Oswego reports first-quarter surpluses; $20 million bond sale delayed to July for Lake Michigan connection

Finance Director Andrea Lambert presented the Village of Oswego’s first-quarter (three-month) financial results, reporting overall positive trends in both the general operating fund and the water and sewer fund.

Lambert said general fund revenues were just under $7,500,000 with expenditures around $5,400,000, leaving an ending surplus the presentation described as about $2,000,000. The board was reminded that the annual budget anticipates a $575,000 deficit driven by a one-time transfer from the general fund to the capital public-works facility; excluding that transfer, the year-to-date position shows a small surplus.

On revenues Lambert said sales tax receipts were strong (reported at roughly $3,600,000 or about 30% of the annual target through three months) and that most departments were at or under expected spending targets. Water and sewer operating fund revenues were reported just under $3,000,000 against expenses just under $1,500,000, producing a reported surplus of about $1,480,000 through the quarter.

Lambert told trustees a $20,000,000 bond sale intended to cover initial spending for the Lake Michigan water connection was delayed from mid‑June to July. She said the delay was scheduling-related and that the bond would cover the first six months of planned spending for the connection. Trustees asked whether the stronger sales tax performance was proportional to population growth or outpacing it; Lambert offered to follow up with analysis. She also noted an accounting/timing effect on interest earnings tied to DuPage Water Commission payments that temporarily raised interest yields.

Trustees asked several clarifying questions about linearity of water revenue, impacts of a potential grocery tax change in 2026, and whether sales tax gains stemmed from brick‑and‑mortar or online activity; Lambert responded that most sales tax comes from brick‑and‑mortar but online sales tax is a growing component and offered to include more line-item detail in future reports.

Nut graf: The village’s short-term finances are stronger than budgeted through March, giving officials room to proceed with planned capital work, including the Lake Michigan connection, though some timing and policy changes (such as any future grocery tax alterations) could affect 2026 projections.

Lambert will provide follow-up analysis on sales-tax drivers and include additional monthly detail in future quarterly reports; trustees accepted the report and moved on to consent and other business.