Submitted By
Steven Drazner, CFO
Reviewed By
LKS
Agenda Item Title
Title
A Motion to Approve the Unaudited Year-to-Date Quarterly Financial Report as of June 30, 2017
End
Overview
Overview
On a quarterly basis, the Finance Department prepares and provides a quarterly financial report to Village Management and the Village Board which assesses year-to-date revenues and expenditures.
Body
Staff Recommendation
Quarterly financial report is for informational purposes only
Fiscal Impact
This report does not authorize any expenditure of funds.
Background
On a monthly basis and as required by State statute, staff presents a Treasurer’s Report which primarily focuses on ending cash balances. To supplement this required information, the Finance Department also prepares a more detailed quarterly financial analysis for major Village Funds. While this data and the analysis are unaudited, it provides crucial information on key revenues and expenditures incurred during the course of the year. Significant variances are thoroughly analyzed and explained in the narrative section of the report.
This report is for the benefit of elected officials and management. The report has recently been reformatted in 2017 by the CFO to bring a greater detailed financial focus but the format and data may always be modified or presented differently based upon the preference of the Village Board.
Historically, the quarterly financial reports have been distributed directly to elected officials and made public by posting on the Village’s website. This practice of placing it on the agenda will continue as a method of communication and tansparency to the public.
Alternatives
N/A
Previous Board Action
N/A.
Citizen Advisory Commission Action
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Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A
Performance Management (MAP) Alignment
N/A