Declining revenues don't mar village's financial health

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MINOOKA – While it has seen a decrease in revenue, auditor Brian Zabel of Brian Zabel and Associates said the village is in a stable position financially.

"The audit shows there are no mis-statements and the village is in a stable financial position," Zabel said.

He noted revenue is down because construction has slowed and interest payments are lower than in previous years. The interest rate has dropped below 1 percent on investments that were previously receiving a 5-percent return.

Village Finance Director John Harrington said he is happy with stable, especially in this economy.

"We've always been very conservative with our finances," Harrington said.

Assets increased from $115 million to $120 million because of bonds issued by the village.

However, the village's cash balance dropped to $23.5 million from $25 million, while the debt increased from $22 million to $24 million.

"The cash balance dropped because we've paid off infrastructure and road projects," Harrington said.

Zabel reported the tax rate, when averaged among the three counties in which the village sits – Grundy, Kendall, and Will – is relatively low compared to other communities like Minooka.

The average rate was .6219 for the 2008 levy.

"When you get closer to the levy, you may consider that your tax rate is lower than your goal," Zabel said.

 

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