Mount Vernon accepts clean 2024 audit; council reviews $45.4 million in city activity

On Nov. 4, 2024, the Mount Vernon City Council voted unanimously to accept the city's 2024 audit after a presentation by Finance Director Stephanie Bailey.

Bailey told the council the General Fund recorded $22,276,482 in revenue and $25,040,310 in expenditures for fiscal year 2024. She said total governmental activities for the city amounted to $45.4 million and taxes accounted for $36.4 million of revenue, with sales taxes comprising about 68% of tax receipts. The council accepted the audit on a 3–0 vote with Council Members Joe Gliosci and Mike Young and Mayor John Lewis voting in favor; Council Members Ray Botch and Donte Moore were absent.

Why it matters: the audit frames the city's near‑term budget outlook and identifies where revenues and expenses shifted year‑over‑year. Bailey reported General Fund revenues rose by $2.6 million (13%) while General Fund expenditures increased by $2.5 million (15%). Business‑type activity revenues rose about 5% while expenses increased about 2%.

Bailey said the Quality‑of‑Life fund balance fell by about $4.0 million (47%), which she attributed primarily to construction of the new police station. She reported the Home Rule Tax fund increased by about $1.5 million (38%). For enterprise funds, Bailey reported the Water Fund net position increased by $2,486,681 with revenues of $5,391,410 and expenses of $5,178,010 (ending cash $4,301,079); the Sewer Fund net position increased by $663,429 with revenues of $4,018,093 and expenditures of $4,004,790 (ending cash $4,116,996); and the Sanitation Fund net position increased by $72,286 with revenues of $1,389,269 and expenses of $1,324,527 (ending cash $178,039).

Bailey also summarized pension funding: the Illinois Municipal Retirement Fund (IMRF) was 98.77% funded, the Police Pension Fund 54.68% funded and the Fire Pension Fund 54.15% funded. She said pension contribution schedules are set by the Department of Insurance and that the city uses a Pension Sales Tax Fund to supplement required levies.

Council members asked procedural questions about actuarial contributions and five‑year projections; Bailey said actuarial contribution amounts were not available at the meeting but expected soon and noted a projection dip anticipated in fiscal 2029 tied to a potential interstate closure affecting revenue.

The council approved a motion to accept and file the audit presented by Bailey. The audit report was provided to council members for review.