Foreign Fire Insurance Tax Fund

Village of Northfield, IL FY2023-24 Approved Budget

Function

Established to account for the receipt and expenditure of the Foreign Fire Insurance Tax. The foreign fire insurance tax is a 2% tax on insurance companies, not incorporated under the laws of Illinois, that is engaged in placing fire insurance in the Village. These funds are expressly for the maintenance and purchase of firefighting and emergency medical equipment and are subject to the approval of the Foreign Fire Insurance Board (FFIB).


In 2021, the Village created the Foreign Fire Insurance Board (FFIB), effective May 1, 2022.

Fiscal Year 2023-24 Highlights

The anticipated expenditures for FY2022/23 were put in place prior to the FFIB becoming effective. The FY 2022/23 year-end projections reflect the FFIB's approved expenditures. The FFIB has not yet made a determination as to what they plan to spend for FY2023/24, so the proposed budget just reflects last year's appropriations as a placeholder.

FFIB Revenues and Expenditures for Fund/Dept 07-00


FFIB Fund Balance