Category: Finance Department News

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 […]

2012 Refunding Bond Sale Exceeds Expectations!

The online auction to sell the 2012 Refunding Bonds, held Wednesday, was very successful. The winning bidder, with an overall interest rate of 1.86%, was the investment bank Morgan Keegan/Raymond James. Interest rates have dropped somewhat since Council adopted the bond ordinance last month, but the low interest rate is also due to aggressive bidding […]

Moody’s Affirms City’s Aaa Bond Rating

Moody’s Investors Services affirmed its Aaa credit rating for the City’s general obligation bonds. Moody’s staff complimented City staff and Kane McKenna, the City’s financial advisor, on the information provided to Moody’s to assist its analysis of the City’s financial position, the local economy, and other factors relevant to the credit rating. Staff anticipates that […]

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 […]

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 […]