City of Quincy issued the following announcement on Jan. 5.
As the City Council begins discussions on the 2020 Fiscal Year Budget this month, we thought it might be fun to share some of the basics with you. Each Friday in January, we will present additional information from the current fiscal year budget.
Today, we focus on revenues
55% of the City’s revenue is sales tax (sales & use tax and home rule sales tax). Throughout Illinois and around the nation, many cities are seeing sales tax revenue decline. However, because so many of you Shop Local, our sales tax revenue has stayed relatively flat.
Sales tax, income tax, PPRT, franchise fees and green energy funds help the City provide essential services from planning and development, garbage and recycling, and police and fire services.
The General Fund portion of property tax contributes to pension obligations, library funding and debt service. (The property tax used for debt obligations is not included in the General Fund.)
Other revenues include video gaming revenue, licenses and permits, fines and ordinance violations, grants, and transfers from other funds such as the Barge Dock Fund and the Fire Equipment Fund.
Original source can be found here.
Source: City of Quincy
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