City reports 18% increase in sales tax revenue amid rising costs

LaSalle County officials reported a significant increase in sales tax revenue during their recent government meeting, highlighting a robust financial outlook for the community. Sales tax collections rose by 18% compared to the previous year, indicating a positive trend despite rising costs in various sectors.

As of July 7, the county distributed $66 million in taxes, with a total outstanding amount of $2.93 billion. This marks a notable improvement in tax collection efficiency, with 22% of outstanding taxes collected so far this year, up from 16% at the same time last year. The increase in assessed values has led to higher tax amounts, prompting inquiries from residents about the changes.

The meeting also addressed the growing trend of electronic payments, which have more than doubled over the past two years. This year, 6,280 electronic payments totaling nearly $18 million were processed, compared to 5,600 payments amounting to $13 million last year. The county's adoption of online payment methods has streamlined the collection process and improved accessibility for taxpayers.

In terms of investments, officials noted that a certificate worth $1 million is due next week, with expected renewal rates between 4% and 4.15%. The overall yield on the general fund remains strong at approximately 3.4%, while bond yields are at 4%. These figures suggest that the county is well-positioned to maintain financial stability, even as interest rates fluctuate.

The meeting concluded with a reminder about the upcoming surplus auction, with sealed bids due on July 17. This initiative aims to further enhance the county's financial resources.

Overall, LaSalle County's financial health appears promising, with increasing revenues and effective management strategies that benefit the community.