Aurora experiences rebounding revenues
By Stephanie Lulay slulay@stmedianetwork.com September 11, 2012 10:32PM
Updated: October 14, 2012 1:46PM
AURORA — Bottom line: As the economy slowly improves, the city’s finances are looking “a bit better this year,” City Finance Director Brian Caputo said Tuesday night.
Caputo presented the midyear financial review to aldermen at a City Council meeting. Revenue is rebounding to pre-recession levels, and conservative budgeting has helped the city’s bottom line.
“In most of these cases, we’re coming back to pre-recession levels. So that’s a good thing,” Caputo said. “Now, of course, costs have continued to march on, so that’s where it’s still a bit tight.”
From interviews with county officials, Caputo said he expects a 4-5 percent decrease in the city’s EAV (equalized assessed valuation) in 2012. EAV decreased 8.6 percent in 2011 compared with 2010.
Caputo said that is on par with what other Chicago suburbs are experiencing.
“We’re in a similar boat with others, but nonetheless there is a decline.”
The city is slated to pull in more money in all other major revenue areas in 2012 than 2011. The city projects a decrease in revenue in gaming tax due to declining casino revenues.
By the numbers
A look at other revenue projections:
Water service fees, up 10 percent from 2011: Projected revenue is $27.5 million, $2.12 million more than city budgeted.
State shared sales tax, up 4.3 percent from 2011: Projected revenue is $20.6 million, $600,000 more than city budgeted.
Home-rule sales tax, up 1.2 percent from 2011: Projected revenue is $18.9 million, $200,000 less than city budgeted.
Income tax, up 4 percent from 2011: Projected revenue is $15 million, $553,000 more than city budgeted.
Gaming tax, down 11 percent from 2011: Projected revenue is $8.65 million, $490,000 more than city budgeted.
Telecommunications tax, up 2.2 percent from 2011: Projected revenue is $6.3 million, $25,000 more than city budgeted.
Food and Beverage tax, up 6.8 percent from 2011: Projected revenue is $3.95 million, $350,000 more than city budgeted.
Motor fuel tax, up 14 percent: Projected revenue is $4.8 million, $100,000 more than city budgeted.
Electricity Use tax, up 2 percent from 2011: Projected revenue is $3.4 million, $100,000 more than city budgeted.
