Finance

Finance is one of many components of the Administration Department. Finance is responsible for the day-to-day and strategic financial operations of the Village. The primary responsibilities include the following major categories:
 

Index

 Accounting, Auditing and Grant Compliance


The Village employs an independent auditing firm to review, reconcile, and certify the financial results for the Village to assure complete compliance with all federal, state, and local accounting standards, regulations, and laws. The Village’s auditing firm for the past several years has been SIKICH, LLP.  The annual audit is composed in an Annual Comprehensive Financial Report (ACFR) and is a public document that is available for viewing online.

 

 
 
 
 

 Accounts Payable and Accounts Receivable

Accounts Payable and Accounts Receivable is responsible for assuring the timely and accurate payment of all invoices and for ensuring that the proper accounts have been charged. All expenditures are made within the constraints of the Village’s budget. Large expenditures (those in excess of $2,500) are presented for approval to the Village’s Finance Committee and the Village Board. This subsection is also responsible for seeing that money owed to the Village is collected in a timely manner.

 Annual Treasurer's Report

Within six months after the end of each fiscal year, the municipal treasurer must prepare a statement of receipts and disbursements. The Annual Treasurer's Report requirements are found in Chapter 24, paragraph 3-10-5.1 to 3-10-5.4 of the Illinois Revised Statutes. The report is published annually in the local newspaper.

Each report contains a listing of revenues, expenditures and changes to governmental funds; a listing of all vendors receiving more than $2,500 by name and amount; the total amount disbursed to vendors receiving under $2,500 and the name and gross amount received in compensation by each elected official and employee.

 Cash Receipts and Revenue Collection

The Village of Berkeley derives its operating funds from a variety of sources. Sales tax, water and sewer billing, property tax, utility tax, motor fuel tax, fines, licenses and other fees are collected in order to provide necessary funding for services such as police (law enforcement, traffic control, and crime prevention), public works (street repairs, street snow plowing and salting, brush pickup, tree trimming), water and sewer services, and administrative services.

 Personnel, Payroll, and Employee Benefits

The Personnel, Payroll, and Employee Benefits subsection is responsible for ensuring all employees are paid on a bi-weekly basis and receive, if eligible, a variety of benefits that include, but are not limited to health, dental, and life insurance. The Village contributes towards the retirement benefits of each employee who qualifies. The Finance Department maintains personnel files for employees and periodically updates and revises the personnel policy, as needed.

Public Act 97-609 requires the Village of Berkeley to post information pertaining to benefits offered through the Illinois Municipal Retirement Fund.  The Act requires the Village to post the total compensation package for each employee having a total compensation package that exceeds $75,000 per year and separately for employees equal to or in excess of $150,000 per year.  The Act defines “total compensation package” as payment by the employer to the employee for salary, health insurance, vehicle allowance, bonuses, vacation days granted, and sick days granted. Pursuant to Section 7.3 of the Illinois Public Records Act, on June 1, 2021, the Village President and Board of Trustees will consider approval of an employee's compensation package that exceeds $150,000 per year. Employee compensation information, including the proposed compensation package that exceeds $150,000 per year, is available through the Deputy Village Clerk, Jade Sanchez, at Village Hall, 5819 Electric Avenue, Berkeley, Illinois 60163, or by calling Village Hall at 708-449-8840 or via email at Jsanchez@berkeley.il.us.
 
 
The Village's sworn, full-time Police Officers are represented by the Illinois Council of Police (I-Cops) bargaining unit. A copy of the most recent union contract can be found below.
 
 
 
Beginning January 1, 2021 municipalities are required by State law (Public Act 101-0504) to provide information about the Village's participation in the Illinois Municipal Retirement Fund (IMRF). This includes information about future and past contributions and resolutions adopted by the Village to participate in IMRF. This information can be found on the IMRF website here: https://www.imrf.org/en/about-imrf/transparency/employer-cost-and-participation-information
 
 
 

 Popular Annual Financial Report (PAFR)

The Village is proud to present the Popular Annual Financial Report (PAFR). The Village strongly believes in maintaining good communication with our residents to promote transparency and demonstrate good governance of the Village's finances. The PAFR is designed to provide a summary view of the Village's financial activities. the PAFR is intended to be easy to understand and contain a concise summarization of the Village's significant financial information that may be of interest to our stakeholders. The information in this report is based on the Village's current Annual Comprehensive Financial Report (ACFR). If you are interested in accessing the full ACFR, please navigate to that section of this webpage.

 

 Preparation and Monitoring of Village’s Budget

Annually, the Village of Berkeley is required by law to prepare a budget outlining its projected sources of funds (revenue) and uses of funds (expenditures). The Village’s fiscal year begins May 1st of each year. The Village’s budget is a public document and is available for viewing.
 
 
 
 

 Preparation of Tax Levy

Annually, the Village of Berkeley is required by law to prepare its tax levy, which details the property taxes to be collected for the following year. The tax levy is a public document and is available with a FOIA request.

 Risk Management (Insurance)

The Risk Management subsection is responsible for maintaining current and adequate liability, auto, boiler and machinery, and fraud insurance coverages for all of its equipment, buildings and employees. In addition, the Village carries and administers workers’ compensation insurance in the event of work related injury or illness. The Village also provides health and dental insurance coverage to those employees who qualify. The Village is currently a member of the Intergovernmental Risk Management Agency (IRMA). 

 Tax Increment Finance (TIF) Districts

 Tax Increment Financing (TIF) allows local governments to designate areas within their jurisdiction as TIF Districts. These districts are valuable tools to support, assist, and encourage economic development, redevelopment, and improvement projects in designated areas of a community.

Within 180 days after the end of each fiscal year, or as soon thereafter as the audited financial statements become available, the Village must submit its annual TIF report to the Illinois Office of the Comptroller. A TIF Joint Review Board meeting must also be conducted annually.

In compliance with subsection (q) of Illinois Compiled Statutes 65 (ILCS) 5/11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act (Illinois Public Act 85-1142), the Village's independent auditor’s prepare a report to be included with the TIF documents submitted with the State’s report.

The State of Illinois Comptroller’s Office has begun posting annual Tax Increment Financing (TIF) reports. Click here to view the Village’s TIF reports on the Comptroller’s website. The Village currently had two TIF Districts. To access more information about the Village's TIF Districts, please go here. 

 

 Vendor Information (PA 102-0265)

Pursuant to Public Act 102-0265 (https://www.ilga.gov/legislation/publicacts/102/PDF/102-0265.pdf), the Village of Berkeley is required to make a good faith effort to collect and electronically publish data from all vendors and subcontractors doing business with the Village as to whether the vendor or subcontractor is minority-owned, woman-owned, or veteran-owned, as defined in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act (https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=550&ChapterID=7).

The vendor questionnaire is attached below. The Village expects to publish its' first list around 1/1/23.

VOB_Vendor_Questionnaire.pdf
Vendor Responses Municipal Contract Reporting for Website

 Water Billing

The Village of Berkeley is responsible for the monthly billing of water/sewer and refuse service to residential, business, industrial and commercial customers.