Riverwoods finance director presents unaudited 2024 year-end figures, seeks grant reimbursement and health-insurance quotes

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 consultant GHA to apply for a $200,000 grant reimbursement tied to the Saunders Road water-main project from early 2024 and that GHA will coordinate with the state on any necessary revisions. He said the village will await the state response and that the reimbursement would reduce the capital cost borne by the village once approved.

On health insurance, Vasquez reported he had contacted IPBC, a municipal insurance cooperative, for updated quotes; board action to switch plans would need to occur by the first board meeting in March if the village chose to change plans to align with the July 1 plan year. Vasquez said the village waited last year after state CMS rates dropped and that staff would evaluate any new pricing before recommending a change.

Vasquez provided fund-level details: general-fund expenditures were near 107% of budget but that included roughly $950,000 tied to the village’s portion of the Federal Life property purchase; excluding that amount, general-fund expenditures were about 87% of budget. The MFT (motor-fuel-tax) fund finished at 103% of projected revenue with expenditures under budget at about 8% due to light winter snow activity; the village plans to apply the surplus toward the Saunders Road STP project. The water fund showed revenues at 110% of budget and expenditures at 66%, with $913,000 spent of a $1.7 million capital allocation (much of it on Saunders Road water-main work). The sewer fund revenues were 145% of budget, boosted by a one-time $125,000 payment from Walter Sklar for prior-billing adjustments; without that payment, sewer revenues would have been about 118% of budget.

Vasquez also told trustees the village did not proceed with a $600,000 capital item budgeted in 2024, reducing some capital outlays. He said the capital-fund expenditures were about 46% of budget and that some projects, such as bunker-court drainage and a demonstration-center pathway, did not occur in 2024.

Separately, the board authorized engaging Lauterbach & Amen LLP for up to $20,000 of accounting assistance and audit-prep work to provide about 80–90 hours of support during February and possibly March; Vasquez said the arrangement would help cover work while he plans several weeks of personal leave in April.

Treasurer Hal reported on the village’s investment portfolio and maturities, saying about $12 million is held in an investable pool (with roughly $5 million in money-market accounts) and that approximately $2.3 million in holdings will mature in 2025 and be available for reinvestment. Hal said the portfolio’s average yield was about 4.42% and described a conservative approach to laddering maturities to avoid liquidity problems should rates change. He noted the village’s weighted average maturity was near five years and that the portfolio mix included municipals, corporates, brokered CDs and government agencies.

Vasquez cautioned all figures presented were unaudited and that outstanding invoices could alter final 2024 numbers. He advised trustees the finance department will reconcile outstanding items with auditors and return final audited figures once available.