Gurnee reports stronger-than-budget FY2024–25 revenues; finance director recommends $3.5M capital transfer

Finance Director Bridal Gosnell presented the Village of Gurnee’s unaudited fourth-quarter financial report for the fiscal year covering May 1, 2024 through April 30, 2025 on July 21, reporting that major general-fund revenues finished ahead of budget and recommending a transfer of approximately $3.5 million to the capital fund.

Key figures and context Gosnell reported total cash and investments of about $55 million at April 30 (excluding pension funds). The general fund finished the year with total revenue of about $53.9 million, or 104.5% of budget, and expenditures of about $52.5 million, or 101.8% of budget. The reported general-fund balance ended the year near $34.37 million, roughly 76% of expenditures and about $3.5 million above the village’s stated upper policy limit.

Major revenue drivers Sales tax, amusement tax, food-and-beverage tax and hotel tax together account for nearly 70% of general-fund revenues. Sales tax finished the year ahead of budget (about $22.15 million vs. a $20.3 million budget). Amusement tax finished about 15% ahead of budget, helped by local attractions. Hotel tax was slightly under budget but late remittances were expected to bring it closer to budget.

Transfers and recommended use of excess balance Gosnell explained that the village had used excess balances in prior years for targeted transfers, and staff recommended transferring $3.5 million to the capital fund to offset infrastructure needs, citing projects later on the agenda such as the Bittersweet irrigation replacement. "To be conservative, we'll look at where we're going to be at the end of next year... staff recommendation to transfer that $3,500,000 to offset capital infrastructure," Gosnell said.

Other funds The water and sewer fund finished the year with positive variance; total revenues were about $10.86 million (105.6% of budget) with expenditures below budget. The health-insurance fund had a negative balance in the prior year, prompting a planned shift to a governmental pool later in the year.

Next steps The report is unaudited; the village will finalize transfers and use of surplus after close of the fiscal year and as part of standard year-end and capital-planning procedures. Budget adjustments and any transfers will be reflected in future board actions.

Speakers quoted or referenced in this article are those who spoke on the record at the July 21 meeting; their statements in this article are drawn from the meeting transcript.