The Finance Commissioner’s goal is to maintain the Village finances in a healthy state. An annual budget, a five-year capital improvement plan, and day-to-day oversight of income and expenditures comprise the primary responsibilities in this area. In addition, the Commissioner arranges for bonded financing when major capital improvements, such as sewer and water main construction, must be done.
Bannockburn’s operating income is derived from:
- Sales taxes
- State, telecommunications, and hotel taxes
- Real estate taxes
- Local taxes and user fees for water and sanitary sewer districts
The Village’s computerized accounting system helps track income and expenses. On both a day-to-day and annual basis, the Finance Commissioner focuses on prudent budgeting and close control of expenses to keep the Village’s financial condition sound.
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IMRF EMPLOYEE COMPENSATION PACKAGE INFORMATION
Public Act 97-0609 (Illinois Compiled Statute 5 ILCS 120/7.3) pertaining to the Open Meetings Act requires an employer participating in Illinois Municipal Retirement Fund (IMRF) employee that has a total compensation package that exceeds $75,000 per year.