CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
title
Receive the 2021 First Quarter Financial Report
body
DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Budget Manager
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
Staff continues to provide monthly updates during City Council meetings on the status of the City's budget and progress towards local economic recovery. April provided an opportunity to review the first quarter finances, which also marked a full year since actions were taken to mitigate the COVID-19 pandemic, including stay-in-place orders by Governor J.B. Pritzker.
DISCUSSION
Through the first quarter, the City's financials showed positive trends in both revenues and expenses. Citywide revenues totaled $97.88 million, which is a 0.9% increase over last year.
The General Fund finished the first quarter with $26.55 million in recorded revenues. After removing anticipated increases tied to inter-fund transfers, General Fund revenues were up 4.3% from last year and outpaced projections by $2.67 million. Much of the increase is better-than-expected state shared tax revenues, which totaled $15.56 million, 3.5% more than 2020. The City's portion of the state income and local use taxes make up the bulk of the increase, as both are up $1.14 million over the first quarter of 2020.
YTD State Collected Revenues through March
Revenue
Projection ($)
Actual ($)
Diff ($)
Diff (%)
Sales Tax
8,663,804
9,029,386
365,852
4.2
State Income Tax
3,337,634
4,355,359
1,017,725
30.5
Home Rule Sales Tax
3,935,061
3,345,262
(589,799)
(15.0)
Motor Fuel Tax/TRF
1,453,428
1,319,051
(134,377)
(9.2)
Local Use Tax
1,439,978
2,082,097
642,119
44.6
Totals
18,829,906
20,131,155
1,301,249
6.9
March State Taxes
* Sales Tax - The City received their portion of December sales in March and saw a 13% jump from last month. The total revenue received was $3.3 million.
* State Income Tax - The City received $1.1 million, exceeding projections by 47%. The state distributes shares of ...
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