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Itasca reports strong first-quarter revenues; cash position about $44 million
Summary
Finance staff reported that first-quarter revenues were ahead of budget in several categories (sales, utility and hotel taxes, permit fees and interest) while expenditures trended lower in some areas; pooled cash stood at about $44 million at quarter end.
Village finance staff presented a quarter‑end summary showing revenues ahead of budget for the first three months of the fiscal year and a pooled cash balance of just under $44 million.
The report matters because it informs budget monitoring, capital planning and the timing of ongoing projects that depend on available funds.
Trustee Powers summarized highlights: sales tax collections and non-home-rule sales tax were favorable compared with the prior year; utility-tax receipts were about $200,000 above budget; interest income was favorable by roughly $200,000; building-permit revenue was tracking about $400,000 ahead of target; and hotel-tax receipts were about $250,000 favorable. He and Jennifer, finance director, said some expense categories were lower than budgeted early in the year — street maintenance was about $600,000 below anticipated spending, sewer capital expenditures about $400,000 below and DuPage Water payments roughly $210,000 below — in part because projects and expenditures were staged across the year.
Jennifer said the corporate fund is 40% of expected revenues versus 26% of expected expenditures at quarter end, reflecting typical seasonality and property-tax timing (property taxes are received in June and September). She also noted the capital-fund activity: payments for ongoing projects including the Nature Center Aslod Grant disbursement and work on Ardmore and Baker water mains. The Benson School drop-off project included a $177,000 reimbursable payment expected to be reimbursed by the school district.
Jennifer summarized that vehicle and equipment purchases already approved by the board are in process, and that many capital projects are in design or early construction; she said overall cash and revenue trends were healthy but noted that timing of later-year projects will influence final outcomes.
Board members had no significant changes to the quarterly report; staff invited trustees to review the project-activity report for line-item details and to follow up on specific capital invoices as projects progress.
