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Village reports stable reserves, income-tax uncertainty; audit filed with extension
Summary
Treasurer reported income taxes are down about 4% and interest income fell about $13,000; reserves total just under $5 million, up about $150,000 year-to-date. Julian said the annual audit was filed after a short extension and final copies will be provided to the village.
The Village Treasurer reported that revenue and expenses are close to last year’s figures but noted a few shifts: income tax receipts are down about 4%, property tax revenue is slightly higher, and interest income is about $13,000 (24%) lower than last year due to rate declines. Capital expenditures through October totaled $61,000, mostly for Page Park, and village reserves stood just under $5 million, up roughly $150,000 since the fiscal-year start.
Treasurer Martha Conlock warned that recent federal workforce layoffs and furloughs could affect future income-tax distributions but said the Nov. 30 distribution is a useful barometer. "We get our first large distribution of income tax for the current fiscal year on Nov. 30," staff said during the meeting, noting the amount will inform December projections.
Julian reported the village audit was filed after an extension; auditors required a short extension and the filing went in on Nov. 6–7. Staff said final audit copies will be circulated to the council when available.
The council asked for and received a brief explanation of how large, one‑month individual tax events can affect short-term distributions; staff said the village will receive a fuller projection in December.
