How Will Naperville Use Its F&B Tax Surplus?
The tax currently brings in about $3.3 million per year; Naperrville is considering expanding from just issuing cultural grants to funding services and pensions.
With the Naperville's one-pecent food and beverage tax (instituted in 2004) now bringing in about $3.3 million per year, the city is considering capping the amount of that fund that can be spent on Special Events and Cultural Amenities (SECA) grants—the Chicago Tribune reports.
According to the paper, a quarter of the money is already being diverted into the city's General Fund and may be used on pension debt; now, Naperville councilmen have agreed to cap cultural-grant funding at $2 million (a number that would grow by a currently unknown percentage annually), perhaps leaving extra money to funnel into social-services grants.
"We're doing this with an existing revenue stream; this is not a new tax," the paper quoted Councilman Grant Wehrli saying. "This saves Naperville taxpayers money. It keeps it off their real estate property tax bill."
Final approval for all SECA grants are in April, the paper said.