The Village operates on a fiscal year business cycle which begins on May 1 of each year and ends the following April 30. Under the leadership and guidance of the President and Village Board, the Finance department oversees the preparation of numerous financial reports which plan and document the fiscal activities of the Village. Requests for financial information may be directed to the Treasurer by calling 847-726-1648 or by email.
Prior to May 1st each year the Village adopts an annual budget as required by law. The Village annually prepares a budget to guide operating and capital spending and resource allocation for the coming fiscal year.
An Appropriation Ordinance must be passed at a public hearing and approved during the first quarter of the fiscal year.
Illinois Compiles Statutes (65ILCS 5/3.1 -35-65) and requires the municipal treasurer each year to publish an accounting of moneys received and expenditures incurred within the preceding fiscal year. This report includes vendors paid in excess of $2,500 as well as employee salaries and wages paid within specified ranges.
This report must be published in a newspaper of general circulation within 6 months of the end of each fiscal year. View the Treasurer's Reports by year:
Annual Financial Report (AFR)
Each year, the Village undergoes an audit of its financial statements and records by an independent audit firm as required by state statue. The purpose of the audit is to obtain an opinion that the Village's financial statements are prepared in conformity with Generally Accepted Accounting Principles (GAAP).
The Treasurer is responsible for the coordination and preparation of the Village's Annual Financial Report, or AFR, through its audit firm as well as preparing all documentation and records necessary to support the amounts and disclosure in the financial statements. View the AFRs: