ROCKFORD, Ill. (WTVO) — Rockford officials say the city is dealing with a $9.5 million budget shortfall, driven largely by the decline of volatile state revenues after pandemic‑era highs and long‑standing cuts to revenue sharing from Springfield.
During a Finance and Personnel Committee discussion Monday night, city staff explained that personal property replacement tax revenue surged during and immediately after COVID‑19, then began falling back toward historical levels.
Before the pandemic, Rockford typically received $6–7 million a year from that revenue stream. In 2022, it spiked to more than $30 million, helping fuel budget surpluses in 2022 and 2023. As that revenue normalized, officials said, it left a hole in the city’s finances…