Category: Finance Department News

Adopted Budget Document

Finance staff issued the Fiscal Year 2012/13 adopted budget document and posted it on the City’s website. Each year the adopted budget is submitted to the Government Finance Officers Association for the Distinguished Budget Award program. The City has received this award annually for 22 years and staff is optimistic that the City will attain…
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Moody’s Affirms City’s Aaa Bond Rating

Moody’s Investors Services affirmed its Aaa credit rating for the City’s general obligation bonds. Moody’s staff complimented City staff and Kane McKenna, the City’s financial advisor, on the information provided to Moody’s to assist its analysis of the City’s financial position, the local economy, and other factors relevant to the credit rating. Staff anticipates that…
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Progress on Refunding Bonds

Finance Department staff members were busy this week preparing for the 2012 Refunding Bond sale. Much of the work was to complete the Preliminary Official Statement. It is similar to a “prospectus” for private-sector investment opportunities, and includes information on the City’s finances, local economy, purpose of the refunding bonds, etc. In addition, staff and…
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GASB Approves Statement Nos. 67 and 68

The Governmental Accounting Standards Board (GASB) recently established new reporting requirements for “defined benefit” pensions plans. (These plans guarantee a certain level of benefits based on a calculation, typically including years of service, as opposed to the 401k –type plans for which the benefits depend on performance of the investments.) In summary, the requirements require…
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Champaign Public Library Foundation Fulfills Contribution to New Main Library

The Champaign Public Library Foundation committed to raising $3 million toward construction of the new main library building. The Foundation met its pledge goal and remitted slightly over $1 million during building construction and another $1 million in the year following the opening of the new building. The final amount of approximately $1 million was…
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Speaker at Finance Officers Conference

Richard Schnuer made a presentation on the City’s Voluntary Separation Incentive Program last week at the annual conference of the Government Finance Officers Association of the U.S. and Canada, held in Chicago. Earlier this year Richard was appointed to the association’s Committee on Retirement Benefits and Administration.

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