The budget is approved annually by the Village Board in compliance with the Village Charter and municipal code. On May 1, 2023, the Village transitioned to a stub year budget that ended on December 31, 2023 to allow for a calendar year fiscal year transition. Beginning on January 1st of each year, the Village now operates on a calendar year fiscal year, each year going forward.
The adopted budget serves as a forecast of revenues it will receive and expenditures it will incur during the fiscal year. Guided by the policies, priorities and goals of the Village Board (including the Village’s Strategic Plan, financial policies and source documents), the budget is the single most important policy document produced by the Village each year. The budget is both a spending plan for the Village's financial resources and the legal authority for Village departments to spend the resources for public purposes. Through these resources, services are provided to meet the needs of the community.
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