The authority of the Township to raise money through a levy on taxable property within the Township is found in the Illinois Statutes at 60 ILCS 1/80-40. Property taxes are a significant source of revenue for the Township. In 1995 the Illinois Legislature limited the Township’s ability to levy property taxes by passing the Property Tax Extension Limitation Act (PTELA). PTELA limits the increase in property tax that the Township may levy to 5% or the percentage increase in the Consumer Price Index during the 12 month calendar year preceding the levy year, whichever is less. The Township submits its levy request to the Cook County Clerk each year in December. The most recent levy for the Township was adopted in 2011 and funds the current fiscal year (FY 13).
Each spring the Township adopts a financial plan which details the planned expenses and revenues for the upcoming fiscal year. The Township’s Fiscal Year 2012 budget received its ninth Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA). The GFOA is the professional association of government finance officers in the United States and Canada that sets standards for local government practices. Submissions for the award are evaluated on whether the budget is an effective policy document, financial plan, operations manual, and communications guide. It is the highest form of recognition in governmental budgeting and represents a significant achievement by the Township. The Township will submit its Fiscal Year 2013 budget for this award with the GFOA.
FY 2014 Budget
Annual Financial Report
The Township has an audit completed each year in compliance with state statutes in order to confirm that the Township has adhered to general accepted accounting principles and to compare actual results to the budget. The Township received its fifth Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR) for the year ending March 31, 2011. The Township will submit its CAFR for the year ending March 31, 2012 for this certificate with the GFOA.
Salaries and Compensation
In 2011, the Illinois Legislature passed Illinois Statute 97-0609, to be effective January 1, 2012, which amended the Illinois Open Meetings Act. This legislation requires that all IMRF employers post the total compensation package for employees whose compensation package exceeds $75,000 per year, within six (6) business days of the approval of its budget. To comply with this legislation and to be fully transparent, the Township Board has elected to post the salaries along with other benefits such as IMRF and health insurance for all budgeted positions, including elected officials, on the Township website.
If you have any questions or would like more information on the Township's finances, please contact Business Manager, Jack Norton by email or by phone at 708.383.8005.