Sales Tax Revenues Down for July
City continues talk of a tax increase.
The Elmhurst Finance, Council Affairs and Administrative Services Committee Tuesday continued talks that they would rather not be having after members received bad news about city finances.
Sales tax revenues for July came in about $90,000 below budget, reported Director of Finance and Administration Marilyn Gaston. Committee Chairman and 4th Ward Alderman Stephen Hipskind added that this puts sales tax revenues at about $130,000 under budget for the year.
The committee will proceed with a proposal to raise the city's property tax rate but needs to find out what the Elmhurst Public Library Board will levy for next year before they put together final numbers for the city. The library's budget is included in the city's budget.
The committee is considering a 4.95 percent increase in the city's tax levy, which would provide about $407,000 in new revenue. With this scenario, owners of home valued at $375,000 home would see an increase of approximately $19.
"We don't have any choice," said 7th Ward Alderman Mark Mulliner.
The committee will meet again with complete numbers from all city departments on Monday, Oct. 25.