By: Diane Benjamin
Normal’s fiscal year runs from April to the following March. The below shows why Normal plans to finally fix some infrasture next year. Reserves (Ending Fund balance) are HIGH! The data portal only has 2 years of data, comparison to pre-covid would have been handy. By April 2021 I think most businesses would have reopened unless they closed permanently.
You can access the data below with this link. The Accounting Period needs changed to 8. November is period 8, I chose that month since tax receipts lag behind the month earned.
Both Bloomington and Normal have high reserves, neither have plans to cut your taxes however. Change Normal’s Accounting Period to 9 and 10, the General Fund balance explodes.
The first chart is last fiscal year through November, the second chart is this fiscal year through November. The General Fund collects all of the taxes not listed below the GF: Sales tax, food and beverage taxes, hotel-motel taxes, local motor fuel taxes, etc etc etc.
Receipts are $6,000,000 more this year through November. Inflation is certainly a factor. High gas prices also helped, yes you pay sales tax and motor fuel tax on gas purchases. Rivian only collects .75% sales tax if they sell to someone in Bloomington-Normal. Rivian doesn’t pay local tax on sales outside of Bloomington-Normal.
Note cannabis revenue, previously Normal didn’t want to say how much they collect. Both charts show Normal isn’t spending receipts.