Village of Bannockburn Money at Work

Village of Bannockburn Money at Work

The Village President, Trustees, and Finance Department’s mission is to ensure the Village’s financial stability; maximize the use of its financial resources; and provide superior financial, accounting, treasury, and budgeting information and services, while maintaining the highest level of public trust. We are happy and excited to report another year of positive financial results.

The Village Board and staff have worked diligently to provide for a balanced tax structure and implemented initiatives which have resulted in a positive unassigned $526,351 fund balance. The Village Board plans to share the positive results with its residents by cutting the Village’s portion of the tax burden to them by 32.46% for 2019.

In order to maintain the Village’s current strong financial position, the Village utilizes several strategic initiatives. Current initiatives focus on organizational and operational efficiency, financial sustainability of the community through liability management and spending controls, maintenance of a stable tax environment, rehabilitation of infrastructure, stimulation of new development, encouragement of redevelopment, and innovation as a means to deliver the highest-value services at the lowest cost to our resident and business consumers.

The Village’s five-year capital improvement plan, by looking forward to the future, assists the Village in its efforts for continual improvement. The Village is making progress in many areas; such as, positioning itself to move forward with establishing long-term planning for infrastructure in the Water and Sewer fund and the establishment of a maintenance program for roads.

The Village Board’s strategic focus and long-term planning will enable the Village to use General Funds to pay for operations and improvements without cuts in services or issuance of debt through bond issuance.

2019 Governmental Fund Activities

The Village’s plan, as always, is to provide exceptional Village services by continuing to grow its strong tax base through a sustainable local economy. The Village of Bannockburn’s goals are to foster social, economic, and environmental vitality, and cultivate and strengthen a wide array of economic opportunities. By achieving these goals, the Village will be able to continue to maintain financial sustainability and its AAA Standard & Poor’s bond rating.