Finance

The Finance Department maintains and administers the fiscal operations of the Village.

The Village's Financial Cycle

The Village utilizes a fund accounting system to account for the resources necessary to operate the Village and maintain its capital assets. As part of this system, the Village completes an annual financial cycle designed to plan how funds will be spent during the year, manage and track revenues and expenditures while that plan is in place and report on final outcomes once the year ends.

Knowing the financial cycle can make it very helpful to find the specific information you're looking for. Click any of the links below to access a specific set of documents:

Capital Improvement Plan (CIP)

 This five-year plan overviews the Village's upcoming capital needs and their anticipated costs so that the Village can make strategic decisions. This plan is the first document created in the financial process and informs the annual budget. However, it does not approve any expenditures. Users looking for information on when a project may occur, what it will involve and how it will be funded should use these documents as a starting place. If a project is currently under construction, use the Construction Activities page for detailed information.

To view the current CIP as well as past editions, click this link.

Annual Budget

The annual budget is the key financial policy document of the Village. It combines information from the CIP, operating Departments and other sources and plans for both the revenues the Village anticipates bringing in as well as its actual expenditures. Users looking for information on how Departments are funded and what projects they plan to complete within the current or next fiscal year should use this document.

To view the current and older editions of the budget, please see this link.

Monthly and Quarterly Reporting

These documents summarize the Village's financial performance and allow for comparisons of current performance against budget estimates and past financial periods. These help the Village make "course corrections" if necessary.

To view current and older copies of the quarterly financial report, please see this link.

Comprehensive Annual Financial Report (CAFR) 

This document reviews the fiscal activities and performance of an entire year and summarizes the standing of the Village. The Village also prepares a companion Popular Annual Financial Report (PAFR) which summarizes the CAFR for ease of use. Users looking for details on things have already occurred can use either the CAFR or the PAFR for more details. 

To view the current and past editions of the CAFR, click here.

Popular Annual Financial Report (PAFR)

The Popular Annual Financial Report (PAFR) is the companion document to the Comprehensive Annual Financial Report (CAFR) and summarizes the information found in the CAFR for general use. 

To view the current and past editions of the CAFR, click here.