The general corporate fund in Romeoville has grown in a decade from $8 million to $20.6 million, according to an audit report ending in April that was presented last week to the village board.
“That is an excellent reserve (amount),” said James Savio, a partner at Sikich LLP.. “It’s not too little and not excessive either. I think you are in good financial shape.”
Village officials cite “better management practices” for the increase in the fund balance, but the audit report also indicates that the village has been pulling in more revenue.
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Sales taxes increased by $1.1 million, or 11.1 percent, primarily due to a full year of Sam’s Club operations in town, although TJ Maxx also opened. The village saw an increase in other tax revenue over the prior year of almost $1 million or 24.2 percent.
The increases are also attributed to a spike in the real estate transfer tax, food and beverage tax and the home rule gas tax. The new beverage tax, for example, increased from 1 percent to 1.25 percent for non-alcohol sales and 1 percent to 3 percent for alcohol sales.
At the same time, village expenditures also have increased. Expenses totaled $77.3 million in the last fiscal year, an increase of 4.9 percent or $3.6 million over the prior year. Governmental activities increased by $2.9 million and other increases included $200,000 in general government, $3.2 million for public works and $100,000 in culture and recreation. Those increases were offset by a $400,000 decrease in public safety and a $200,000 decrease in debt service costs.
The entire report can be found at romeoville.org/BoardAdmin/Agendas/1-6-16/16-2157.pdf
Joseph Ruzich is a freelance reporter for the baiduhai.
Twitter: @TribLocal