2024 Budget In Brief.pdf

MAJOR REVENUE SOURCES MAJOR REVENUE SOURCES 4"-&4 5"9&4

*/$0.& 5"9&4 Income tax is state shared revenue that is distributed on a per capita basis through the Local Government Distributive Fund (LGDF). The results of the 2010 census indicated that the Village’s population was 56,767. The income tax calculation for fiscal 2024 includes 2020 Census data, which revealed a Village population of 58,703. 2024 revenue will increase due to higher per capita revenue estimates, which have been estimated by the Illinois Municipal League. Total income tax budgeted is $ . 8"5&3 4&8&3 4503. 8"5&3 3&7&/6& A comprehensive water, sewer, and storm rate study was completed in 2022. As part of that study, water, sewer and storm sewer rates were modified to capture additional costs to provide a redundant water supply from the Village's water supplier, the Village of Oak Lawn.

The Village’s sales tax revenue consists of a 1% sales tax received from the State of Illinois ($ ), as well as a 1.25% sales tax imposed through the Village’s home rule authority ($ ). In 2023, sales activity has been consistent with 2022. Previously, online merchants without a location in the Village did not report sales tax that was credited to the Village. Starting in 2021, the Marketplace Fairness Act required destination based sales tax for online merchants, so online retailers remit sales tax on the same basis as bricks and mortar retail establishments. For 2024, we budgeted a 3% increase for sales tax revenue based on recent trend data. 1301&35: 5"9&4 The Village levies property taxes for the purposes of general corporate, Recreation & Parks, IMRF, FICA and police pension, as well as to fund a portion of debt service payments due on the Village’s outstanding general obligation debt. The Village has kept its levy flat for nine tax years, but reduced the levy by 3.03% for 2021. 5PUBM 1SPQFSUZ 5BY SFWFOVF GPS OFYU ZFBS JT

SALES TAX

ALL OTHER

REVENUES

2 %

SALES TAX

OTHER TAXES

1 %

WATER, SEWER, STORM WATER

14%

PROPERTY TAX

%

05)&3 5"9&4

RECREATION FEES INCOME TAX

5%

RECREATION FEES

%

INCOME TAX

ALL OTHER

%

WATER, SEWER, STORM WATER

2024 TOTAL REVENUE:

100%

1301&35: 5"9&4

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VILLAGE OF ORLAND PARK ʴ FISCAL YEAR 2024 BUDGET IN BRIEF