Finance

Mission Statement

The mission of the Finance Department is to preserve and maintain the integrity of all financial systems, records and functions of the City in accordance with applicable laws, ordinances, policies and procedures.  This is achieved by optimally managing the City’s finances through its accounting, collections and purchasing divisions.  The mission is further maintained by displaying leadership, management and stewardship to support the administrative and operational needs of the City and enhance quality service delivery to the public.

Yorkville’s Financial Position

The United City of Yorkville has maintained an underlying credit rating of ‘A’ from both Standard and Poor’s Rating Services and Fitch Ratings on the City’s outstanding General Obligation Debt.  Both Standard and Poor’s Rating Services and Fitch Ratings issues ratings ranging from ‘AAA’ to ‘BBB-,’ based on four comprehensive criteria.  The criteria include: economy conditions, financial operations, financial management, and the debt burden.  Municipalities with an ‘A’ rating have strong economic and financial characteristics and have income and wealth levels aligned with national averages.  Of the 71 Illinois municipalities rated by Standard and Poor’s Rating Services, 30 are ‘A’ rated and those communities tend to have smaller tax bases.  Based on the City’s current estimated assessed value (EAV) the imposed legal general obligation bond limit is 8.625% and of the $34,399,488 limit, the City only has $9,669,016 outstanding.

The fund balance policy states, the general fund must maintain a reserve level of at least 15 percent of general fund spending.  The City has maintained an undersigned general fund balance of $2.8 million in fiscal 2007 and has maintained an undersigned reserve above 15 percent for the past five years.  The City’s continued financial performance is derived from a diverse revenue stream, including property and sales tax receipts.

The City’s six year capital plan totals $104.8 million of which 35 percent is derived from City funds and the remaining amount is funded by developers and grants.  Two-thirds of the plan relates to water and sewer improvements, with the balance dedicated to street projects.

Daily Operations

The City of Yorkville’s Finance Department is one of many departments expanding its servicing power in order to meet the demands of a growing community.  Due to the rapid growth of the City, the Finance Department has grown from a department of two to a department of seven in the past five years.  The Finance Department consists of the following positions: Finance director, senior accounting clerk, accounting clerk 1, accounting clerk, human resources manager, utility billing clerk, IT specialist and an accounting intern.  In unison, they are responsible to maintain and manage all the City’s finances.

The Finance Department is responsible for the collection, monitoring and disbursement of all City money.  In addition, they are responsible for the review and preparation of the annual operating and capital budgets, revenue and expense forecasting, preparation of the annual tax levy, legislative analysis, investments, debt financing, financial analysis, financial reporting, operation of the general accounting and payroll systems and risk management services.  The processes and activities support the financial policies, strategies and decisions necessary to maintain a healthy, stable financial condition.

At the beginning of each fiscal year, the Mayor and eight entrusted Alderman legally adopt a budget for the next operating fiscal year ending April 30.  The budget is a legal document that provides guidance and limitations for the revenues and expenditures of the City.

Information Technology

Information technology provides computing equipment, applications, technology changes and updates, and other services to all City departments.  The department is committed to delivering and integrating information technology with the varying needs of each department by developing, supporting, and enhancing each application.