Category: Finance Department News

Motor Fuel Tax Additional Funding

In July 2009, the State enacted the Illinois Jobs Now! program to create and retain over 439,000 jobs over six years with additional statewide capital construction funding (http://www2.illinois.gov/gov/jobsnow/). Over five years the City of Champaign received five Motor Fuel Tax (MFT) payments of $326,804 each, totaling $1.63 million, for transportation infrastructure projects. The City funded…
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Adopted Budget Document

Finance staff issued the Fiscal Year 2014/15 adopted budget document and posted it on the City’s website. By creating, submitting, and transmitting the document electronically, Finance staff furthered our City’s sustainability efforts (#greenchampaign). Each year the adopted budget is submitted to the Government Finance Officers Association (GFOA) for the Distinguished Budget Award program. The City…
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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…
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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…
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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…
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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…
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