The Village's Financial Cycle
The Village utilizes a fund accounting system to account for the resources necessary to operate and to maintain capital assets. The Village completes an annual financial cycle designed to plan how funds will be spent during the year, manage and track revenues and expenditures while the plan is in place, and report on final outcomes at year-end.
The annual budget is the key financial policy and planning document of the Village and outlines anticipated revenues and authorized expenditures for the Village in a given fiscal year (May 1 - April 30). The budget combines information from the Capital Improvement Plan, operating Departments and other sources and creates a comprehensive overview of the Village’s funds. The draft budget is released each year in late February with the Board reviewing and approving it in April.
Current Budget Documents
Archived budget documents can be found here.
Capital Improvement Plan (CIP)
Current Capital Improvement Plan
Quarterly Financial Reports
The Quarterly Financial Report summarizes the Village’s activities in a given quarter. This report helps monitor the Village’s financial performance and allows the Village Board to make "course corrections" as necessary.
Quarterly Financial Reports
Annual Comprehensive Financial Report
The Annual Comprehensive Financial Report is the Village’s annual audit. It focuses on a single financial year and covers a variety of topics including the Village’s overall financial standing and the standing of each fund. An independent auditor completes a review of the Village’s financial practices and statements and includes an official letter summarizes its findings. The Annual Comprehensive Financial Report is the last piece of the Village’s financial cycle and is released for the prior fiscal year each October.
The Village also prepares a Popular Annual Financial Report, which is an easy-to-use snapshot of the Annual Comprehensive Financial Report.
Current Annual Comprehensive Financial Report Documents
- Annual Comprehensive Financial Report FY 2023
- Management Letter FY 2023
- Popular Annual Financial Report FY 2023
Archived Annual Comprehensive Financial Report documents can be found here.
In compliance with Public Act 097-0609, the employee compensation reports for the current fiscal year can be found below:
- Employee Compensation Fiscal Year 2023-2024
- Fire Union Contract - 2022-2025
- Police Contract 2019- 2022
- CCPA Contract 2022-2025
- Local 150 Contract - 2022-2026
- Village Manager Contract - Pavlicek
- 2023 Resolution Approving Adjustments to the Compensation of the Village Manager
- IMRF Employer Cost and Participant Information
Vendor Expenditure Reports
The Vendor Expenditure Report summarizes all payments made by the Village to any specific vendor within the specified timeframe (usually six months or one year.)
Recent Vendor Expenditure Reports
Review other documents related to the Village’s debt profile (i.e. prior ratings and bond obligations) here.
Other Finance Documents
Review the Annual Treasurer’s Report here.