SYCAMORE – The Sycamore City Council will soon vote on a proposed $20M budget in the new year, with opportunities for residents to weigh in later this spring.
The City will present a balanced budget, which takes effect on May 1, 2022 and goes through April 30, 2023. According to the proposed budget draft, the City of Sycamore expects to collect $19,906,717 in revenue and spend about $19,905,973 in the next year.
The total estimated general fund revenue includes costs the city expects to pay for three pension programs, including police, fire and Illinois Municipal Retirement fund, according to documents. Sycamore’s general fund is also used for day-to-day operations, including for department salaries.
The city gets the bulk of its revenue from sales and use tax, property tax, and intergovernmental revenue, documents show, which includes a local share of the state income tax. Together, they make up 78.22% of all general operating revenues.
The remaining amounts are collected from minor revenue sources, such as fees, fines, and other miscellaneous revenues.
Some revenue streams, such as sales tax collection, remain in flux due to the economic impacts of the COVID-19 pandemic, said Assistant City Manager Maggie Peck.
“Sales tax projections are challenging for the coming year as the pent-up demand from COVID-19, considerable stimulus, and advanced child-tax credits have factored into very strong receipts,” Peck said.
Over the next several meetings, the city council will debate the proposed FY2023 budget, with multiple chances for residents to weigh in. There will be a public hearing set for March 21, 2022 prior to council taking action on the final FY2023 budget.
Source: The Daily Chronicle