Algonquin, LITH Could Lose $300K Under Quinn's Proposal

Gov. Pat Quinn has proposed Illinois strengthen its troubled finances by freezing state income taxes shared with local municipalities at 2012 levels, a move that could cause Algonquin and Lake in the Hills to lose thousands of dollars in revenue, the Chicago Tribune reports. 

Under the proposal, the village of Algonquin could stand to lose between $159,768 and $346,668 while losses for the village of Lake in the Hills would be between $153,594 and $333,270. 

The state calculations show the impact to local budgets would be $5.30 per resident, while the Illinois Municipal League estimates the impact would be $11.50 per resident, Chicago Tribune reports. 

For the full story, visit: www.ChicagoTribune.com.  

Here's a look at how Quinn's proposal would impact other area communities:

Town

Population Based on 2011 Census

Impact Based on State Calculation of $5.30/ Resident

Impact Based on IML Calculation of $11.50/ Resident

Algonquin

30,145

$159,768

$346,668

Lake in the Hills

28,980

$153,594

$333,270

Crystal Lake

40,766

$216,060

$468,809

Cary

18,281

$96,889

$210,232

24,358

$46,232

$280,117