Category: Finance Department News

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 […]

Local Motor Fuel Tax Receipts Status

The 4 cent Local Motor Fuel Tax increase took effect May 1, with tax remittances due to the Finance Department on June 20. The Finance Department believes that 16 entities, in addition to the City of Champaign, are required to remit local motor fuel taxes on a monthly basis. As of June 27, eleven of […]

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 […]

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.

Local Motor Fuel Tax Takes Effect

The Local Motor Fuel Tax took effect May 1. In March, Finance Department staff, led by Financial Analyst Jennifer Johnson, provided information to tax payers on the requirements to collect the tax and remit it to the City. This included opportunities for tax payers to discuss tax implementation directly with City staff. Staff is preparing […]

Budget Presentation at the STAR Leadership Institute

Richard Schnuer made the keynote presentation to kick off this year’s STAR Leadership Institute. His presentation on the City’s budget included not only financial information, but also explained the many ways in which citizens can make their voices heard in the budget process. Staff of the Neighborhood Services Department, which organizes the Institute, reported that […]

2011 Property Tax Levy Extension

The County has extended the City of Champaign’s 2011 property tax levy of $19,955,632, which property owners will pay this year. The County determined that the Equalized Assessed Valuation (EAV) of taxable property is $1,525,193,507. In the fall, based on an estimate provided by Champaign County, the City projected a 2011 EAV of $1,510,800,000, which […]

Local Option Motor Fuel Tax Implementation

Finance staff is preparing for the May 1 implementation of the Local Option Motor Fuel Tax. Staff has developed a detailed implementation plan to guide the process. The plan includes sending a letter, the ordinance, and a copy of “Frequently Asked Questions” to all affected retailers. Staff will host two “Open House” meetings with the […]

Fitch Affirms City’s AAA Debt Rating

Fitch Ratings has affirmed the City’s AAA bond rating. In its press release announcing the rating, Fitch noted the following “key drivers” in its rating decision: • University Provides Stability • Diverse Revenue Stream • Strong Fund Balance • Solid Management With respect to the strong fund balance, the press release stated “Fitch believes the […]

Routine Review of the City’s Credit Rating

Fitch Ratings, one of the two firms that provide credit rating s to the City of Champaign, notified staff in December that it would conduct a routine review of the City’s rating. Fitch requested considerable information regarding the City’s finances, local economy, development activity, and budget balancing measures. While parts of the request could be […]