![]() Charges for Service: Charges levied for services provided by the City of Chicago that are not covered by general tax revenue. Carryover Appropriations: The balance of appropriations available for expenditure in years subsequent to the year of enactment. Capital Improvement Plan: A five-year plan that identifies capital projects, establishes a planning schedule and provides options for financing projects. The City of Chicago has several different types of bonds including general obligation bonds, Motor Fuel Tax revenue bonds, tax increment allocation bonds, water and wastewater bonds, and O’Hare and Midway Bonds.īusiness Taxes: Consists of revenue from the City’s tax on hotel accommodations and the Checkout Bag Tax. Bonds: Long-term debt primarily used to finance infrastructure projects including street and alley construction and improvements, lighting, sidewalk replacement, curb and gutter repairs and replacement, and transportation improvements, as well as Enterprise Fund related projects. The tax rate is 7.0 percent of the mooring or docking fee. While the City’s pensions are a benefit of City employment, employer costs associated with pensions are counted separately from other benefits.īoat Mooring Tax: A tax imposed on the mooring or docking of any watercraft for a fee in or on a harbor, river or other body of water within the corporate limits or jurisdiction of the City. Benefits: Includes costs such as healthcare, workers’ compensation, life insurance, social security contributions and Medicare contributions. Basis of Budgeting: The method used to determine when revenues and expenditures are recognized for budgetary purposes. Basis of Accounting: The method used to recognize increases and decreases in financial resources. Aviation funds are comprised of the O’Hare International Airport Fund and the Midway International Airport Fund. Authorization: Municipal Code 4-156-160.Īviation Funds: A fund established to account for acquisition, operation, and maintenance of the City’s airports. The tax rate is $150 per amusement device annually. Automatic Amusement Device Tax: A tax imposed on each automatic amusement device or machine used within the City of Chicago for gain or profit. Appropriations are made by account group within each department and fund. Appropriation: An amount of money in the budget, authorized by the City Council, for expenditures for specific purposes. Authorization: Municipal Code 4-156-020.Īnnual Comprehensive Financial Report (ACFR): Provides complete and accurate financial information which complies with the reporting requirements of the Municipal Code of Chicago. The tax rate is 9.0 percent of the fee paid to witness in-person live theatrical, live musical, or other live cultural performances that take place in a venue whose maximum capacity is more than 1,500 persons. ![]() The tax does not apply to admission fees to witness in-person live theatrical, live musical, or other live cultural performances that take place in a venue whose maximum capacity is 1,500 persons or fewer. Actuarially-Calculated: An amount determined sufficient to increase the funded ratio of the City of Chicago’s pension funds, including Municipal Employees’ Annuity and Benefit Fund, the Laborers’ Annuity and Benefit Fund, the Policemen’s Annuity and Benefit Fund and the Firemen’s Annuity and Benefit Fund, to a statutorily required amount over a number of years.Īmusement Tax: A tax imposed upon the patrons of amusement activities within the City of Chicago including sporting events, theater productions, and a variety of other entertainment activities.
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