River Forest officials received what village President Cathy Adduci called “a clean bill of health” when the village’s auditor presented the annual audit at the Oct. 16 village board meeting.
Martha Trotter, a partner at Sikich LLP of Naperville, stated there were “no concerns” with the audit of the fiscal year that ended April 30, 2023.
In response to a question from Trustee Respicio Vazquez if village officials had anything to worry about in relation to the village’s finances, Trotter said there were no issues.
“It’s important to get a clean bill of health,” Adduci said. “We’re really happy and pleased.”
She thanked Rosey McAdams, finance director, and Keke Boyer, assistant finance director, and their staff for their efforts. She also thanked Matt Walsh, village administrator.
In her presentation of the annual comprehensive financial report, McAdams noted actual revenues in the general fund exceeded budgeted amounts by $2.7 million or 15.22 percent. She explained that most revenues saw increases due to inflation and the increase in the consumer price index.
Separate line items that saw increases include personal property replacement taxes, exceeding budgeted amounts by $212,860 or 78.19 percent; sales taxes, exceeding budget amounts by $228,239 or 10.8 percent; and income taxes, exceeding budgeted amounts by $343,055 or 22.13 percent. McAdams explained that income tax revenues were higher because the FY2023 state budget included an additional 0.10 percent in local government distributive payments to municipalities and higher than expected receipts.
General fund expenditures are “slightly above” the budgeted amounts at 100.2 percent, McAdams said, primarily due to the fire department expenditures. She explained that actual fire department expenditures were 112.84 percent of budgeted amounts due to the ground emergency medical transportation program in which the village now participates. A corresponding increase in revenues was seen in ambulance billings.
All other expenditures are lower than budgeted, McAdams noted. She said decreases are due to staff members limiting non-essential expenditures and changes in staffing that caused expenditures to be reduced. Police department expenditures are slightly lower than budgeted amounts due to vacancies being filled with new hires who are paid at a lower rate.
The waterworks and sewerage fund increased $1.2 million. Although revenues were less than budgeted, expenses also decreased. McAdams explained that water and sewer sales were below expectations due to decreases in billed water consumption and weather conditions. Revenues include a 6 percent increase in rates in June 2022 to fund the 5 percent rate increase from the city of Chicago for water and for operating and capital improvement costs. Reduced expenses are due to decreases in water and sewer infrastructure maintenance costs and a decrease in the capital outlay expenditures with the completion of the automated metering infrastructure program.
McAdams thanked members of the village’s “well-functioning team” including police Chief Jim O’Shea, fire Chief Tom Gaertner and former public works director Jeff Loster, who recently resigned.