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Form 8379 Online Rockford Illinois: What You Should Know

Total budget includes the City's three General Fund funds which include: (Fiscal Year 2024 Budget) (Fiscal Years 2 Budget) (Fiscal Years 2 Budget) (Fiscal Years 2024 – 2024 Budget) “The purpose of the City's General Fund is to pay the expenses and operating costs that are directly related to operating and maintaining the City of Rockford, such as salaries, wages, wages and employee benefits, including pension benefits.” “The City does contribute to the Common School Fund in the form of sales, property and oil revenue.” “The City's operating expenses are paid for with various sources of revenue such as sales tax, hotel taxes, cigarette taxes and cigarette and cigar taxes. The City also has a special tax on hotel rooms that is collected through a tax on transient lodgings and hotel receipts.” “The following sources of revenue are included in the City's general fund revenue: hotel/motel tax; cigarette and cigar tax; tax on hotel room occupancy tax.” “The Common Schools Fund is used to pay operating expenses and a portion of pension obligations. The fund contains a portion of property taxes raised for the city's general fund,” “The City's current budget, provided that it is presented to the voters on the ballot, reflects the City's expenditures for the 2 fiscal year.” “This budget was set by the City's governing body, the Rockford City Council in an open and public manner. All the information required to be made available by Section 5-12-13.1, (Election and Tax Billing Documents) for this election has already been made available online. “Beginning with the 2 fiscal year budget, the City will no longer use the hotel/motel tax to pay operating expenses. The City Council will begin paying for operating expenses and portion of pension obligations by increasing the sales tax for the 2 and 2 fiscal years by 0.5%, which will mean that the tax collected for the City's general fund would be 0.64% higher than the tax collected currently.” “If a new general fund capital bond issue were to be introduced, the new bond issue would cover all the costs that the city would incur by the 2 fiscal year as shown in the current budget and the new bond issue would be in addition to the amount that the city currently spends on general fund operating expenses.

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