By Marney Simon | Sentinel Staff
The village of Shorewood finished its last fiscal year in a strong financial position.
On Aug. 28, board members viewed the village financial statements and independent auditor’s report for the fiscal year ending March 31, 2018 (FY18).
The audit was conducted by Sikich LLP, of Naperville.
Sikich issued an unmodified opinion on the village’s financial statements for the fiscal year.
The FY18 General Fund revenues total $13.6 million, including $1.5 million from property taxes, $6.1 million from other taxes, $984,682 from licenses, permits and fines, and $2 million in charges for service. Those revenues represent a 6 percent increase in revenues from the previous fiscal year.
Sales tax represents the most significant revenue stream in the general fund, taking up 63 percent of the total income filed under “other taxes.”
Charges for service include refuse charges, park program revenue, penalties on refuse and recycling revenue, and mobile antenna rental on village property.
On the expenditure side, the village spent $12.6 million out of the General Fund, including $4.1 million for general government activities, $4.6 million in public safety, and $2 million in public works.
The village collected more than $1 million in revenues over what was originally budgeted in the General Fund, taking in significantly more money in licenses, permits and fees, grant income, and miscellaneous income.
The village also came in under budget in spending, with total expenditures $363,659 below the final operating budget for FY18.
The General Fund is the village’s main operational fund, which finances operations in administration, parks and recreation, and the police department.
Total operating and non-operating revenues in the Water and Sewer Fund was $11.5 million, and total expenses were $6.6 million.
The village’s net capital assets total $107.3 million.
The village’s long-term debt stands at $18.2 million, a decrease from the previous year. None of the village’s debt is funded directly from property taxes. Funding for debt comes from utility tax revenue, home rule sales tax revenue, and water and sewer tap on fees. The village had no new debt in the FY18.
Per the report, there were no significant difficulties encountered in dealing with the management during the audit. The auditors commended the village’s financial staff for the hard and detailed work involved with keeping the books.
“We had zero adjusting journal entries during the course of the audit for this year,” said Anthony M. Cervini, CPA, CFE with Sikich. “The magnitude and volume of transactions that you process, to have zero entries is certainly reflective of a job well done.”
Included in the report were statistics on Shorewood’s residential growth over the past fiscal year.
Single family home construction rose in the last fiscal year, with 77 total new home permits issued and 80 new homes completed.
Shorewood occupies seven square miles, with potential planning area of 20 square miles. The 2017 special census listed the population at 17,495, an increase of 12 percent from the 2010 census.
The village of Shorewood was awarded a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for Comprehensive Annual Financial Audits each year from 2007 through 2017. The most recent audit will also be submitted for consideration for another certificate.
The comprehensive annual financial report can be viewed on the village’s website, at vil.shorewood.il.us.