Rock Island County collects nearly $40,000 in first cannabis sales tax payout

The Quad City Times (IL) reports

Legalization of recreational marijuana is paying off for Rock Island County, which collected $39,905 in its first monthly sale tax revenue disbursement.

County Administrator Jim Snider informed members of the county governance, health and administration committee about the additional income during Tuesday’s meeting. 

“This would extrapolate out to an annual amount of $478,807,” Snider said. “We had projected $500,000 in revenue in our fiscal year 2021 budget, so we are pretty much tracking that projection.”

Snider said Wednesday the additional money would help boost flat revenue streams the county was experiencing, including recent dips in sales and property taxes. 

“We constantly deal with employee benefit costs going up every year and struggling with trying to keep things afloat with those flat revenues,” Snider said. “This will help buffer that with the additional revenue. With COVID, it’s turned into a process where we are struggling to balance the budget with lower revenue. Fortunately, that half a million (annually) we are budgeting is going to help.

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