Written by Jack McCarthy
Wednesday, 06 February 2013 00:00
Throughout 2012, the City of St. Charles stayed committed to following a fiscally prudent path to keep a line on expenditures and tax levels.
The success of these strategies is evident in a continued strong financial performance, which recently was recognized by Moody’s Investor Service with an Aa1 debt rating. In their report, Moody’s cited the City’s “strong financial operations and solid reserve levels.”
In fiscal year 2012, expenditure levels fell to $38.58 million, 3.50% less than FY2011 and nearly 10% below 2008 levels. And these reductions have been made with no significant impact on the services and programs offered by the City of St. Charles.
Additionally, the City’s revenues continued their record of strong performance ending at $38.65 million, resulting in a surplus of more than $120,000 for the fiscal year. Sales and Use Tax revenues increased by 3.80% to $14.6 million as the economy continued its slow but steady recovery.
These financial results were achieved while holding the City’s property tax levy at a consistent level. The 2012 levy that the City will collect during 2013 represents the fifth consecutive year that the City’s operating property tax levy remained at $12 million.
General Fund reserves now stand at a level of approximately $16.2 million, representing 42% of expenditure levels. This level of reserves is well in excess of the required 25% policy maintained by the City Council and provides an adequate cushion against future fluctuations in revenue levels.
In addition, taxpayers also will save more than $2.4 million in interest costs between now and 2025, due to recent refinancing activity. That’s an average of almost $190,000 annually.
For more information, visit the City Administrator’s blog www.insidestcharles.com.
Restaurant Week returns—The 3rd Annual St. Charles Restaurant Week is set for Feb. 18-22 and diners can visit 25 participating restaurants and receive a 25% discount off the bill when presenting a special coupon.
Coupons are available via a postcard sent to St. Charles residents earlier this month; through ads in local newspaers or by going online to http://www.stcharlesil.gov/restaurant-weekwww.stcharlesil.gov/restaurant-week to download a coupon. A list of participating restaurants, menus, rules and restrictions are also onine.
St. Charles celebrates Arbor Day—Join the City of St. Charles in celebrating Arbor Day on Friday, April 26 at 4:00 p.m. The event will take place at Lincoln Park on Main Street, between 4th and 5th Streets.
Arbor Day has been celebrated in the United States for more than 100 years and has gained worldwide recognition.
Celebrate with citizens of the world and the City of St. Charles, and enjoy this free, fun event. The City’s Arbor Day celebration will include live music, delicious cookies, a tree raffle, tree care demonstrations, contests and prizes!
For information visit the Arbor Day page on the City website.
Last Updated on Tuesday, 05 February 2013 14:46