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City finance director: new 1% sales tax could fund roughly $2 million in annual road projects
Summary
The city reported it has received $502,000 in 1% sales tax distributions through July; when annualized and combined with motor fuel tax funds the department projects roughly $2 million per year available for roads, a substantial increase over prior budget expectations.
South Beloit—s finance staff told the council on July 20 that preliminary distributions of a newly enacted 1% sales tax have yielded $502,000 through July and that, when annualized and combined with motor fuel tax receipts, the city could direct roughly $2 million annually toward road projects. Finance staff said the $502,000 figure represents distributions received…
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