Monica Sarna

The Village of Glencoe's Fiscal Year 2011 Budget Brief outlines the financial plan for the period of March 1, 2010, to February 28, 2011. The document details projected revenues and expenditures across all departments, including Public Works, Finance, and Public Safety, and identifies key capital improvement projects. It discusses the impact of national economic conditions on revenue, strategies for managing finances through enhanced user fees and bond proceeds, and incorporates long-range financial planning and strategic goals to ensure continued high levels of service and fiscal stability for the community.

The forum provided foundational information regarding Home Rule status under the Illinois constitution, contrasting it with non-home rule governments regarding powers, revenue options, and structural limitations. Key discussion points included the implications for property taxes, noting that Home Rule status would not automatically raise taxes, as the Board has pledged to keep the tax cap in place, and could potentially reduce tax pressure by diversifying revenue streams. The forum also addressed bond issuance limitations for non-home rule units, such as the requirement for a referendum and a 20-year limitation on bond terms, arguing that Home Rule would allow for more efficient funding of mandatory infrastructure improvements, including the nearly century-old water plant. Revenue diversification possibilities, such as utilizing sales, food and beverage, or entertainment taxes to reduce reliance on property taxes (which constitute over 51% of general fund revenues), were highlighted. Furthermore, the discussion touched upon the competitive advantage Home Rule status offers in economic development, allowing for programs and incentives to attract business and visitors, which is crucial given Glencoe's current success as a destination.

The Finance Committee meeting included a review of monthly financial reports, where it was noted that despite a decline in building permits, the Village is on track to finish at 97% of the revenue budget for the General Fund. The fund balance for Fiscal Year 2011 ended greater than anticipated, which would act as a buffer to weather a revenue shortfall during Fiscal Year 2012.

The Finance Committee convened to discuss several key items, including GASB 54 related to governmental fund balances, review of the 2011 actuarial reports for the 2011 tax levy, and the 2012 IRMA claim deductible level. They also reviewed the preliminary fiscal year 2013 budget. The committee reviewed the monthly financial report format and discussed modifications to provide greater detail about revenue and expense items. There was also discussion regarding the preparation of an article for the Glencoe Memo on the state of Glencoe pensions, which was deferred to the next meeting. The committee reviewed the format of the monthly financial report and made suggestions for improvement, including projections for the end of the year with narrative explanations of variances, percentages of revenue and expenditures to budget, and enhancements to the cash table for prior period comparability. The Village Board reviewed the long range financial forecast and the preliminary budget to get a sense of the needs of the Village as indicated by the preliminary budget as compared to the proposed 2011 tax levy. The primary issues to consider for this budget discussion are the implementation of GASB Statement 54 and its impact on unassigned fund balances, the 2012 Intergovernmental Risk Management Agency (IRMA) Deductible level, and consideration of actuarial valuation reports prepared by the Village Actuary.

The Finance Committee meeting included a review of the Village's non-operating funds, specifically the Bond Construction Fund, Motor Fuel Tax Fund, Debt Service Fund, and E911 Fund. There was a request for further analysis of the E911 Fund to assess its ability to meet current and future needs. Additionally, a draft of the Fiscal Year 2015 Budget Calendar was presented for future discussion.