2009 Annual Operating and Capital Budget - Village of Huntley

new single-family detached permits, 20 single-family attached (townhomes) permits, and one
multi-family residence (Heritage Woods Assisted Living Facility) permit for a total of 121.
Though the actual building permit revenue received is higher than anticipated to begin the
year, the Village realized a seventy-three percent (73%) decrease in new residential housing
permits issued from FY2007 to FY2008, which equates to a net year to year revenue decline
for the Village of $863,914 or 50%. This follows the FY2006 to FY2007 revenue decrease of
$1,141,875 or 40%. The decline in building permit revenue is noteworthy because it not only
impacts revenues available for Village operations, but perhaps more importantly, the decline
has essentially cut off the primary revenue source the Village has used for capital projects and
equipment purchases over the last ten years.
Expenditures through the end of 2008 are expected to be $462,266 or 5.6% less than
originally budgeted. Careful monitoring of expenditures by all departments, in addition to the
vacancy in a number of budgeted positions, led to less expenditures than expected for the
year.
The Village continues to be conservative in guarding its General Operating Fund financial
resources. This is evident by the fact that revenues actually increased over the original
estimates yet expenditures were held in check and actually decreased from the budgeted
amounts. This philosophy is going to be even more important as the Village makes its way
through the current economic downturn.
FY2008 Utility (Water and Sewer) Operating Fund Analysis
The Water and Sewer Operating Funds are separate enterprise accounts that do not receive
any property tax or other tax related income. Revenue is derived solely from the usage of
Village utility services and is the reason the funds are classified as true Enterprise Funds.
Village of Huntley FY2009 Budget Transmittal Letter 4