Gurnee Loses $7.3M In Sales Tax Revenue During COVID

Libertyville IL

24 June, 2021

10:03 AM

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GURNEE, IL — Gurnee's top four sales tax revenue-generating businesses led to a loss of $7.3 million in funds over 15 months, village officials said Monday. Finance director Brian Gosnell, while giving his 16th and final COVID-19 financial update Monday, looked at the changes in revenue from sales, amusement, hotel and food and beverage taxes starting in March 2020 through recent weeks and comparing that to pre-COVID times, according to the Daily Herald. A combination of the village cutting $4.5 million in budgeted expenditures, which included putting off capital projects, a hiring freeze and no raises for employees, as well as $1.4 million in CARES Act funds meant the village did not have to pull as much for its reserves as expected, according to the article. With more restrictions lifting, and more people out visiting Six Flags Great America, Great Wolf Lodge and Gurnee Mills, village officials hope sales tax revenues will rebound, the Daily Herald reports. More via the Daily Herald