The Finance Department manages all of the Village’s financial transactions on a daily basis.
The Finance Department is led by Karen Plaza, Finance Director. Karen has significant experience working in corporate and governmental accounting positions. This experience combined with a practical knowledge of the Village’s operations provides a basis for professional recommendations related to the Village’s finances and annual budget. She combines high-level professional recommendations with a hands-on approach to the Village’s finances and financial operations.
The Finance Department manages the Village’s accounts payable and receivable, tax levies, annual budget, public financial disclosures, payroll, bond and loan payments, and all other Village financial operations. The Village has been a recipient of the Illinois Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting annually since 2009.
The Village engages in major financial operations on a year-round basis. The Village’s fiscal year is May 1-April 30. The Board typically engages in budget discussions beginning in January of each year, and passes a balanced budget in April as required by state law. That budget is amended periodically to address the practical and operating needs of the Village, and to accommodate updated budget trends and forecasting. To see the Village’s recent budgets,.
After passage of the budget, the Village works to complete a full and professional audit of the previous year’s expenditures. To ensure the accuracy of the audit, the Village uses an independent, third-party auditing firm with extensive experience in municipal finance and operations. The Village’s audits are referred to as a Consolidated Annual Financial Report, or CAFR. To see the Village’s recent audits,Toward the end of the calendar year, the Village initiates work on its property tax levy for the following year. The portion of the property tax bill that is paid to the Village is among the lowest municipal tax rates in the state (as the Village only comprises 2.87% of the total property tax bill). As the Village is subject to the Property Tax Extension Limitation Law (PTELL, commonly referred to as the “tax cap”), the Village’s annual tax levy can only increase by an amount equivalent to the new growth in the Village, plus a consumer price index (CPI) adjustment. The annual tax levy is approved by the Village Board each year in December and submitted to Kane County. The County then calculates the final extension (or amount actually billed), and generates property tax bills in the following year. Property tax receipts follow the levy by a year, with the Village’s levy being passed in December, and being collected the following summer. The passage of the Village’s property tax levies is preceded by a published notice and the conduct of a public hearing, open to all Village residents. .