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Budget and Finance
Budget and Finance
The Finance Department performs the accounting and financial reporting functions of the Village under the supervision of the Finance Director. Finance activities include: accounting, accounts payables, accounts receivables, auditing, budgeting, debt management, financial reporting, payroll, purchasing, revenue collection, risk management, and utility billing.
- Budget Reports
- Financial Reports
Fund Structure
The Village of Lake Villa does not operate under a unified budget. Instead, the Village's funds operate as separate funds with their own revenue sources and expenses. The following is a description of the Village's operating funds.
General Fund: The General fund receives general taxes and fees to fund the administrative, police, streets and buildings and grounds operations of the Village. General fund revenues are not completely in control of the Village. Major revenue sources, including income tax, sales tax, use tax, and building permit fee revenue, are dependent on economic climate and can vary year to year.
Water Sewer Fund: Water and Sewer fund consists of user charges as set by the Village Board. These user charges fund the maintenance and treatment activities that provide residents and businesses with drinking water and processing of effluent to the County wastewater system.
Mansion Fund: The primary revenue in the Mansion Fund is rental fees for various events, activities and special events. These revenues are used to maintain and operate Lehmann Mansion.
Metra Fund: This revenue is derived from commuters parking in the Metra lots. The current fee is $1.75 per day. Some commuters choose to purchase a monthly parking pass at a $1.75 per weekday rate.
Garbage Fund: The primary revenue in the Garbage Fund is refuse/recycling fees and the major expense is the payment to Waste Management for refuse/recycling collection.
Motor Fuel Tax Fund: This fund receives revenue from the state distributed motor fuel tax. Municipalities receive a per person amount based upon population. The uses of these funds are restricted by state statute to roadway and right-of-way maintenance.
General Capital Fund: The General Capital Fund receives revenue from vehicle sticker fees, video gaming, water tower lease, and a portion of sales, use and income tax. In addition, this fund will receive funds in excess of the General Operating Fund designated fund reserve. These revenues are set apart from operational spending and reserved for one-time community improvements and major equipment replacements.
Water Sewer Capital Fund: The Water Sewer Capital fund receives revenue from one-time water and sewer tap-in fees generated from new building construction. In addition, this fund will receive funds in excess of the Water/Sewer Operating Fund designated fund reserve. These revenues are set apart from operational spending and reserved for one-time system improvements and replacements.
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