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Broadview finance committee: audit shows improved net position; pensions drive reported long-term liabilities
Summary
Finance Director Tom Hood told the Village of Broadview finance committee that fiscal 2023 ended with a stronger net position after $29.5 million in revenues, but that GASB pension accounting has increased reported long-term liabilities; committee members discussed capital plans, an IEPA loan for water mains, and an estimated $168 million cost to replace all lead service lines.
The Village of Broadview's finance committee reviewed the fiscal 2023 audit on Feb. 11 and heard that the village ended the year with stronger finances even as actuarial pension estimates pushed up reported long-term liabilities.
"During the year, revenues of $29,500,000 exceeded expenses of $27,300,000, resulting in an increase to the net position of $2,200,000," Finance Director Tom Hood said, presenting the audit summary and charts. Hood said the village's net position at year-end was about $4.4 million and that government activities improved while business-type activities fell.
Hood emphasized that the large rise in the village's long-term liabilities reflects accounting for pension and other post-employment benefits, not new borrowing. "That big increase is in the pension," he said, noting the village's total long-term liabilities were reported at about $81.7…
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