By: Diane Benjamin
The City of Bloomington Finance Department posted a summary as 4/30/16 – the end of the City’s fiscal year: http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=10958
The information is un-audited and tax receipts from State sources lag months behind, but the 63 pages provides a good snapshot of where finances were at the end of April.
Below is a TAX summary – Page 20. Note – almost all tax revenue is higher than in 2015. Remember when the Liquor Commission wanted to tax video gaming more? For just 11 months, receipts are higher than projected. Home Rule Sales tax was increased January 1st, so of course it will be higher.
Have you wondered why “Buy Local” ads have been running on the radio? The chart below from page 23 might explain it. The trend of lower receipts from August to January might have set off alarms! It might also explain why Bloomington and Normal jumped to raise the tax rate 1%.
Other interesting notes:
See pages 41-42 for a list of delinquent business taxes: $276,523.
Page 15: The BCPA lost 1,056,827
Page 16: The Zoo lost $490,183
Page 17: Pepsi Ice Center made a profit of $186,791
More from the report next!
Ok, compare the tax revenues to where the money is going to be spent in FY2017. (Not you personally, Diane.) There will just be more money for “amenities and administration.”