Finance

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The Finance Department provides services to the public and to many of our operating departments.

Mission Statement

The Finance Department is charged with these primary responsibilities:

• Maintaining the financial records of the Village
• Collecting all revenues due the Village
• Assuring all debts are promptly satisfied
• Providing for the safeguarding of assets
• Providing financial information and support to all Village departments
• Submitting monthly financial status reports to the Village Administrator and Village Board of Trustees
• Providing estimate information for purposes of compiling budgets
• Responsibility for billing of water and sewer services
• Responsibility for the management of the Village's purchasing functions

The Department is also responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the Village are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles.

Budget

The department is instrumental in the compilation of the Village's annual budget. The budget establishes management's fiscal plan for the year and is the control tool employed and referenced throughout the year by Village staff. The services, programs, revenues and expenses contained in the budget reflect the methods and use of resources through which staff intends to accomplish the goals and objectives of the President and Board of Trustees.

Fiscal Year 2024/2025 Budget

Activities	General Fund	Special Revenue	Capital Projects	Debt Service	Enterprise	Pension
Revenues	$37,006	$7,682	$-0-	$1,828	$26,485	$4,403
Transfers In	$770	$5,672	$292	$1,597	$-0-	$-0-
Total Resources	$37,776	$13,354	$292	$3,425	$26,485	$4,403
Expenditures	$31,174	$13,729	$228	$3,425	$24,523	$3,658
Transfers Out	$6,455	$-0-	$-0-	$-0-	$1,874	$-0-
Total Use of Resources	$37,629	$13,729	$228	$3,425	$26,397	$3,658
Figures are shown in thousands

Village fiscal operations are independently audited every year. An audit is required by local regulation, State law, and debt issuance compliance. The audit process generally begins 60-90 days after the end of the fiscal year, and takes about six months to complete. Auditors issue a Comprehensive report of fiscal operations. Local governmental officials may then use this information to supplement other methods of monitoring financial condition, such as for cash flow analysis and forecasting of revenues and expenditures.

Awards & Recognition

In March 2024, the Village was recognized by the Government Finance Officers Association's (GFOA) Distinguished Budget Presentation Award program for its 2023/2024 budget document. This is the 11th year in a row that the Village has received this honor. In order to qualify for the program, the Village must prepare a reader friendly document that contains information on the Village's profile, budget strategies and policies, as well as goals and objectives.

The GFOA Award Program was established to encourage government agencies to develop reader-friendly budget documents to their constituents. The Village's budget document includes:

• Village profile and budget process.
• Department goals and objectives.
• Revenue and expenditure trend information.

In May 2024, the Village was notified that its fiscal year 2023 Annual Comprehensive Financial report qualified for a Certificate of Achievement for Excellence in Financial Reporting by the GFOA. This Certificate is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. This is the 41st consecutive year in which the Village has received this award.

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (Certificate Program) in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare annual comprehensive financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.

Water Billing

The Water Billing Division is responsible for the billing and servicing of water and sewer accounts. For more information, please visit the water billing page.

Purchasing

The primary goal and responsibility of the Purchasing office is to obtain the best value possible for the taxpayer's dollar, within the rules and regulations that govern public purchase of goods and services. The Village strives to purchase at the lowest possible cost, consistent with the needs of the user department.

You may view current requests for bids or proposals by visiting our bids page.