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On Monday, December 4, the Mayor and Board of Trustees approved an ordinance placing a local sales tax referendum on the March 20, 2018 ballot. The Village will ask voters whether to approve a 1% local sales tax that would be equivalent to a penny per dollar on general merchandise at retailers within the Village. It does not apply to the sale of most food, prescription and non-prescription drugs, and medical appliances.
As a non-home rule government, the Village is required to obtain voter approval to implement this local sales tax. If approved, an ordinance imposing the tax would be adopted and the sales tax would go into effect in July of 2018. It will generate approximately $550,000 annually.
The 1% sales tax will generate revenue needed to help stabilize the Village’s finances for the future. The Village’s $11.4 million General Fund budget funds the provision of the day-to-day services upon which residents and businesses depend, such as Police, Fire and Public Works. The Village has also been working for many years to improve an aged infrastructure and additional improvements are needed including streets, sidewalks, water main and sewer improvements. As a small, non-home rule community, the Village’s revenues are limited, and many Illinois municipalities are seeing that their once-dependable revenues are either flat or declining. A major revenue source, the state-shared income tax, has been reduced by 10% by the State of Illinois and continues to be under threat by the State.