New report shows potential impact of reduced property, sales and income tax revenue on county
McHenry County is projected to see upwards of $22 million in lost revenue for fiscal 2020 because of COVID-19-related shutdowns, according to a May 5 report from the county’s Director of Finance Kevin Bueso.
The report gives projections based on four different COVID-19 recovery scenarios which range from $6.9 million in revenue losses up to $22.1 million.
These projections are based off of the impact that COVID-19 shutdowns have had – and will continue to have – on property taxes, motor fuel taxes, sales taxes, income taxes and other economically sensitive revenue items that the county depends on.
Currently, 66% of the county’s revenue comes from 20 sources, which are sensitive to disruptions in economic activity, such as a global pandemic, according to the report.
Read more here.
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