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Riverwoods finance director presents unaudited 2024 year-end figures, seeks grant reimbursement and health-insurance quotes
Summary
The village presented unaudited fourth-quarter 2024 financials showing overall revenues boosted by a large intergovernmental payment, discussed a $200,000 grant reimbursement application for a water-main project, and outlined next steps on health-insurance pricing and a planned water-rate analysis.
Riverwoods — At the village’s Jan. 21 meeting, Finance Director Vasquez presented unaudited fourth-quarter 2024 financial statements, outlined grant-reimbursement and health-insurance next steps, and asked trustees to note that some year-end entries and invoices are still pending the formal audit.
Vasquez told trustees the general fund finished the year with more than 120% of budgeted revenue, but that figure included a roughly $1,040,000 payment from Lake County under an intergovernmental agreement related to the Federal Life property; without that payment, general-fund revenues were about 98.2% of projections. Vasquez also reported several revenue categories — including home-rule and municipal sales taxes, state income tax, hotel tax, electric-utility tax and cable franchise fees — came in at about 98% or higher of budgeted amounts. Excise taxes were notably below budget at about 79% of projections, a shortfall Vasquez said had already been adjusted in the 2025 budget.
Vasquez said he has completed paperwork with…
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