Illinois received approximately 3.9% of the total. Take a look at the various programs that are being proposed for Illinois’ share. http://www.ncsl.org/print/statefed/StateAllocations.pdf
If you wish other details or more recent events regarding the stimulus see: http://www.ncsl.org/statefed/2009economicstimulus.htm
The December 2008 Consumer Price Index is out. If there are no changes to the law, Illinois Department of Revenue should be announcing 0.1% as the tax cap for 2009 taxes (those paid in 2010). If local government and schools are having a difficult time meeting rising costs just wait to they need to budget for FY 2010, when real estate taxes are capped at nearly zero and property assessments maybe falling.
I thank Cal Skinner and his blog: www.mchenrycountyblog.com for the graphics.
![[CPI+2008+Chart.jpg]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8lBj9yn6-cnfSh5tTqxzLLKzfEeZBPBB5IdUvaVVEhPqPhYIDiv49evNORA9npabvju2Pz4S_p_euTR07B_nq34ypLGdiBptDygSXV0UKmKZA5scqLpOyrTe-c1ZwOxcsGbQMp95gt_I/s1600/CPI+2008+Chart.jpg)
Just received the actual numbers being reported to Boone County Finance Committee regarding its monthly revenue. I hope to use these monthly reports to keep everyone aware of county finances in this troubled time.
There are five main sources of taxation. Each of the five sheets will enlarge if you click on it. As of now the county is down $33,188.78 or 4.27% of December/January projected revenue.
Here is the calculation from these sheets:
Shortfall/Overages: -3251.30+-6151.92+6814.54+-1448.53+-29151.57=-33,188.78
Actual Revenues: 175875.70+167542.81+293002.26+24246.63+84119.31= 744765.71
Projected Revenue=744765.71+33188.78=777954.49
Shortage is 33188.78/777954.49= 4.27%
Analysis of the trends in these various accounts is still quite difficult. Of most concern is the State Income Tax (immediately above) it is down 25.7%. State Income Tax is 31.2% of the total $6,053,704 of tax revenue, however figures are only for December. One Cent Sales Tax is down 1.8%, 1/4 Cent Sales Tax is down 3.5%, Public Safety Sales Tax down 2.4%, Personal Property Replacement Tax down 5.6%. Most of these taxes are collected by the state in a prior month therefore further decreases may be possible based upon the continued downturn in the economy.
See this breaking news:
http://www.msnbc.msn.com/id/28767687
If President Obama froze the salaries of all White House employees making over $100,000, do you think our local governments and school districts should follow the lead of the President?
Patrick Mattison, Republican, District 3, believes that the size of the projected shortfall at the county is being underestimated. The $300,000 deficit is more on the order of $800,000. Here is his presentation based upon the county’s most recent figures:
| Boone County Boone County Sales Tax | Boone County Projected Tax Revenues FY 2009—per budget | Revenue Shortfall Basis: January 2009, Collection Potential Annual Revenue Loss
|
| 1 cent unincorporated | $ 911,960.79 | $ 107,821.44 |
| 1/4 cent county wide | $1,041,729.82 | $ 98,452.29 |
| Sales Tax 1/2 cent | $1,644,757.00 | $ 80,916.53 |
| Boone County Personal Property Replacement Tax | $ 567.408.00 | $ 31986.86 |
| State Income Tax | $1,887,848.00 | $ 484,526.17 |
| TOTALS | $6,053,703.61 | $803,703.29 |
Going by collections reported for January , 2009, the County shortfall will be approximately $804,000 for the year. The potential short for the year based on these figures is 13.28 %. It could be worse if the economy worsens.
What are the Boone County Board's plans if this happens?
Pat M.
See the other posting from January 21 for the Rockford Register Star’s take on the deficit.
The “maybe” deficit is becoming real for the Boone County Board. See this article from the Register Star: www.rrstar.com/boone/x1621254117/Boone-officials-expect-budget-shortfall
Note the comments, I am Bill Blank.
The fight is on—everyone has an idea how to get things going again in this country. How can we possibly keep up. One source that is keeping track of the raw proposals is: http://www.ncsl.org/statefed/2009economicstimulus.htm
When you get a chance take a look. For history buffs we may be doing an reenactment/update of FDR’s First Hundred Days. It will be difficult to hear, see or know what is being proposed, passed and really implemented. Good Luck.
