Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance Q4 2024 topic
No spam. Unsubscribe anytime.
Finance staff briefs Shorewood trustees on unaudited Q4 2024 results; department variances highlighted
Summary
Staff presented the village's unaudited 2024 year-end financials, showing revenue positive results overall but department-level expenditure variances (notably in DPW overtime and planning permit revenues). Staff said adjustments are expected and auditors may make additional changes.
Village staff presented the unaudited fourth-quarter financial report and walked trustees through revenue and expenditure variances for 2024. Staff emphasized the report is unaudited and that auditors could propose adjustments.
Staff summarized that the village was roughly in line with the adopted budget overall: revenues exceeded budget by about $277,000 while expenditures were about $108,000 over budget. Staff noted the year-end fund balance includes a line that will be adjusted (a $170,000 item staff said should net to zero in final accounting).
Trustees and staff discussed department-level items. The police budget showed a $153,000 positive variance in parking fines attributed to stepped-up enforcement; staff said those fines were largely collected under existing staffing, including CSOs. Planning and Development permit revenues were about $20,000 below budget, and staff said macroeconomic conditions or contractor activity could explain the shortfall.
Public Works drew particular attention: staff reported a roughly $63,000 offset on the revenue side from insurance proceeds for property damage, but noted a significant negative budget impact in employee-related costs in DPW. Staff traced that to an error in the 2024 budget process (staff said the discrepancy was not due to operational staffing decisions) and said the process was corrected for the 2025 budget to prevent recurrence.
Other highlights: parking utility ended better than budget by roughly $70,000; water utility results reflected the rate increases enacted in 2024; capital project expenditures lagged budget as approved funds carry forward into future years. Staff suggested adding clearer explanatory notes and acronym definitions (for example, VSP, PPT, and expenditure restraint) to improve report transparency for nonfinance readers.
Trustees asked about staffing impacts, overtime drivers, whether large events or staffing coverage created overtime in police, and the possibility of bringing more explanatory text into the packet. Staff agreed to add clarifying notes and pointed out that budget performance is not the same as service performance; the analysis is a financial snapshot rather than a performance measure.
No formal action was taken; staff will incorporate clarifications and auditors' adjustments in the final audited statements.
