The Village Finance Office is responsible for producing several reports regarding the Village's financial situation. One of these is the Village Budget which covers a fiscal year from May 1st to April 30th. A copy of the current fiscal year's Village Budget is available online, or a hard copy can be requested at the Village Hall for a fee. Another important report is the Village's Comprehensive Annual Financial Report (CAFR), or "Audit," which also covers a fiscal year. Copies of audits are available online or at the Village Hall for a fee.
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Village Audit Reports
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In 2011, Public Act 97-0609 became law, effective January 1, 2012. That act amends the Illinois Open Meetings Act and the Illinois Pension Code and establishes new requirements for Illinois public bodies.
Among the law’s requirements are the following:
- All Illinois Municipal Retirement Fund (IMRF) employers must post, within 6 days of the approval of a budget, the total compensation package for each employee having a total compensation package that exceeds $75,000 per year.
- Any IMRF employer that approves an employee's total compensation package equal to or in excess of $150,000 per year must post on its website, at least six days before the approval, the total compensation package for that employee.
Employee Compensation Information
"Total compensation package" for purposes of the act means "payment by the employer to the employee for salary, health insurance, a housing allowance, a vehicle allowance, a clothing allowance, bonuses, loans, vacation days granted, and sick days granted." For more information, please view the which as stated above lists all employees with compensation packages that total $75,000.00 or above.
Employer Cost & Participant Information
PA 101-0504 requires all municipalities participating in IMRF to post the following link on their website by January 1, 2021.