Finance Department

To support the Village’s goal of transparency, various forms of financial information are provided here:

• Quarterly Financial Results (un-audited) with explanatory comments prepared by the Village’s finance department.

• The Annual Comprehensive Financial Report (audit) presents the Village's financial activity for the fiscal year. It also serves as the formal mechanism to publicly communicate the Village's financial status and its compliance with Board intentions and applicable laws.

• The Annual Budget used as a management guideline.  Each fall the Village Board holds a Finance Workshop, during which the 5-year projections of revenues and expenses are discussed, including capital expenditures.  Using guidance from the Finance Workship discussions, the Finance Department prepares the annual budget along with the annual Appropriations Ordinance. 

This information reflects the Village’s ability to support current operations, maintain the Village’s infrastructure and long range capital investments, and provide emergency reserves.

The Village’s fiscal year runs from January 1 to December 31.  Resources are held in Funds:

• The General Fund is the operating fund of the Village and the financial source for everything not accounted for in other funds.

• The Capital Fund is the amount available for all capital projects except for those related to municipal water and sewers. It is guided by the Village’s Capital Plan.

• The Water and Sewer Funds are the repository of funds devoted to maintaining the water and sewer infrastructure respectively.  These funds are separated from the Capital Fund to provide the basis for rate setting.

• The MFT Fund whose source of revenue is distributions from the state’s collection of the Motor Fuel Tax.  These funds are restricted for use on roadways and related projects or operations.

• Special Service Area (SSA) Funds are derived from property taxes and legally restricted to the particular fund’s purpose in specific service areas – generally private road maintenance.

Tax Increment Financing (TIF) Funds are a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects. The intent of a TIF program is to stimulate private investment in an area in need of economic revitalization.