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Palatine reports stronger‑than‑expected midyear revenues; council approves $12.57M second‑quarter budget adjustment
Summary
Finance staff reported that sales and state income tax revenues are above budget at midyear and expenditures remain within expectations. Council approved second‑quarter adjustments totaling $12,568,750, largely driven by an $11.9M transfer to build debt‑service reserves and a $3M supplemental pension transfer earlier authorized.
Palatine finance officials told the Business Finance & Budget Committee that as of midyear 2023 revenues are outperforming the budget in key categories, including sales tax and state income tax, while major expenditure categories remain within expected ranges.
Staff noted motor fuel tax revenues…
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