St. John Board of Finance accepts 2024 financial report showing higher cash balances and low tax rate

Beth Hernandez, the town clerk‑treasurer, presented a snapshot of St. John’s 2024 finances and the Board of Finance voted to accept the report Wednesday.

Hernandez told the board the town’s total cash balance in January 2024 was $44,341,309 and the combined cash-and-investments ending balance for the year was $49,258,409, an 11% increase. She said the combined number includes cash and investments and that 2024 bond proceeds received in June totaled “just under $6,000,000,” which the town is using for town‑wide paving and capital projects.

Hernandez said the general fund began 2024 with about $3,800,000 in combined cash and investments and finished the year at about $4,700,000 — an increase of roughly $829,000 (21%). She told the board that general‑fund receipts exceeded projections by just over $1,000,000 (about 13%), driven mostly by investment earnings of roughly $900,000 and by miscellaneous permit revenue, while general‑fund disbursements finished under budget by about $569,000 (6.3%).

"This is primarily because of our collaborative effort between the Town Council, my office, and all of our department heads who worked manually to reduce the budget that was set from the previous administration," Hernandez said.

Hernandez also summarized enterprise funds: the town’s water funds began 2024 with about $13,500,000 and ended with $12,200,000 (a 10% decrease) driven largely by capital water projects tied to the 2021 water bond. She said the water operating fund rose about 58% (roughly $1,500,000) because of an increased customer base, and wastewater combined cash and investments grew about 3%, with the wastewater operating fund up about 32 (roughly $600,000).

She said the town’s tax increment financing (TIF) funds grew from about $700,000 to about $900,000 as new EDA districts were created and noted Baker Tilly is preparing a comprehensive TIF update for the town. Hernandez said the town’s investments totaled just over $7,000,000 across 13 funds and that interest earnings in 2024 were $333,207 (about a 5% return). She said the town’s recent debt ratings from Standard & Poor’s range between AA and A+ on outstanding debt.

Hernandez told the board the town’s assessed value rose about 9.8% in 2024 to “over $2,200,000,000,” and she said St. John’s municipal tax rate remained the lowest in Lake County at 0.4087 per $100 of assessed value. She also noted new construction in 2024 exceeded projections by 24% with 290 new homes and seven commercial properties built.

The board voted to accept the 2024 finance report; the motion carried 4–0.

The presentation concluded with demographic and community figures Hernandez provided for context: a 2023 population figure of 23,644, a median household income she reported as $127,449, and a median home value of $370,800. Hernandez said full slide materials and detailed numbers will be posted on the town website.

The Board of Finance then adjourned.