Each year, Village staff develops a budget, which is then reviewed and adopted by the Village Board. This budget is a planning document that directs project management and dictates where monies will be spent. The Village’s budget year runs from May 1 through April 30.
The Village also releases a Comprehensive Annual Financial Report (CAFR) each year. This report is required by the Governmental Accounting Standards Board, and provides an overview of the financial statements according to generally accepted accounting principles.
Within six months after the end of each fiscal year, the Village Treasurer must prepare a statement of receipts and disbursements, commonly referred to as a Treasurer's Report.