Champaign ends second straight fiscal year in black
CHAMPAIGN — The city of Champaign finished the year in the black again as it continues to pull itself out from several years of heavy spending cuts and some revenue increases.
According to the financial report that city council members will review this week, the city ended its previous fiscal year on June 30, 2012, with revenues of $103.5 million and expenses of $103.4 million.
That puts the city up $100,000, and it marks the second straight year that it finished in the black.
The Champaign City Council will review the numbers when it meets at 7 p.m. Tuesday in the Champaign City Building, 102 N. Neil St.
The report is part of a comprehensive review of city finances that auditors conduct each year. This year, the auditor gave the city a "clean opinion," and found only "non-material" weaknesses in its accounting and control systems.
The numbers do not mean the city is out of the woods. In the past two years, the council has incrementally raised property-tax rates just to maintain the same revenues as previous years as property values fell.
The increases in the previous fiscal year, according to a memo to the city council, are attributable primarily to increases in sales-tax and income-tax revenues.