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Will County finance staff review sales, motor-fuel and cannabis tax receipts; PPRT decline noted
Summary
At a Will County Finance Committee meeting staff explained recent sales-tax receipts, county-option motor-fuel tax rates, declines in personal property replacement tax (PPRT) receipts and the county's cannabis-tax collections and restrictions.
At a Finance Committee meeting of the Will County Board, finance staff summarized several tax and revenue streams and answered members' questions about timing and account treatment.
Finance staff member Karen (treasury/finance staff) described the packet of tax reports and explained that the document compares collections for selected sales taxes through Nov. 30 against budget. Karen said the corporate fund is the statutory fund that covers elected-official operations and that other tax receipts are recorded in special-revenue funds because their revenues are restricted to specific uses. "The other funds that we have are considered special revenue funds. They're segregated because their revenue is restricted," Karen said.
The report noted a drop in the county's personal property replacement…
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