The Homewood Village Board approved the fiscal year audit for 2024-2025 at the Oct. 14 meeting. 

The village hired Lauterbach & Amen to complete the annual audit, Homewood Finance Director Amy Zukowski said. 

Based on the firm’s audit results, Homewood’s net position increased nearly 19%. About $2.5 million of unused funds was added to the village’s reserves, Zukowski said. 

The village relies on reserves in order “to protect against internal and external factors that impede the village’s ability to continue providing high-level services to our residents and stakeholders,” Zukowski wrote in a memo. 

The extra $2.5 million was derived from gaming tax and interest rates, as well as the two properties that were acquired (18155 Dixie Highway and 17701 Bretz Drive), she said. 

According to Zukowski, it is required that properties being “held for sale” are recorded as revenue for that year. 

Although the general fund reserves totals $20.3 million, most of that is not considered spendable since it’s being saved for benefits and operating expenses, and non-tax increment financing incentives, she said. 

As for the water and sewer fund, the results show stability with no changes this time around. It is expected to increase with the next fiscal year due to the recent approval of increased water rates, which will start in 2026, Zukowski said. 

“The biggest needs are capital and pension funding that will need to be addressed,” Zukowski said. 

The village is projected to be $1.6 million short with the fire and police pension funds, which the State of Illinois requires to be 90% funded by 2040, she said. 

As of April 30, 2025, the fire pension fund is funded at 72.2% and the police pension fund is at 55%, Zukowski said. 

“We will continue to monitor financial data and watch for trends,” Zukowski said.