Printer Friendly Version

Village Vision News

Motor fuel tax fund grows to nearly $400,000

Thursday, December 15, 2011

Each month, the State of Illinois returns state taxes to the Village collected from its two gas stations. As of Oct. 31, that fund totaled $390,479.11 in motor fuel tax (MFT) funds; the funds are restricted and designated for use on streets, street maintenance, repairs, street signs and traffic signals.

“The custom has been to let [the funds] build until we have a big project since it is not efficient use of time and funds to use on small projects,” said Village Administrator Heather Kimmons.

The most recent use of MFT funds came in 2009 when the Village contributed $161,956 in accrued MFT funds to help pay for improvements to Hickory Point Drive. The project was funded with federal highway monies administered through the Illinois Department of Transportation.

In a recent quarterly financial report to trustees, Kimmons said that the only expense paid from MFT funds this fiscal year was in the amount of $282. These monies were for engineering fees associated with the Hickory Point Drive capital project.

^ Back to Top ^

Site by HomeSight, LLC