Contact InformationMonica Hughes, Village Accountant Hours: 8:00a.m. – 3:00p.m. The Village Accountant is responsible for administration of the Village’s accounting system, preparation of financial reports, preparation of the operating and capital budget in conjunction with Village departments, the administration of payroll and employee benefits. Financial ReportingThe Village operates on a calendar year basis. An annual financial report is prepared by the Village and audited by an outside accounting firm. The complete report is below or available for viewing at the Village Hall. Village finances are overseen by the Finance committee, which meets on a monthly basis to review all vendor payments and financial operations, and the Village Board. The Village adopts an annual budget for operations and capital. This document guides the Village and finance committee in monitoring operations. 2006 Audited Financial Statements
Budget Process 2008 Proposed BudgetThe Village begins the budgeting process in July with its 5 Year Capital Projects Budget. Departments and staff evaluate their current equipment and facilities to determine capital needs during the next 5 years. The Village capital funding policy is to finance projects internally over a 5 year period with 20% funding per year. In August Village staff begin preparation of the first draft of the operating budget. This document is prepared and reviewed by department supervisors and management and presented to the Finance committee and Village Board in late September. It has been the practice of the Finance committee to meet for budget workshops on Thursdays evenings beginning in late September or early October to review the draft budget. These meetings are open to the public and usually are from 7:00pm to 9:00pm on consecutive Thursdays over a 3-4 week period. A published schedule of what areas of the budget will be discussed each evening is available. During these meetings changes are recommended and incorporated into a final document which is then sent to the Village Board for approval. Before the Village Board approves the completed budget a public hearing is held. This is usually held at the November board meeting.
Tax Levy The approved budget will include a specific dollar tax levy for the Village to meet its operating and capital needs for the upcoming year. In 2007 the total levy was $6,224,385 plus the TIF allocated levy of $33,775 for a total of $6,258,159.
Tax Rate Property tax bill preparation and collection is handled by the Village Clerk/Deputy Treasurer. This tax levy approved in the Village Budget is applied to the Village’s total assessed value of property to determine a tax rate per $1,000. Total assessed value of property in the Village for the 2007 levy (property assessment as of January 1, 2006) was $1,082,773,722. Tax rate for the December 2006 bill (collected for 2007 operations): $6,258,159/$1,082,773,722 x $1,000= $5.78 Last modified: 02/18/2008 |
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Village of Elm Grove |
13600 Juneau Boulevard