Norridge to lose $720K/year under new IL state budget

Illinois Governor Bruce Rauner has proposed reducing state income tax sharing to local governments by 50% in an attempt to address the state’s dire financial situation.

In the 2013-2014 fiscal year, Norridge received $1.4 million dollars from income tax sharing. A 50% drop would reduce that to $720,000.

Income tax sharing revenue varies, from a peak of $1.5 million in FY2012-2013 to a low of $942K in FY2009-2010.

The Village would have to reduce its spending or raise taxes as a result.

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