Finance and Transparency

Dashboard, Citizens Guide, CVTRS

As part of Public Act 63 of 2011, the Village of Lakeview is participating in the City, Village, and Township Revenue Sharing and County Incentive Program.

What is Revenue Sharing-

• Distribution of state funds to local units of government.

• Appropriated to roughly 1,880 local units of government.

• Most funds are unrestricted revenue.

Revenue Sharing is made up of two types:

Constitutional
• Based on 15% of the 4% sales tax
• Distributed on a per-capita basis
• Can be used for any purpose
• Distributed to all cities, villages, and townships • Counties do not receive Constitutional Revenue Sharing.

Statutory
• City, Village, and Township Revenue Sharing (CVTRS)
• County Revenue Sharing (CRS)
• County Incentive Program (CIP)


CVTRS/CIP – FY 2024 Proposal Requirements to Qualify for Payments

1. A completed Certification Form (form # 4886) signed by the Chief Administrative Officer.

2. Debt Service Report
• Including a listing of issuance dates, issuance amounts, type of debt instrument, a listing of all revenues pledged to finance debt, and a listing of annual payment amounts until maturity.

3. Projected Budget Report
• Projection of revenues and expenditures for current fiscal year and next fiscal year, including assumptions.

2024 CHANGE - A Citizen’s Guide and Performance Dashboard will no longer be required.