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Staff member reports mixed revenue picture, first grocery-tax payment in March financial update
Summary
Staff presented the March treasurer's report, flagging timing shifts in property-tax receipts that mask a year-over-year decline and noting a first grocery-tax installment of $6,665.34; overall sales and state-income tax receipts were near target and reserves remain in place.
Staff presented the village's March treasurer's report, saying timing of property-tax disbursements complicated year-over-year comparisons and that the village received a first grocery-tax payment.
The report, delivered by the staff member responsible for finance, said the village recorded a $2,100,000 disbursement identified as the 2025 second installment but that, when prior-year timing is removed, collections are lower by about $3,100,000 (roughly 20.6% of that budget line). "In the April, which will be on next month's financial report, we have received some larger disbursements we believe are the first installments for '26," the staff member said.
The staff member said state income and sales taxes were performing near expectations; sales tax was reported at about 25.6% of budget and state income tax at about 24.4%. "We did receive our first installment of grocery tax, today, and it was $6,665.34," the staff member said, adding that the grocery-tax receipt will be recorded in the sales-tax fund while reporting details are clarified.
Staff also reported that vehicle-license renewals were performing well (over 50% collected), and that several operating revenue lines — parking fees, ambulance fees, garbage service, sewer charges and surcharges — were higher than the prior year. Expenditures were about 24.8% of budget, and the general-fund surplus (revenue only) was reported near $421,000 with front reserves of roughly $12.1 million (about 44% of fund balance).
The finance presentation noted planned bond proceeds and a projected $2.2 million drawdown from plan reserves; staff said projections will be monitored and adjusted as the year progresses. The board asked clarifying questions about reporting timelines and the staff member said Cook County portal delays have made exact year-attribution uncertain.
No formal financial policy actions were voted on during the meeting; the board moved on to capital projects and other agenda items.
