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Itasca reports $15 million-plus favorable variance as capital projects lag; interest boosts revenues
Summary
Village officials told the board the year-to-date financial report through April 30 shows about $15 million in positive variance driven mainly by deferred capital projects and higher-than-expected interest revenue; staff said most underspent project funds will be carried into the next fiscal year.
The Itasca Village Board heard a year-end financial summary on June 17 showing roughly $15 million more cash than budgeted, driven largely by underspending on capital projects and stronger-than-expected interest income.
Jennifer Mitchell, introduced to the board by Trustee Powers as the presenter, told trustees that "as far as revenues are concerned, we are about 2,500,000.0 ahead on revenues in all funds" and that "as far as the expenditures are concerned, we are $12,500,000 under in expenditures." Mitchell said interest revenue was the single largest revenue driver, reporting it was about $1,140,000 over budget.
The nut graf: the combined effect of delayed capital spending and higher interest receipts produced the favorable variance, but staff said much of the underspend is timing-related and will be spent in the coming fiscal year.
Mitchell explai…
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