Category: Finance Department News

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. […]

Potential Impact of a Federal Sequestration

Lately, news outlets have been reporting on the Federal budget sequester set to begin on Friday, March 1. It would likely impact the City’s revenues. “Sequestration is a term used to describe the practice of using mandatory spending cuts in the federal budget if the cost of running the government exceeds either an arbitrary amount […]

Distinguished Budget Presentation Award

The City has received the Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA) for the 23rd year. This award demonstrates that the City’s adopted budget document is of the very highest quality, reflecting the guidelines and best practices established by GFOA and the National Advisory Council on State and Local Budgeting. The […]

Multi-family Recycling Invoices Issued

When Council adopted the Multi-family Recycling Program in 2010, the billing was initially accomplished with internal applications written on desktop software. That was not an efficient method of billing and it didn’t provide optimal information for tracking payments and responding to customer inquiries. While Public Works manages the recycling program, the Finance Department has the […]

IMRF Sets the 2013 Contribution Rate

The Illinois Municipal Retirement Fund (IMRF) has set the City’s contribution for 2013 at 12.32%. The 2012 rate was set at 11.42%. Almost all City employees except sworn police officers and firefighters participate in IMRF. The IMRF rate is much lower than the rates for the Champaign Police and Firefighters Pension funds, which are 51.1% […]

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 […]

Self-Reported Taxes Request for Documentation

The Finance Department, per Council’s request, recently sent letters to all Food and Beverage retailers and Hotel-Motel retailers, requiring them to submit to the City copies of the Illinois Department of Revenue forms that they file with the State, along with their monthly tax remittance. Food and Beverage retailers are required to submit an ST-1 […]