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Finance staff reports stronger collections, projected general fund pressure without adjustments
Summary
Finance staff presented March statements showing real collections up 24.13% year over year and revenues exceeding expenses by $559,011.72, but noted pressures including a projected year-end general fund balance near $243,000 absent further revenue and anticipated transfers.
Nikki, a village finance staff member, presented the village's March 2026 financial statements at the Committee of the Whole meeting, reporting stronger collections but several line-item pressures.
"For the month of March, real collections were up 24.13% over last year," Nikki said. She also reported that "revenues exceeded expenses and transfers for all funds by $559,011.72 for the year" and that the village received $8,934.39 in interest income for the month, down 11.68% for the year.
Nikki flagged specific concerns: overtime in service and dispatch was near budget limits, and one fund (Fund 2901) showed a negative $400.06 balance because an expense for water meters/hydrant fees came in higher than estimated; she said a transfer from the general fund will be needed to clear it. She also said about $50,000 in unpaid tickets had been sent to a collection agency and that early receipts had started arriving.
On capital reimbursements, Nikki reported the village had received about $338,000 year-to-date for road projects, with roughly $64,000 submitted but not yet received. Traffic camera receipts were running approximately $147,000 ahead of last year.
Councilors noted a recent commercial real estate transaction: a developer sold the Cardinal Health building for $40 million, and members said the sale could substantially raise assessed value from a previously discussed figure of roughly $17 million, which might increase property tax receipts once reappraised. The council asked staff to provide more detail on how the sale and other revenue changes will affect year-end projections.
Nikki also noted the budget included an estimated $22,000 in lease payments for two vehicles but final lease numbers were pending, and that workers' compensation costs had come in higher than expected and would require line-item adjustments.
The council did not take formal financial actions at the meeting; members asked staff to provide supplemental documentation and to circulate the April financials before the next meeting.
