2009 Annual Operating and Capital Budget - Village of Huntley

Year in Review – FY2008
The current fiscal year which began January 1, 2008 will end on December 31, 2008. Each
year the budget process allows Village officials opportunity to review the Village’s current
financial position and major accomplishments over the course of the last fiscal year.
In accordance with Village financial policies, the FY2008 General Operating Budget was
balanced when presented to the Village Board for approval on December 6, 2007. Staff spent
a considerable amount of time reviewing the Village’s financial performance in 2008, and at the
end of the year, it is now estimated that the Village will realize a surplus of $705,164.
Revenues are estimated to be $8,454,098 ($242,898 or 2.9% higher than originally budgeted)
and expenditures are estimated to be $7,748,934 ($462,266 or 5.6% less than originally
budgeted). The expenditure dollar amount excludes the $2,000,000 one-time transfer from
the unreserved General Fund balance for the establishment of the Tollway/Interchange Fund.
FY2008 General Operating Fund Analysis
Seventy-two percent (72%) of the $242,898 overall increase in revenues is directly attributed
to the Village collecting more property taxes than originally estimated. It is important to note
that the increase in property taxes collected is not due to a rate increase. In fact, the Village’s
property tax rate dropped from .4296 per $100 of assessed valuation to .4155, a decrease of
over 3%. When compared to surrounding municipalities, Huntley’s property tax rate remains
one of the lowest.
The other significant increase in FY2008 revenue comes from income realized from building
permits issued by the Village. To begin the year, the Village estimated bringing in $800,000 in
permit revenue, and it is now anticipated that the Village will receive $860,000 for the year, an
increase of 7.5% over the budget estimate. Through October 2008, the Village issued 100
Village of Huntley FY2009 Budget Transmittal Letter 3