Category: Finance Department News

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.

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…
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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…
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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…
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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…
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