What is the current outlook for the Village’s finances?

The Village continues to manage its finances responsibly, and we repeatedly receive an unmodified opinion from the auditors. The Village is being impacted by national, state and regional economic conditions, such as surging inflation, rising interest rates and supply chain disruptions. Despite these challenges, the Village’s sound financial management, policies and procedures have resulted in it being in a stable position. The Village continues to maintain its AA+ rating with Standard & Poor’s. Additionally, the Village’s Annual Comprehensive Financial Report (ACFR) received the prestigious GFOA Certificate of Achievement (COA) award for the 45th consecutive year. The Village’s General Fund finished fiscal year 2023 with an operating surplus for the year resulting in a healthy fund balance of $8,877,866. The fund balance is sufficient to cover reserves and capital/non-operating projects as identified by the Village Board in the fiscal year 2024 budget. 

That said, the fiscal year 2024 General Fund budget does reflect an operating deficit of $739,307, which is an amount that can be covered by the fund balance (savings) and/or by deferring capital projects. An area of concern has been the Water & Sewer Fund, which recently finished fiscal year 2022 with a decrease in fund balance and below reserve levels for the fund. The fiscal year 2024 budget for the Water & Sewer Fund reflects an operating surplus, which will help improve the health of the fund. Maintenance and repair work of our water system is a costly, but necessary, priority. Improved operations will help restore the required fund balance.

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1. Where does the Village get its money to provide services to residents and businesses?
2. I’m new to Flossmoor. Why do property taxes seem so high?
3. My annual property taxes are almost $12,000. Where do the taxes go?
4. Are property taxes and sales tax the only sources of revenue for the Village?
5. How are my tax dollars managed by the Village?
6. I notice quite a bit of street construction and sidewalk replacement. Do my property taxes pay for this work?
7. In light of these capital projects, what was the initial impact on my property taxes?
8. While I’m glad to see efforts to improve infrastructure, will my property taxes be higher?
9. How is the amount I pay in property taxes determined?
10. How does the Village save taxpayers money when its infrastructure projects are paid for in cash without borrowing and incurring debt?
11. How else does being a non-home rule municipality impact borrowing costs?
12. What is the current outlook for the Village’s finances?
13. Doesn’t the Village have reserves that can be used to defray these additional costs and projects?
14. How can I more closely follow the Village’s expenditures?