Category: Finance Department News

CAFR Award

The City of Champaign received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR). The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a…
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GFOA’s Budget Award

The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the City of Champaign the Distinguished Budget Presentation Award for its Financial Plan for Community Services (annual budget). The City has received this award annually for 24 years, which shows a strong commitment to producing the highest quality budget document that reflects the guidelines and…
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City of Champaign’s 2015/16 Budget Invests in City’s Future

Administration Proposes Balanced Budget, Continuing Delivery of High Quality, Essential Services The City Administration is pleased to present a balanced budget that builds upon the City of Champaign’s long history of fiscal discipline. The budget allows for the continued delivery of essential City services, embraces growth, and preserves our vibrant community. The City’s AAA bond rating evidences Champaign’s…
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City of Champaign Bond Refinancing

The City of Champaign saved a total of $526,066.67 over the next thirteen years by refinancing a portion of the bonds issued in 2008 to finance the construction of the downtown parking deck. This is the fourth time that the City has refinanced debt in the past five years. The City’s high credit rating helped it achieve a…
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State of Illinois Fiscal Year 2014/15 Budget Fix

The State of Illinois recently adopted a budget “fix” to fund services that would have been cut this year if the State had not taken any action. The State took certain money, designated to specific services, and moved it to fund other services (referred to as a “sweep”).  Some of the sweeps affected revenues that the State shares…
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City of Champaign Bond Refinancing

The Finance Department will propose that the City refinance the 2008 General Obligation bonds to save an estimated $490,000 over the next eleven years. The City issued the 2008 bonds to finance a portion of the downtown parking deck, so the refinancing will reduce future expenditures in that fund. This would make the fourth time that the City…
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Distinguished Budget Award

Once again, the City’s has received the Government Finance Officers Association (GFOA) Distinguished Budget Award for the Fiscal Year 2014/15 budget document. The City has received this award annually for 24 years, which shows 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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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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