Glencoe treasurer: property‑tax timing leaves general fund short without pending county disbursement

The village treasurer presented the February financial report and warned that timing of county property‑tax disbursements leaves the general fund in a materially weakened position if the large January payment is not applied to fiscal 2025. "Without those, we...we're at a deficit of 2.4 million," the treasurer said, adding that staff and auditors are following up with county reporting to determine whether receipts can be charged back to 2025.

Staff reported property‑tax receipts were $295,000 below the prior year and that, including the large January disbursement, annual general‑fund revenue was estimated at $2.7 million; excluding that receipt, operating revenue would be about $548,000. Planned capital drawdowns of $2.2 million and projected expenditures produce a projected deficit of $243,000 for the year if timing does not resolve favorably. Month‑end reserves were reported at $11.5 million, or 42% of budget.

The treasurer also reviewed other funds: the water fund shows seasonal low usage (about 10.4% of budget for volume revenues) but has reserves of $5.5 million and a bond issuance of $3.4 million planned later this year. Staff said sales tax and building‑permit receipts are running above last year, which partly offsets pressure on the general fund. Auditors finished on‑site fieldwork and staff expect a draft audit in mid‑April and a presentation in June.

The board took no formal vote on the financial report; trustees asked staff to continue following up with the county and auditors and to return with updated documentation if the status of the disputed disbursements changes.