The Glenview Village Board learned it finished 2010 spending just over $1.5 million less than projected when the Consolidated Annual Financial Report (CAFR) was presented at Tuesday’s regularly scheduled meeting.
The surplus turned out to be beneficial because it was quickly
“It’s a good thing it was there,” Village President said. “Otherwise we might have had to do without something this summer.”
The Village budgeted revenue for 2010 of $51,767,871 and actually collected $53,285,582 according to the report.
The CAFR is the Village’s audited financial statements prepared by its auditor, Miller, Cooper. Miller, Cooper partner Andrew Mace praised Glenview’s financial effort and gave the report the highest rating possible.
“This represents your transparency in your financial dealings with the public,” Mace said. “You are an exceptional organization the way you attain financial controls of the Village.
Mace also praised the village for receiving the Government Finance Officers Association (GOFA) Award for Excellence for the 26th consecutive year. “It’s a great accomplishment. Not all governments can do that,” he said. The GOFA prize was presented at the start of the meeting.
The CAFR did show a decline of nearly $6 million in Glenview’s total capital assets from 2009. In large part this was due to a late payment of a portion of property tax distributed to the Village by Cook County. Budgeted uses were the rest of the explanation.
“It can be a little confusing as you can see,” Cummings said referring to the shortfall stemming from the county’s tardiness. “It shows the transparency of generally accepted accounting principles year after year,” she added talking about the CAFR.
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