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Kankakee City budget committee reviews December finances, auditors miss deadline, pension payments scheduled
Summary
Comptroller Troy Rogers reported revenues at about 62% of year-to-date expectations and flagged timing issues on corporate replacement and cannabis excise taxes. The committee heard that bond proceeds will be split into three pension payments, and auditors missed the year-end deadline, prompting plans for a new RFP.
The Kankakee City Budget Committee reviewed its December financial statements and heard updates on tax receipts, pension payments and the city audit during its January meeting.
Comptroller Troy Rogers told the committee the city’s year-to-date revenues were running “about 62%” of expected levels compared with a target of roughly 67% and said seasonal timing and one outstanding corporate replacement tax entry were behind much of the gap. “We should be at about 67%. We're sitting at about 62%,” Rogers said.
Rogers said he is manually reconciling the corporate replacement tax because access to the state site is restricted and the monthly amounts vary; he described the figure used in the packet as an estimate. He also reported the cannabis excise tax showed…
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