Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Riverwoods reports $773,000 third-quarter surplus; TIF 2 hit by FedLife demolition costs
Summary
Finance Director Eloisa Velasquez told trustees the village’s unaudited third-quarter results show a $773,000 surplus and stronger-than-expected revenue performance, while TIF Number 2 has been reduced by Federal Life demolition costs pending reimbursements.
Finance Director Velasquez presented the village’s third-quarter unaudited financial statements and told the board the general fund is ‘‘now showing a $773,000 surplus at the end of the third quarter,’’ ahead of the $517,000 surplus at the same point last year. She said revenues are ‘‘overall trending ahead of our budgeted target for the year with over 88% of budgeted revenue received at this point,’’ noting property taxes, home-rule taxes and municipal sales taxes exceed projections.
Velasquez said a matured certificate of deposit brought $250,000 in one-time revenue that will be reinvested after consultation with the treasurer, and that without that CD the general fund would still be at about 83% of projected revenues. She told trustees that expenses are ‘‘overall near 75% for…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
