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Treasure's report: delayed property-tax receipts and budget amendments on tonight's agenda
Summary
Treasurer reported $5.9 million in delayed property-tax receipts (about 51.9% of budget), possible short-term loan to the police pension of $906,000, general-fund deficit of about $910,000 before drawdowns, and several budget amendments (including MFT overages) on the village-board agenda.
At the meeting, the treasurer presented the November financials and warned trustees that property-tax receipts were delayed, leaving the village about $5,900,000 behind prior-year collections and at 51.9% of the anticipated budget. "No property taxes were received in November," the treasurer said, and staff expect receipts to begin the following week; if tax receipts do not arrive, staff described a 60-day accrual option to attribute receipts to calendar-year 2025.
Staff said the delay could require a short-term transfer to the Police Pension Fund to meet the required contribution; they said the likely amount would be about $906,000 but that the figure should decline once property-tax receipts are posted. The treasurer also said the General Fund currently shows a $910,000 deficit when expenses are included, compared with a planned drawdown of $4.8 million tied to capital timing and project delays.
Other fund highlights: sales tax receipts were reported at 102.9% of budget (for August sales reported in November); water-fund volumetric revenue was at 105.3% ($292,000 over budget) but the water fund shows a $1.7 million deficit after expenses and a planned drawdown of $2.8 million; fund reserves were reported as General Fund $10,600,000 (39.6%) and Water Fund $3,200,000 (49.2%). The golf fund exceeded expectations, with November revenue 70% over budget and annual rounds at 40,741.
The treasurer previewed agenda items for the village board, including a calendar-year 2025 budget amendment with appropriations (to be considered at tonight's meeting), a future January amendment to adjust the 2026 budget for rolled-over capital items, an annual multi-year contract list (contracts in excess of $35,000), and an "annual abatement ordinance for the water fund debt" intended to reduce the property-tax levy by using water-fund balances to pay that debt.
Next steps: trustees were informed that an agenda item would consider the budget amendment and appropriations, and staff will return in January with the 2026 amendments and further capital-project updates.
