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McLean County treasurer warns revenue shortfalls; assessor confirms 'multiplier 1' for 2025 assessments
Summary
County Treasurer presented December and January financial reports showing lower year‑to‑date revenues and a likely budget shortfall; Supervisor of Assessments said the state-issued final multiplier is 1, allowing the county to proceed with tax extensions. Nursing home and PPRT receipts were singled out as items to watch.
McLean County Treasurer McNeil told the Finance Committee on Feb. 5 that preliminary December and January receipts show year‑to‑date revenue below last year and that the county is unlikely to meet current budget projections without accounting adjustments.
“Year to date, we had 15,964,000 compared to 17,967,000 a year ago,” Treasurer McNeil said while presenting both December and January reports, adding that many amounts remain preliminary because of year‑end accrual work. She said the county will continue accrual adjustments through March and into the audit period.
The report flagged the county’s shared sales tax and the state personal property replacement tax (PPRT) as areas of concern. McNeil said PPRT “is the area that I think we’re gonna be seeing the biggest reduction” and that the state had warned of potential PPRT cuts for 2025. She added that the county’s shared sales tax totals for 2024 were “just slightly under” 2023 after expected accruals are applied.
Supervisor of Assessments Jorsak told the committee he received a final multiplier of 1 from the Illinois Department of Revenue this week, which permits local staff to “roll those books over to the clerk’s office to begin the extension process.” Jorsak said township assessors have received assessment books and have started work on the 2025 assessment year.
McNeil also reviewed the county’s cash and investment position, noting multiple certificate of deposit maturities and a large Illinois Funds balance. “We’ve got 40,000,000 plus sitting there,” she said, and that the Illinois Funds rate moved from 4.8% to 4.69% in December and then to 4.56% in January.
On the county nursing home fund, McNeil reported December revenue of $1,022,897 and year‑to‑date revenues of about $11.8 million against expenses of about $11.98 million. She said the nursing home’s receivable balance ended at roughly $5.2 million, cash at negative $1.9 million, and fund equity at about $1.02 million. McNeil noted the county maintains a $2.8 million reserve for the nursing home should receivables be written off and emphasized the numbers remain subject to change during accruals and the upcoming audit with CliftonLarsonAllen.
Committee members asked whether receivables were expected to increase; McNeil said write‑offs reported by the nursing home could reduce the receivable and that she did not expect large movements beyond the accrual adjustments.
The committee voted to accept and place on file the treasurer’s monthly financial reports.
