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Treasurer warns state law change and other revenue shifts are trimming local use tax receipts
Summary
Stephenson County Treasurer reported holdings, maturing certificates of deposit and a sharp drop in local use tax receipts tied to a new state law; the treasurer said the drop is significant and will reduce the county's revenue on that line in the current year.
Stephenson County Treasurer briefed the Finance Committee April 14 on investments, cash positions and an unexpected reduction in local use tax receipts tied to a recent state law change.
The Treasurer reported total funds declined only slightly from February to March, and highlighted several maturing certificates of deposit coming due with expected interest proceeds. She also flagged a sharp decline in the county’s local use tax payment: a preview check showed $6,600, “a drop of 80%,” she said, compared with the prior month’s approximately $54,000.
Why it matters: The Treasurer said the change stems from a state public act that shifted how some sales and use tax dollars are allocated; the county should…
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