The Village operates on a fiscal year business cycle which begins on May 1st of each year and ends the following April 30th. Under the leadership and guidance of the Mayor and Village Board and Village management team, the Finance department oversees the preparation of numerous financial reports which plan and document the fiscal activities of the Village.
Requests for financial information may be directed to the Finance Director by calling (630) 871-6225 or by email to email@example.com.
Prior to May 1st each year the Village adopts an annual budget as required by law. Carol Stream has expanded the presentation of its annual budget to include a comprehensive financial plan which encompasses the following 3 year period as a means of incorporating a long-range planning perspective. This approach has provided better insight into opportunities and challenges which will present themselves in the foreseeable time horizon and establishes a framework to measure the future impact of today’s policy decisions.
Annual Treasurer's Report
Illinois Compiled Statutes (65 ILCS 5/3.1 - 35 - 65) require the municipal treasurer each year to publish an accounting of moneys received and expenditures incurred within the preceding fiscal year. This report includes vendors paid in excess of $2,500 as well as employee salaries and wages paid within specified ranges. This report must be published in a newspaper of general circulation within 6 months of the end of each fiscal year.
Capital Improvement Program
In addition to the Annual Budget, the Village prepares a comprehensive Capital Improvement Program (CIP) which assesses and plans for the Village’s capital infrastructure and facility needs over the next 5, 10 and 20 years. This includes planning and prioritizing for specific capital improvements to Village roadways, storm water systems, water distribution and sanitary sewer collection systems as well as Village owned facilities. The near-term capital needs are incorporated into the current Annual Budget.
Comprehensive Annual Financial Report (CAFR)
Each year, the Village undergoes an audit of its financial statements and records by an independent audit firm as required by state statue. The purpose of the audit is to obtain an opinion that the Village’s financial statements are prepared in conformity with Generally Accepted Accounting Principles (GAAP). The Finance Department is responsible for the coordination and preparation of the Village’s Comprehensive Annual Financial Report, or CAFR, through its audit firm as well as preparing all documentation and records necessary to support the amounts and disclosures in the financial statements.
For more than two decades, the Village has received recognition for its CAFR in the form of a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association. This program requires preparation of financial statements in accordance with detailed program criteria that help ensure a financial report that is well organized and easily readable as well as ensuring a spirit of complete disclosure and comparability with other local government financial statements.
Beginning on January 1, 2015, Public Act 098-0738 requires municipalities to publish the auditor's communication to the Board of Trustees (Management Letter) on the Municipal web site.
Public Act 097-0609, an amendment to the Open Meetings Act, requires the posting of employee compensation information within 6 business days following the adoption of the annual budget (effective 1/11/12).
TIF Annual Report
The Village utilizes Tax Increment Financing (TIF) Districts where appropriate to spur development in certain qualifying areas as defined in State Statutes. Each year the Village must file an annual report with the Illinois State Comptroller’s office.
Geneva Crossing TIF