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Village reports stronger-than-budget revenue in FY24-25 fourth quarter; sales tax outperforms expectations
Summary
Deputy Village Manager/CFO Mitchell presented unaudited fourth-quarter financial results showing general-fund revenues of $26.86 million (120.4% of budget), led by sales-tax growth and interest income gains. Expenditures remained below budget year to date; staff said increased capital spending timing explains other-fund expenditure growth.
Deputy Village Manager and CFO Mitchell presented the Village of Lisle’s unaudited fiscal-year 2024–25 fourth-quarter financial report to the board on July 21.
Mitchell said year-to-date general-fund revenues totaled $26,861,059, or 120.4 percent of the adopted $22,313,966 budget and roughly $3.2 million (about 13.6 percent) higher than the prior fiscal year. Sales taxes were about $2.9 million higher than the same period last year and approximately $3.4 million above budget expectation, with growth concentrated in the drugs and miscellaneous retail and manufacturing categories per IDOR standard-classification-code reports. Beginning Jan. 1, 2025, out-of-state retailers must remit sales tax based on sales destination rather than use tax, Mitchell said, and that regulatory change also affects figures.
Interest income rose by about $149,369 compared with the prior year, reflecting higher interest rates. Building-permit revenues decreased about $82,000 (11 percent) compared with the prior year, the presentation said. Year-to-date revenues for other funds totaled $21,971,750, which is 111.26 percent of budget and about $1.1 million (5 percent) higher than last year; enterprise-fund increases reflected water and sewer fees, commuter-parking fees and interest.
General-fund expenditures through April 30 totaled $20,523,203, or 93.1 percent of the adopted $22,053,632 budget. Other-fund expenditures were $26,493,811 (90.7 percent of budget), an increase largely driven by capital-project timing and audit entries remaining to be recorded; officials noted the UTI TIF fund increased expenditures related to a TIF surplus declaration.
Trustees asked for context comparing sales-tax growth with neighboring communities and county medians; staff said it would prepare comparative analyses and category breakdowns for a future meeting. Mitchell and trustees also discussed whether inflation, tariffs and higher bid prices are appearing in current capital project bids; staff said no projects had come in over budget to date but that the village would continue to monitor market effects.
