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HomeMy WebLinkAboutVillage of Pingree Grove - Public Financial Report1 2021 Popular Annual Financial Report For Fiscal Year Ending April 30th, 2021 Village of Pingree Grove Pingree Grove, Illinois TABLE OF CONTENTS Mayoral Message .................................. 2 Village Demographics………….….............. 3 Village Revenue .................................... 4 Village Expenditures ............................. 5 Revenue & Expense Trends .................. 6 Net Position .......................................... 7 Village Officials ..................................... 8 2 A Message From the President: Dear Reader, On behalf of the Village Board and staff, I would like to thank you for taking the time to review the 1st edi- tion of our Popular Annual Financial Report (PAFR). Our goal is to communicate important ffnancial infor- mation in a manner that is easily understood. These days, having a clear picture of how your government is administered is of utmost importance. The PAFR is only a snapshot of important ffnancial information contained in the Village’s Comprehensive Annual Financial Report (CAFR). We have selected what we believe to be the most rele- vant and interesting data to be included here. Please feel free to comment on the report and tell us what you would like to see in future editions. After all, this report is intended to be a tool for its reader regard- less of ffnancial training or background. This report is not intended to replace the full disclosure ffnancial statements that can be viewed in our CAFR. Rather, by reading this report, our hope is that you will be able to gain a general understanding and summary of the Village’s ffnancial activities and position for the ffscal year ended April 30, 2021. If you are interested in additional detail, the CAFR is available on the Village website or you can call for a hard copy if you prefer. Completing the CAFR fulfflls the Village’s requirement under Illinois State law. It is a very de- tailed report and is the result of an independent audit conducted annually. As I am writing this message, the Village is navigating the uncertainties caused by the COVID-19 pandem- ic. The Village stands in a good ffnancial position to weather the storm with suificient reserves, low debt, and a lean staff. The Village does rely on state shared revenues, so our Village Board and staff are closely monitoring all revenue trends, while keeping a check on spending as well. Together we will make it through these challenging times. I hope you ffnd our 2021 PAFR to be highly informative. If you ever have any questions about the Village’s ffnances, do not hesitate to contact me or the administration team at Village Hall at 847-464-5075. Respectfully, Village President Pingree Grove 3 Background The Village of Pingree Grove was incorporated in 1907. The Village of Pingree Grove is located in Kane County, Illinois and lies approximately 48 miles northwest of the City of Chicago. The Village of Pingree Grove covers an area of approximately 3.7 square miles. Located within commuting distance of Chicago and its suburbs, the Village of Pingree Grove has experienced an increase in equalized assessed valuation as a result of continued new residential construction. During the next fiscal year the growth is expected to continue. According to the 2010 Census, the Village of Pingree Grove had a population of 4,532. The population now in the village according to the new 2020 census is 10,365. This population increase will also impact the need to establish a police pension as defined by state law after the census is certified. The Village is a non-home rule community governed by a Village President (Mayor) and a six member Board of Trustees, elected for overlapping four-year terms. The Board now appoints a Police Chief, Finance Director, Public Works Director, Attorney, Building Code Official and Engineer. The village currently has 23 full-time employees and 11 part-time employees. The village is a non-home rule unit of government. 4 Where the money come from….. Governmental Revenues Revenues for governmental activities totaled $4,397,227 of which property taxes accounted for 23% at $1,005.041. This resulted in a surplus of $616,311, prior to transfers in of $99,206. The Village saw revenues increase $873,649 or 24.8% due to an increase in capital grants and contributions. 5 ….AnD Where the money GoeS. General Fund Expenditures The expenditures for governmental activities increased $490,028 or 14.9% due to increased ex- penses in general government and public safety. However, highway and streets as well as Interest on Long-Term debt decreased. The Village pays for its capital projects from either Capital Fund or the W/ S Capital Fund. Several major capital initiatives were completed in FY 2021: • Completion of road improvements on State Rt. 72 & Richard J. Brown Blvd • Implementation of the ERP software • Completed drilling the test well for the proposed second water treatment plant General Fund Balance: Financial Policy The General Fund is the Village’s primary operating fund. As such, it supports core operating ser- vices. As of April 30, 2021, the unassigned fund balance of the General Fund was $4,614,116 which rep- resents 98.7% of the total fund balance. As a measure of the General Fund’s liquidity, it may be useful to compare unassigned fund balance to total fund expenditures. Unassigned fund balance in the General Fund represents approximately 217.4% of total General Fund expenditures. In the prior fiscal year, this percentage was 174.4%. 6 Revenue and Expense Trends FY21 General Fund revenues of $4,397,227 were higher than 2020 by $873,649, or 24.8% due to an increase in capital grants. CARES Act funds were fully re- ceived in FY21 in the amount of $581,146. Sales Tax revenue has increased be- cause of new business opening. Income tax revenue has increased as the state withholds less of the Village’s share, coupled with population growth that has doubled the census in the last ten years. Local Use tax is trending up due mainly to the collection of tax on internet sales, such as through Amazon. In contrast, other general revenues such as Telecommunications tax revenue has been on the decline due to lower cell phone costs and the virtual elimination of land lines in homes. FY21 General Fund expenses of $3,780,916 increased over last year by $490,028. Gen- eral and Public Safety expenses both in- creased however, Highways and Streets and Interest on Long-Term Debt both de- creased from the prior year. 7 Statement of Net Position The Statement of Net Position looks at Pingree Grove as a whole and can be a useful indicator of the Village’s financial position. This table shows that net position increased in 2021 from 2020 which is a demonstration of the sustainable financial health of the Village of Pingree Grove. Net position of the governmental activities increased by $715,517 or 4.7% while net position for business-type activities increased by $635,174, or 1.8%. Overall, governmental-wide revenues totaled $8,076,412, while expenditures totaled $6,725,721 resulting in an increase to net position of $1,350,691. 8 L-R Trustee Charles Pearson, Trustee Luke Hall, Trustee Patricia Dulkoski, President Steve Wiedmeyer, Trustee Amber Kubiak, Trustee Joseph Hirschbein, Trustee Raul Lemus Village of Pingree Grove 555 Reinking Rd. Pingree Grove, IL 60140 HOURS Monday through Friday: 8:30 a.m. - 4:30 p.m. Closed for lunch 12 –1 p.m. About the Village Board The Village Board is comprised of seven elected officials, including a Vil- lage President and six Trustees. The elected officials serve staggered four- year terms and are elected “at-large”, meaning each official represents the whole Village. Village Board meetings are open to the public and are usually held at 7:00 p.m. on the first and third Monday of every month at Village Hall.