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Finance staff warns of multiple 2024–25 revenue shortfalls; contingency and fund balance to cover some costs
Summary
Finance presenter Laura briefed trustees that parking permits, metered parking, building permits and tennis fees are tracking below budget and that combined revenue shortfalls could approach six figures; staff cited a $150,000 contingency and use of fund balance for prior increases.
Laura, the finance presenter, reviewed the adopted 2024–25 operating budget and told trustees several revenue lines are likely to fall short by May 31. "Parking permits...and metered parking...we might hit almost like a $100,000 shortfall for anticipated revenues," she said, identifying building permits, unapproved rental‑inspection fees (budgeted at $50,000 but not in effect) and lower tennis fees as principal concerns.
Laura said the adopted budget was later adjusted upward by roughly $816,000 via resolution to cover unanticipated expenses (consultants, temporary employees, maintenance contracts) and that about $307,000 of recognized revenues partially offset increases. She told trustees the village maintains a $150,000 contingency line and that prior encumbrances and some increases have been covered from fund balance.
Trustees asked for the backup documentation and the staff agreed to distribute a memo and incorporate the numbers into the next regular meeting packet. Staff said they will provide updated December/January reconciliation figures and noted that transfers between lines are possible to manage smaller overages.
No formal spending changes were adopted during the work session. Trustees directed staff to circulate the reconciled figures to the board and to include this item on the next meeting agenda for any required budget adjustments.
