Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Staff: village faces budget gap; fund balance and S&P monitoring cited
Summary
A staff member reported general fund cash of about $4.3 million, projected additional revenues of roughly $1.75 million and a possible budget shortfall of about $200,000 against the adopted revenue figure; S&P Global is monitoring the village's fund balance, and officials urged early multi‑year budget planning.
A staff member presented the village's current cash position and revenue projections, warning the board to begin multi‑year budget planning to address a potential shortfall.
“you have a little over 4.3 million in the general,” Jada said while reviewing the treasurer cash statement. She reported the water fund amount (rendered in the transcript as "1.575350") and a sewer fund balance of $650,398. Jada also presented an estimated remaining revenue figure of about $1,750,397 that she said was based on recent collections and expected county sales tax and CHIPS receipts.
Board members and staff worked through the arithmetic during the meeting: combining amounts already received with Jada's projected remaining receipts produced approximately $7,082,000 versus an adopted budgeted revenue figure of $7,305,000, implying a potential shortfall of roughly $200,000 unless carryover or other one‑time items change the calculation. A member noted that in prior years the board implemented spending restrictions for nonessential items when a shortfall loomed, and several members agreed an earlier-than-usual spending review may be necessary this cycle.
Jada also reviewed major expenditure categories and several uncertain liabilities that could affect the final position, including eight months of healthcare obligations, social security calculations that had not yet been completed, police retroactive pay, debt service and retirement costs. Separately, she flagged committed/assigned funds that are not available to spend (the transcript shows $141,975.95 labeled as committed items).
The staff presentation noted the village had a S&P Global rating this year and that the agency was monitoring the village’s finances, a factor that could affect borrowing costs. In addition, board members mentioned a previously studied water project with a prior estimated cost around $40 million and urged that planning for such capital liabilities be factored into long‑term budgeting.
Next steps: Jada said she would circulate the fund balance policy and the board agreed to consider setting budget schedule dates early so the formal budget process can begin in January–March rather than later in the year.
