health of the local economy. This report provides an overview of the City's finances through the first six months of the year.
DISCUSSION
At the midway point, the City continues to show positive trends in both revenues and expenses. Citywide revenues totaled $220.45 million, which is a 4.2% increase over last year.
Revenues
2021
Budget
2021 YTD
Proj.
2021 YTD
Actual
Variance
Maint. & Operating Funds
410.79
185.60
184.66
(0.94)
Capital Funds
51.90
18.08
20.41
2.33
Special Funds
33.13
15.82
15.38
(0.43)
Total
495.80
219.50
220.45
0.95
*$ in millions
Revenues continue to receive a boost from state shared taxes and a recovering local economy. State shared tax revenues totaled $26.07 million, 17.5% more than 2020. The City received a combined $8.26 million in June, including $2.18 million in income taxes and $3.72 million in sales tax. Of the five major shared revenues, the City is exceeding projections by more than $5 million.
YTD State-Collected Revenues through June
Revenue
Projection ($)
Actual ($)
Difference ($)
Difference (%)
Sales Tax
16,050,577
17,960,842
1,910,265
11.9%
State Income
7,707,053
10,829,776
3,122,723
40.5%
Home Rule Sales
6,809,628
6,700,840
(108,789)
-1.6%
Motor Fuel/TRF
2,761,870
2,700,056
(57,814)
-2.1%
Local Use
2,967,948
3,385,869
417,921
14.1%
Totals
36,297,077
41,581,383
5,284,307
14.6%
Locally collected taxes indicate several areas of the local economy were nearing recovery based on May filings. Food ...
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