Digital Access

Digital Access
Access from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Local news, sports, business, classified and more! News you can use every day.

Text Alerts

Text Alerts
Choose your news! Select the text alerts you want to receive: breaking news, weather, and more.

Email Newsletters

Email Newsletters
Have our latest news, sports and obituaries emailed directly to you Monday through Friday so you can keep up with what's happening in the area.
In observance of the Memorial Day holiday, The Herald-News newspaper will not be published May 27. Breaking news and information will be updated on
Local News

Shorewood board hears financial report for fiscal 2018

Anthony Cervini
Anthony Cervini

The regular village of Shorewood Board of Trustees meeting Tuesday night opened with a presentation of the 2018 Comprehensive Annual Financial Report.

Anthony Cervini of Sikich LLP of Naperville and Shorewood Finance Director Anne
Burkholder presented the financial document to the board.

The village exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $151,996,121, which includes the net investment in capital assets of $134,267,372, according to the document.

The village also saw an increase of $101,991 over past year in combined governmental fund balances. Ninety-three percent of the total fund balance amount, or $7,562,756, is available for spending at the government’s discretion as an unrestricted fund balance.

At the end of the fiscal year, the unrestricted balance for the general fund was $5,894,957, which represented 52 percent of total expenditures for the fiscal year.

Revenues from the fiscal year, which ended in March, topped out at about $16 million, and taxes generated 62 percent of that revenue.

General fund revenues come from property and other taxes, with sales tax as the highest “other taxes” fund revenue, at 31 percent.

The report said the equalized assessed valuation rose for the third consecutive year after a four-year decline. The total general fund, also known as the village’s primary operating fund, was $13,666,207 – up from fiscal 2017, which saw the fund reach $12,869,540.

Total general fund expenditures for fiscal 2018 included $12,673,435, which was a 4 percent increase over fiscal 2017. Expenses out of this fund included general government; public safety, in which the police department reported a
7.4 percent increase over expenses in fiscal 2017 because of an additional position; public works, which reported a decrease in expenses in fiscal 2018; and parks and recreation, which reported an increase of 4.1 percent because of larger participation in programs and park maintenance.

Other funds included the water and sewer fund, which had a total revenue of $11.5 million in fiscal 2018, up 9.72 percent over fiscal 2017. Expenses for this fund were $6.69 million, a decrease of 8.85 percent from fiscal 2017. Operating expenses increased 10 percent in the water department and 8.49 percent in the sewer department, but nonoperating costs declined slightly by less than 1 percent. Village reports said this decline was because of the breakdown of principal and interest expenses on the village’s debt service schedules.

The village’s capital assets for the fiscal 2018 decreased by $2 million, and business-type assets decreased by less than 1 percent because of the depreciation of assets quicker than the addition of new assets, according to the village reports. The net position for the primary government and business-type activities was $151,996,121.

The Government Finance Officers Association awarded the village the Certificate of Achievement for Excellence in Financial Reporting for its last comprehensive annual financial report.

Anyone interested can view the financial report in full at

The Village Board voted unanimously to award a bid to Michels Corp. for a total of $214,850, which was the lowest of the five bids received for a sewage project.

Joseph Sullivan of the RJN Group recommended the board award the bid for the sewer cleaning and televising in Basin 3. Sullivan said that the sewers were assessed, and smoke tests were done last year. Flow was monitored in 2016, and Basin 3 was determined to be the worst.

Village Public Works Supervisor Chris Drey said this project will be the end of the sewer work budgeted for 2018.

Loading more