Last night the village board discuss and voted to accept the 2008 Audit report. Here are some of the highlights of the report. Its pretty dull, but its all mostly positive, which given today's economic climate is a good thing!
- The Village’s Governmental net assets increased $11,978,849 from the prior year.
- Business-type activities unrestricted net assets increased $489,032 from the prior year. The fund balance for the General Fund equaled $3,310,475, an increase of $758,219 from the prior year.
- General Fund expenditures were 19.5% under the final appropriated amount of $8,736,188.
- Village-wide assets exceeded liabilities by $69.8 million at April 30, 2008.
- Program revenues for governmental activities increased $1,219,387 over the preceding year.
- All funds operated within legal budgetary limitations during the year.
- The Water and Sewer Fund reported total operating income before depreciation expense of $224,916.
- As of April 30, 2008, the Village had seven debt issues outstanding totaling $17,752,174 and during the year the Village’s total outstanding debt decreased by $820,713.
Major capital asset events during the current fiscal year include the following:
- The purchase of downtown land for $1,434,476 for future development.
- The completion of the West Townline Road project capitalized at $599,629.
- The capitalization of $2,136,661 for the trunk sewer / Dawn Marie pump station project. The capitalization of $889,292 of construction costs related to the 2006 CDBG Linden and Sycamore watermain improvements.
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