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Finance director reports revenues near 38% of budget through May; income tax collections modestly up
Summary
Finance Director Turk reported the Village had collected $15.23 million (38.3% of budget) through May 28 and spent $14.60 million (32.5% of budget); income tax collections totaled $5.66 million, up 2.63% vs. 2025, and refunds of $408,721 were processed.
Finance Director Turk presented the Village’s fiscal status through May 28, 2026. Total collections across all funds were $15,231,489 of the $39,840,250 budgeted (38.3%), and total expenditures were $14,598,945 of the $45,015,524 budgeted (32.5%). Director Turk noted that an even monthly burn would be about 41.7% by this point in the year.
The General Fund showed 42.6% of revenues collected and 37.8% of expenditures expended. Income tax receipts through May were $5,664,901, a 2.63% increase over the same period in 2025; withholding and net profits components rose, while individual income tax was down 12%. The village processed $408,721 in income tax refunds through May; two corporate refunds totaled $244,000.
Director Turk also reported filing IRS Form 720 to pay the PCORI fee due in July. He recommended no immediate adjustments and listed Resolution 49-2026 (designating public depositories) for second reading.
What this means: Collections are slightly below a straight-line expected expenditure rate, but income tax is up modestly. The refund amount and timing of receipts can affect cash flow and will be monitored in the coming months.
Provenance: Budget and income tax figures presented in SEG 008.
