Operating Budget
Budget Cycle
The operating budget for the Village is a plan for how the Village will spend and receive money in the fiscal year, starting May 1 and ending April 30. Development of the budget begins several months before the end of the current fiscal year, starting at the department level. Staff compiles estimates for spending and revenue then works to balance them appropriately. A draft of the budget is then presented to the Village Board's budget committee for feedback before making final changes. The Village Board then votes before the end of the fiscal year to adopt a budget for the next fiscal year. The budget is a policy plan, not a binding appropriation, which serves as a tool that staff and elected officials use throughout the year to make spending decisions while retaining flexibility to adapt when circumstances require it.
Structure
The Village uses funds to report its current financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds and fiduciary funds.
Governmental funds are used to account for most of a government’s general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general capital assets (capital projects funds), and the servicing of general long‐term debt (debt service funds). The General Fund is used to account for all activities of the general government not accounted for in another fund.
Proprietary funds, also called enterprise funds or business-like funds, are used to account for activities similar to those found in the private sector, where determination of net income is necessary or useful for sound financial administration. The Village uses enterprise funds to account for its water and sewer system as well as its garbage collection services.
Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the government.
Budget Documents
Budget for Fiscal Year 2025 - Proposed
Budget for Fiscal Year 2024 - Budget Hearing Presentation
Budget for Fiscal Year 2023
Budget for Fiscal Year 2022
Budget for Fiscal Year 2021
Budget for Fiscal Year 2020
Budget for Fiscal Year 2019
Budget for Fiscal Year 2018
Budget for Fiscal Year 2017
Budget for Fiscal Year 2016
Budget for Fiscal Year 2015
Capital Improvement Plan
In 2020, Village staff and elected officials began formulating the Village's first capital improvement plan (CIP). The CIP is a multi-year planning document designed to review the Village’s anticipated capital needs and purchases the Village will make during the plan period. Ultimately, the CIP’s goal is to ensure that the Village’s infrastructure, buildings, fleet, and equipment can meet both the service demands of the public and the operational needs of the organization. As one of the Village’s core planning documents, the CIP focuses on the three upcoming fiscal years following the current year. The plan provides enough detail to understand the proposed projects but does not lock them in. This allows the Village to keep a longer-term perspective while maintaining the flexibility to make changes as new needs or technologies arise.
Capital Improvement Plan for Fiscal Years 2022-2024
Capital Spending Update, Including Revised Plan for Fiscal Years 2024-2026