Finance Department

The Finance Department is responsible for accounting and financial reporting of all Village funds, preparation and coordination of the annual budget process and long-term financial and capital planning process, coordination of the annual audit and Comprehensive Annual Financial Report preparation, cash receipt collection, utility billing and revenue collection, accounts payable and accounts receivable, coordination of payroll and employee benefit programs, investment of Village funds, preparation of the annual tax levies, debt issuance and payment, financial accounting policies and procedures and the general financial oversight of the Village. Finance is also responsible for monitoring and implementing new accounting pronouncements, monitoring legislation that may have a financial impact on the Village and assisting the Village Administrator with personnel and other general administrative issues as needed.

As evidence of its strong municipal financial management, the Village has received for seven consecutive years the Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR) from the Government Finance Officers Association. To the right is the Village's CAFR for the fiscal year ending May 31, 2009 as well as past reports. The Village also received the GFOA Distinguished Budget Presentation Award for its FY 2009-10 Annual Budget. In order to qualify for this award, a government must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. This was the fourth consecutive year that the Village received this award.

By managing its finances in a progressive manner, the Village received in 2008 an upgrade in its bond rating from A+ to AA- by Standard and Poor's. The Village's equalized assessed valuation has also continued to increase due to new residential and commercial construction. The Village's EAV for 2008 is 569,761,326 of which 80% is residential, 13% is commercial and 7% is industrial. Please refer to the 2009 Comprehensive Annual Financial Report for additional financial and demographic information on the Village.

The Village offers free automatic payment of your utility bill. Download the Direct Debit Application to the right and return it to the Village to begin today. Moving? Please remember to call the Finance Department at 897-8228 ext. 223 at least 5 days before closing to arrange for a final read and final billing for your water meter and water account. The Village does not have a real estate transfer tax requirement.