Admin & Finance Committee reviews first-quarter finances; staff outlines $3.75 million in proposed transfers

At its May 11 meeting, the Admin & Finance Committee reviewed the village's first-quarter financial reports and heard staff outline a pending budget amendment that would transfer $1,000,000 to Street Maintenance, $250,000 to Debt Service and $2,500,000 to the Capital Projects Fund to support the road program. The committee approved minutes for Feb. 23 and March 9, 2026, by roll call vote.

Ms. Gergye presented the quarter's financial statements, drawn from the Tyler financial management system, saying the overall fund balance stands at approximately $10.5 million. She told the committee that temporary negative balances in the Street Maintenance and FEMA Grant funds are timing issues: the Street Maintenance shortfall is pending a budgeted transfer from the General Fund and the FEMA shortfall reflects a lag in federal dollars flowing through the state and had resolved by the meeting date.

Expenditures were running at about 16% of the annual budget through March. The Communications line showed 42% spending early in the year, driven by a semi-annual police and fire dispatch contract payment that fell in the first quarter and is expected to normalize. The Building Department's professional and technical services were elevated, a change attributed to seasonal increases in construction permit activity and associated outside inspection costs. Legal expenditures were slightly above pace; Ms. Grube said she will monitor that line during the ongoing transition in legal services. A $10,000 payment to Charter Communications, resolving liability from a 2024 water-main repair that damaged a cable line, increased the water fund's general operating figure.

On the revenue side, Ms. Gergye reported income-tax collections received through the Regional Income Tax Agency were roughly 13%–15% ahead of the prior year. She warned that the county's decision to eliminate advance property-tax distributions — previously paid in January and February ahead of a March settlement — will reduce interim cash flows by about $300,000 over two months but said the Village's overall liquidity remains sound.

Ms. Gergye summarized a pending budget amendment that would fund the road program using the transfers noted above; she also listed smaller amendments for carryover purchase orders, annual maintenance items omitted from the original 2026 budget and a modest radio-fee increase for the Police Department. Committee members agreed the capital improvement plan should be incorporated into the mid-year financial review so progress on individual projects can be assessed. No formal vote on the budget amendment was taken at the meeting.

The committee approved the minutes on a motion by Ms. Grube and a second by Ms. Rogoff; the roll call recorded two ayes and no nays. The meeting was adjourned at 6:58 p.m.; the minutes carry a signature line reading "Erinn, Chairman."