Public Hearing – April 6, 2020 @ 5:55 p.m.
Annual Budget FY2020-2021
The public hearing will be broadcast live on the Village of Machesney Park website and Facebook pages. Please visit https://tinyurl.com/vmpmeeting for additional information on how to access the meeting or to fill out a request to make a Public Comment on the Annual Budget covering May 1, 2020 – April 30, 2021. Submissions received by 4:00pm on April 6 will be read during the Public Hearing.
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The Village has adopted the Budget System which requires a budget be adopted prior to April 30. We understand there is uncertainty surrounding the COVID-19 situation, however, State statute requires action be taken by April 30 to adopt a spending plan. The Village is monitoring the COVID-19 situation and assessing the financial impacts, however, based on the timing, we will likely see notable impact on current year revenues and revenues projected in the new budget year (FY20-21). The Administration will hold off on starting any major projects included in the below budget that are not deemed vitally important until there is a better forecast of the length of time this will last and the impact on Village revenues. The Village maintains lean operations and has established a reserve fund for events negatively impacting sales tax revenues. While no one knows how long the current situation will last, we are well positioned at this time to continue providing essential services to our residents.
To view a copy of the Proposed Annual Budget for FY 2020-2021, please click here.
The Finance and Human Resources Manager, Michelle Johannsen, heads the Finance Department which is a service department, servicing both external and internal customers. The residents of Machesney Park are our external customers. The department serves as the main billing and collection agent of the Village. Items such as accounts receivable, the processing of traffic tickets, building permits, liquor licenses and all other miscellaneous billings are conducted in the department. Internally, the Department provides services to the Village such as payroll, accounts payable, purchasing, accounting and budget assistance.
The Finance department records the financial transactions to present the financial position of the Village’s funds in accordance with generally accepted accounting principles (GAAP) promulgated by the Government Accounting Standards Board (GASB). The staff compiles interim financial information to facilitate management control of financial operations and oversees various special audits of the Village’s financial records.
The Finance Department also prepares the annual operating budget of the Village. The budget process involves balancing revenues and expenditures, developing program objectives and producing both the proposed and approved budgets. The Finance Department performs budget analysis during the year and monitors revenues, expenditures and performance of each department.