Homewood ended the 2024 fiscal year on April 30 in good shape financially, with a 17.5% net increase in the difference between assets and liabilities, according to Finance Director Amy Zukowski.
At the Sept. 10 Board of Trustees meeting, Zukowski said that when all the village’s financial obligations for the year were paid, $599,539 was left to add to the general fund reserves. That brought the reserve fund balance to $17.9 million.
Zukowski cited several factors that contributed to the surplus.
- More revenue than expected from the Ground Emergency Transport (GEMT) State subsidy program, which covers ambulance fees.
- More sales tax revenue than expected in the first full year after Walmart closed its store on Halsted Street.
- Interest rates on village investments provided good returns.
- Staffing expenses were down because of some unfilled positions.
Of the $17.9 million reserve, $2.8 million is either earmarked for specific purposes or must be kept in reserve to comply with the village’s insurance pool requirements.
The remaining $15 million is enough to fund village operations for seven months. The village’s fund balance policy requires having enough money on hand to fund five months of operating expenses.
At the meeting, Don Shaw, CPA with Lauterbach & Amen, told the board his firm issued a clean, unmodified opinion based on its audit of the village’s finances. That means the auditors had no issues with internal controls or the financial numbers.
To read the village’s full financial report, click here.