Motor Fuel Tax Fund

Village of Northfield, IL FY2023-24 Approved Budget

Function

This fund has been established to keep an accounting of revenues and expenses associated with the Motor Fuel Tax. The MFT is collected by the State of Illinois on the sale of gasoline (currently $0.39.2/gallon plus an additional $0.075/gallon for diesel fuel - adjusted for inflation in July each year). A portion of the tax is distributed by the State to municipalities on the basis of population. Various roadway and bridge projects are completed with the use of motor fuel tax revenues. Use of MFT funds is subject to the approval of the Illinois Department of Transportation.

Bond Status

The Village issued $1,565,000 in bonds in 2009 to pave streets throughout the Village. The bonds, scheduled to mature in 2023, carry a total interest cost of 3.6046%.

Fiscal Year 2023-24 Highlights

  • The budget provides for annual crack sealing, patching, and striping.
  • The budget provides for Sunset Drive Bridge surface repairs.
  • The budget continues to provide funding for assessing and eliminating sidewalk trip hazards.

Motor Fuel Tax Revenues and Expenditures for Fund/Dept 04-00


MFT Fund Balance