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Posted on: August 29, 2018

Village Reduces Telecommunications Tax

The Telecommunications Tax was implemented in 2010 for the purpose of supporting the programs and services provided by the Village’s general operating fund.  During every budget review a financial analysis in the form of a Governmental Fund 5 Year Financial Forecast is prepared. The FY17 Financial Forecast Report found that the Village’s General Fund revenues and operating expenses maintained a strong and financially prudent fund balance and reserves. Based on this forecast, last April the Village Board incorporated and supported an objective of phasing-out the current Telecommunication Tax by Fiscal Year 2022. Toward that end, at Monday’s night’s Village Board meeting Mayor Coladipietro and the Village Board of Trustees approved an ordinance reducing the Telecommunication Tax to 1% (a 67% reduction) beginning January 1, 2019. The multi-year phase-out plan calls for another reduction, and the elimination of the tax, in January 2021.

Village President Franco Coladipietro stated, “The eventual elimination of this tax is a goal of mine and the reduction is another step towards that goal. I want to thank my fellow Trustees for their support in eliminating this tax. It is one less burden on the pocketbooks of our residents.”

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