The City of Du Quoin’s total cash-on-hand position improved by $68,635 during the month of October as total cash held in the city’s funds grew from $1.72 million to $1.79 million, according to the latest financial report from treasurer Stephanie Cravens.
That’s not to say there are not some concerns moving into the last month of the year.
The financial statement--and, the council is now getting on-time monthly reports--shows that the opening balance for the water/sewer fund was $190,277. Total income was $251,187 and total expenses were $147,552. The closing balance for the month was $273,392 for a net gain of $103,635.
Smaller than anticipated sales tax revenues are a concern for the city’s general fund. It’s not a problem unique to Du Quoin, but in most small Southern Illinois towns as shopping dollars are spent in larger cities and online. Du Quoin gets some of the online sales tax dollars on goods purchased in Illinois, but none from some purchases online.
The opening balance in the General Fund in October was $434,059. Total income was $495,984, but total expenses were $515,261. The closing balance for the General Fund was $411,791. In other words $19,277 more was spent than was taken in.
But, again, most of that shortfall is driven by overestimating sales tax receipts for the year. It is really important to Shop Du Quoin! It prompted Finance Commissioner Dale Spencer to address the need for austerity, particularly keeping things like overtime costs to a minimum. City Clerk Andrew Croessman explains the sales tax issue.
The city’s two main revenue sources are Municipal Sales Tax and Home Rule Sales Tax. For the period ending November 30, 2016, Municipal and Home Rule Sales Taxes were $1,129,289 and $878,512, respectively. For the period ending November 30, 2015, Municipal and Home Rule Sales Taxes were $1,217,868 and $955,027, respectively. Collectively, Sales Taxes are down $165,094 or 7.6%. If this pattern persists, it is expected that the City will be down over $180,000 on these two revenue sources for 2016.
