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Finance director: Villa Park general fund shows temporary shortfall; council receives plan to reconcile accounts
Summary
Village finance director presented an unaudited June financial report that showed the general fund temporarily in deficit because several revenues and operating transfers had not yet been recorded; the village president and manager also described prior delinquencies in bills and a missing pension distribution.
The Village of Villa Park’s finance director told trustees July 28 that the village’s general fund showed an unaudited shortfall at June 30 but staff have identified the missing revenue entries and are reconciling accounts.
Susie Mica, Villa Park finance director, said the village’s general-fund revenues through June were about $10.7 million and expenses about $11.7 million, creating “a deficit of just over a million dollars” on the unaudited report. Mica told the board that number would change once staff post several expected revenue items and transfers — including sales tax, state income tax, investment income and interfund operating transfers — that were not reflected in the June report. Mica estimated that once those items are recorded the general fund balance would move into a positive position.
Why it matters: Trustees and residents raised concern about the village’s cash position; Mayor…
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