Crystal Lake trustees recently reviewed the city's budget.
Crystal Lake trustees recently reviewed the city's budget.
The Crystal Lake City Council recently held a workshop to facilitate the budget development process.
The budget for fiscal year 2015-16 indicates where revenue is generated for the general fund. It states there is no corporate property tax within the city, as a result the largest source of funding comes from sales taxes, taking up 46 percent of revenue. This is followed up by income taxes and telecommunication taxes. Combined together, sales, income and telecommunication taxes amount to approximately 68.7 percent of total general fund revenue.
The 2015-16 budget indicates that general fund expenditures are primarily made up of personnel services at 72 percent, followed by 22 percent going toward contractual services with the remaining 6 percent used to procure materials and supplies and to service city debt.
Overall the city’s general fund accounts for 30 percent of expenditures, followed by the water and sewer funds and then fire rescue funds, amounting to 27 percent and 10 percent respectively. The library fund makes up 6 percent of expenditures and debt servicing makes up 2 percent of the budgetary expenses. The remaining 26 percent consists of other funds not listed.
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