FY25 GFOA Budget - Flipbook - Page 67
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MAJOR REVENUE SOURCES
Replacement Taxes
Replacement taxes are collected by the State of Illinois and dispersed to local governments. These
taxes are meant to replace any funds that were lost when local governments did not have the power
to impose personal property taxes on corporations, partnerships and other businesses. This
occurred when the State of Illinois chose to abolish business personal property taxes. Taxes are
now collected from these entities and placed into the Personal Property Replacement Tax Fund to
be dispersed to local governments.
Replacement taxes are the only other tax collected by the District and account for less than
1% of the District’s total revenues budgeted in FY25.
In keeping with the District’s conservative approach, Replacement Taxes were projected to
decrease by 33% from the FY24 budget ($105,000) to the FY25 budget ($70,000). This is to account
for necessary adjustments made after FY24 estimates came in under anticipated totals.
REPLACEMENT PROPERTY TAX REVENUE BY FUND
FY 19
Actual
Corporate $ 19,516
Ambulance $ 19,516
TOTAL
$ 39,032
FUND
FY 20
Actual
$ 17,463
$ 17,463
$ 34,926
FY 21
Actual
$ 30,620
$ 30,620
$ 61,240
FY 22
Actual
$ 68,637
$ 68,637
$ 137,274
FY 23
Actual
$ 60,504
$ 60,504
$ 121,008
FY 24
Estimate
$ 32,692
$ 32,692
$ 65,384
FY 25
FY 26
FY 27
Budget Projected Projected
$ 35,000 $ 35,350 $ 35,704
$ 35,000 $ 35,350 $ 35,704
$ 70,000 $ 70,700 $ 71,407
REPLACEMENT PROPERTY TAX REVENUE BY
FUND
$160,000
$137,274
$140,000
$121,008
$120,000
$100,000
$70,700
$65,384
$80,000
$71,407
$70,000
$61,240
$60,000
$39,032
$40,000
$34,926
$20,000
$FY19
FY20
FY21
FY22
FY23
FY24
FY25
P a g e 67 | BARTLETT FIRE PROTECTION DISTRICT | BUDGET OVERVIEW
FY26
FY27
