Lake Forest Tollway Oasis shortfall upped to $300K
Updated: March 5, 2013 7:41PM
LAKE FOREST — The amount Mettawa owes Lake Forest for sales taxes from the Lake Forest Oasis on the Tri-State Tollway has risen to $300,464.
The Illinois Department of Revenue made an error in calculating the sales tax revenue, and sent that revenue from businesses at the oasis to Mettawa; Sales tax revenue is supposed to be split evenly between both municipalities.
Lake Forest City Manager Bob Kiely and Finance Director Elisabeth Holleb asked the Mettawa Village Board for a check for $293,000 after the reporting error was discovered. Mettawa paid 80 percent, totaling $235,000, and withheld 20 percent until the actual amount was calculated.
“Our original estimate was $293,000, but the City (of Lake Forest) and Mettawa have agreed on a revised calculation of $300,464,” Holleb, who discovered the error, said Tuesday.
Mettawa receives the oasis sales tax monthly from the state. A quarterly report shows the amount of their sales tax that was generated by businesses operating at the oasis.
“It is this report that is used for backup to make the 50 percent payment to Lake Forest quarterly,” Holleb said.
Oasis revenue represents approximately 10 percent of the city’s $2 million annual sales tax revenue, she added.