Category: Finance Department News

Sales Tax Rate Update

  The City increased its Home-Rule Sales Tax by 0.25% effective January 1, 2014 to increase Police and Fire services.   The overall sales tax rate for most purchases in the City of Champaign is as follows:   State: 5.00% City Share of State: 1.00% County Share of State: 0.25% County-Public Safety: 0.25% County-School Facility: […]

Distinguished Budget Award

Once again, the City has received the Government Finance Officers Association (GFOA) Distinguished Budget Award for the Fiscal Year 2013/14 adopted budget document.  The City has received this award annually for 23 years, demonstrating a strong commitment to producing the highest quality budget document that reflects the guidelines and best practices established by GFOA and […]

City of Champaign Bond Refinancing

The City of Champaign will save a total of $280,000 over the next nine years by refinancing a portion of the bonds issued in 2005 to finance construction of the new main library building. This is the third time that the City has refinanced debt in the past four years. The refinanced bonds carried an […]

City Receives Certificate of Achievement for Excellence in Financial Reporting:

The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the City of Champaign a Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR) for the City’s fiscal year ended June 30, 2012. The Certificate is the highest form of recognition for excellence in governmental […]

Food and Beverage Collections

Finance staff identified approximately 30 food and beverage retailers who were behind in their monthly food and beverage tax payments. Finance and Legal department staff, in cooperation with the Champaign Urbana Public Health District worked together to pursue payment. These efforts reduced the list to approximately six retailers with unpaid taxes. The retailers were informed […]

First Distribution Received for 2012 Property Tax Levy

The Finance Department received the first distribution of the 2012 tax levy in the amount of $2,720,642.21. Typically the first distribution is about 25% of the total levy. However, this year the City received only 12%. Per discussion with Dan Welch, Champaign County Treasurer, the lower distribution was necessary due to the impact of the […]

Change in Accounting Standards for Pensions

The Government Accounting Standards Board has issued new standards on pension finances. These standards must be followed for financial reports that use “generally accepted accounting principles” including the City’s year-end Comprehensive Annual Financial report, or CAFR. The standards affect both pension funds and “plan sponsors”, such as the City, who fund the pension costs. The […]

Build America Bond Payment Affected by the Federal Sequestration

As communicated to Council in late February, the Federal budget sequester was expected to impact the City’s revenues. The Budget Control Act of 2011 required the Federal administration to sequester FY13 discretionary funds. This included making across-the-board cuts of $1.2 trillion in savings over a ten year period beginning in 2013.  The City anticipated a […]

2012 Property Tax Levy Extension

The County has extended the City’s 2012 property tax levy of $19,955,632, which property owners will pay this year. Since the 2012 Equalized Assessed Valuation of taxable property in the City (EAV) came in slightly higher than projections, the 2012 tax rate of $1.3152 was lower than staff had projected but still slightly higher than […]

Champaign Police and Firefighters Pension Funds Compare Favorably to Others

The results of actuarial valuations for all Downstate Police and Firefighters Pension Funds were released by the Public Pension Division of the Illinois Department of Insurance (DOI), who regulate the Downstate funds. While Champaign’s funds are not fully funded, their funding levels are well above the average of other Downstate pension funds as shown below. […]