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Finance presenter flags possible decades-long TIF 5 accounting issues; trustees press for reconciliation
Summary
A village finance presenter reported large interfund receivables tied to TIF 5 and recommended a detailed reconciliation and possible write-offs; trustees alleged prior administrations used TIF funds for insurance and other operating expenses and asked for a deeper review.
During the regular meeting the board received an extended presentation on the village’s financial statements and interfund balances. Ameribaly reviewed consolidated governmental funds and told trustees the general fund showed revenues of about $17.2 million and expenditures of about $10.3 million, producing a roughly $6.8 million surplus year to date through November.
Ameribaly drew attention to significant interfund receivables and payables and recommended a full reconciliation. “My recommendation is going to be that a lot of those balances…are uncollectible receivable…
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