Master Proposed Book FY2023

All of the funds received by the City through the SSMID property tax levy are remitted to the ICDD, therefore the fund does not maintain a fund balance. Revenues include the SSMID levy collections and the State backfill for commercial property taxes. SSMID payments to ICDD in fiscal year 2021 totaled $507,191, and estimated payments in fiscal year 2022 total $470,394. In fiscal year 2023, estimated SSMID distributions total $450,995, a decrease of 5.30%. This decrease is primarily related to a decrease in the Commercial & Industrial Property Tax Backfill and a decrease in property values.

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