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Glencoe treasurer reports steady receipts, planned drawdown aligned with budget
Summary
Village treasurer presented the January financial report showing $2.1 million in 2025 tax receipts (to be accrued back), a general-fund drawdown near the board's plan and a planned $3.4 million 2026 water bond issue to fund water-main improvements.
The Village of Glencoe treasurer told trustees the January financial reports show revenue and expenses largely tracking the board's plan, with some timing quirks driven by county disbursements and bond proceeds.
Treasurer staff said January's report included about $2.1 million in 2025 property-tax receipts that will be accrued back to 2025 on a cash-basis report. Excluding those late receipts, staff said annual revenue projections show a roughly $187,000 net position; when the accrued receipts are included, the reported revenue appears about $2.3 million higher.
On operations, expenditures for the general fund were 8.1% of budget in January and the treasurer said the fund shows a $2.4 million deficit versus revenue — close to the board's planned $2.2 million drawdown and not an immediate concern, the treasurer said. Fund reserves were reported at $11.5 million, about 42% of budget.
The treasurer said the village has received 98% of its total tax levy so far and that Cook County has moved the first-installment due date from March 1 to April 1 because of county software issues. Staff said the village does not currently believe it is affected by a county over-allocation to some taxing bodies, but will hold any excess distributions pending reconciliation.
On enterprise funds, the water fund is reporting higher expenditures (about 5.9% of budget) in part because planned 2026 bond proceeds were included. Staff described a planned $3.4 million bond issue in 2026 and a planned drawdown of about $1.8 million this year to finance water-main improvements; water-fund reserves were reported at $5.5 million (about 92% of budget), reflecting the expected bond inflow.
Other items included a stable outlook for sales tax and several revenue lines (Illinois income tax, parking fees, PPRT, sewer charges and E-911), the grocery tax beginning receipts in April (three-month lag), audit final-fieldwork scheduled for late February and mid-March, and personnel-cost increases tied to cost-of-living adjustments and filling vacant positions.
The board did not take a separate formal vote on the treasurer's report at the time of presentation; trustees asked clarifying questions about timing and the county distribution schedule. The meeting moved on to community-investment project updates and an actuary briefing on pending state pension legislation.
