REVENUES Revenues within the General Fund operating budget are derived from the following sources: GENERAL-OPERATING REVENUE Budget 2023 Projections 2023 Budget 2024
2024 vs. Proj Variance
Budget Variance
Tax Revenue
$7,817,940 89% $7,838,800
86% $7,111,705 90% ($727,095)
-9.28% ($706,235) -13.52% (186,200)
-9.03% -29.54%
Replacement Tax Interest Income
630,300 7% 90,000 1% 9,500 0% 1,000 0% 198,014 3%
513,500 178,288
6% 2% 0% 3% 2% 0%
444,100 166,300 9,000 8,000 190,411
6% 2% 0%
(69,400) (11,988)
-6.72% 76,300 84.78%
Rental Income
9,000
0 0.00%
(500)
-5.26%
Alternative Revenue
313,930 207,751
0% (305,930)
-97.45% -8.35%
7,000 700.00%
Miscellaneous
2% 0%
(17,340) (2,125)
(7,603)
-3.84%
Other Financing Sources 6 rev gen op page 25
0%
2,125
0.00%
0 0.00%
Total Revenue
$8,746,754 100% $9,063,394
100% $7,929,516 100% ($1,133,878)
-12.51% ($817,238)
-9.34%
PROPERTY TAXES Property tax revenue accounts for 90% of the total revenue within the General Fund and is budgeted to decrease 9.0% or about $706,200 compared to the 2023 budget and 9.3% or $727,100 compared to year-end projections. The decrease is based on a reallocation of property taxes from the general levy to an offsetting increase in the recreation levy. REPLACEMENT TAXES Replacement Taxes account for 6% or $444,100 of revenues. Replacement Taxes are an additional income tax for corporations calculated at a rate of 2.5% of net taxable income. Historically, Replacement Taxes have been allocated between the General and Recreation Funds. The 2024 budget accounts for a $186,200 or 30% decrease compared to the 2023 budget and $69,400 or 13.5% decrease from 2023 projections. The decrease is based on estimates provided by the State of Illinois Department of Revenue.
INTEREST INCOME Interest Income accounts for about 2% of the operating revenue and is budgeted to increase $76,300 compared to the 2023 budget. The 2024 budget is based on an overall rate of 4.0%. RENTAL INCOME Rental Income represents security income received from park/facility rentals requiring the presence of park police. Rental Income is expected to remain fairly consistent with the 2023 budget and year-end projections. ALTERNATIVE REVENUE Alternative Revenue in 2024 includes a grant for police body cameras. The large decrease compared with 2023 projections is based ARPA funding received from Will County totaling $304,000. MISCELLANEOUS INCOME Miscellaneous income includes various reimbursements to the District including parking ticket revenue and employee insurance reimbursements.
10 depart pro les page 57 GENERAL OPERATING REVENUE 90% Tax Revenue
6% Replacement Tax 2% Interest Income 2% Miscellaneous
2024 BUDGET 29
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