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The Village operates on a fiscal year business cycle which begins on May 1st of each year and ends the following April 30th.  Under the leadership and guidance of the Mayor and Village Board and Village management team, the Finance department oversees the preparation of numerous financial reports which plan and document the fiscal activities of the Village.  Requests for financial information may be directed to the Finance Director by calling 630-871-6225 or by email to This email address is being protected from spambots. You need JavaScript enabled to view it..

Annual Budget

Prior to May 1st each year the Village adopts an annual budget as required by law.  Carol Stream has expanded the presentation of its annual budget to include a comprehensive financial plan which encompasses the following 3 year period as a means of incorporating a long-range planning perspective.  This approach has provided better insight into opportunities and challenges which will present themselves in the foreseeable time horizon and establishes a framework to measure the future impact of today’s policy decisions.

2017 - 2018 Budget
2016 - 2017 Budget
2015 - 2016 Budget
2014 - 2015 Budget
2013 - 2014 Budget
2012 - 2013 Budget
2011 - 2012 Budget
2010 - 2011 Budget
2009 - 2010 Budget
2008 - 2009 Budget
2007 - 2008 Budget

Employee Compensation

Public Act 097-0609, an ammendment to the Open Meetings Act, requires the posting of employee compensation information within 6 business days following the adoption of the annual budget (effective 1/11/12).

Employee Compensation - FY17/18
Employee Leave Accruals - FY17/18
Employee Compensation - FY16/17
Employee Leave Accruals - FY16/17
Employee Compensation - FY15/16
Employee Leave Accruals - FY15/16
Employee Compensation - FY14/15
Employee Leave Accruals - FY14/15
Employee Compensation - FY13/14
Employee Leave Accruals - FY13/14
Employee Compensation - FY12/13
Employee Leave Accruals - FY12/13

Capital Improvement Program

In addition to the Annual Budget, the Village prepares a comprehensive Capital Improvement Program (CIP) which assesses and plans for the Village’s capital infrastructure and facility needs over the next 5, 10 and 20 years.  This includes planning and prioritizing for specific capital improvements to Village roadways, storm water systems, water distribution and sanitary sewer collection systems as well as Village owned facilities.  The near-term capital needs are incorporated into the current Annual Budget.

2016 - 2017 Capital Improvement Program
2015 - 2016 Capital Improvement Program
2014 - 2015 Capital Improvement Program
2013 - 2014 Capital Improvement Program
2012 - 2013 Capital Improvement Program
2011 - 2012 Capital Improvement Program

Comprehensive Annual Financial Report (CAFR)

Each year, the Village undergoes an audit of its financial statements and records by an independent audit firm as required by state statue. The purpose of the audit is to obtain an opinion that the Village’s financial statements are prepared in conformity with Generally Accepted Accounting Principles (GAAP). The Finance Department is responsible for the coordination and preparation of the Village’s Comprehensive Annual Financial Report, or CAFR, through its audit firm as well as preparing all documentation and records necessary to support the amounts and disclosures in the financial statements.

For more than two decades, the Village has received recognition for its CAFR in the form of a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association. This program requires preparation of financial statements in accordance with detailed program criteria that help ensure a financial report that is well organized and easily readable as well as ensuring a spirit of complete disclosure and comparability with other local government financial statements.

Beginning on January 1, 2015, Public Act 098-0738 requires municipalities to publish the auditor's communication to the Board of Trustees (Management Letter) on the Municipal web site.

2015 - 2016 CAFR 2015 - 2016 Management Letter
2014 - 2015 CAFR 2014 - 2015 Management Letter
2013 - 2014 CAFR 2013 - 2014 Management Letter
2012 - 2013 CAFR  
2011 - 2012 CAFR  
2010 - 2011 CAFR  
2009 - 2010 CAFR  
2008 - 2009 CAFR  
2007 - 2008 CAFR  
2006 - 2007 CAFR  
2005 - 2006 CAFR  
2004 - 2005 CAFR  
2003 - 2004 CAFR  
2002 - 2003 CAFR  
2001 - 2002 CAFR  
2000 - 2001 CAFR  
1999 - 2000 CAFR  
1998 - 1999 CAFR  
1997 - 1998 CAFR  

Annual Treasurer's Report

Illinois Compiled Statutes (65 ILCS 5/3.1 - 35 - 65) require the municipal treasurer each year to publish an accounting of moneys received and expeditures incurred within the preceding fiscal year. This report includes vendors paid in excess of $2,500 as well as employee salaries and wages paid within specified ranges. This report must be published in a newspaper of general circulation within 6 months of the end of each fiscal year.

TIF Annual Report

The Village utilizes Tax Increment Financing (TIF) Districts where appropriate to spur development in certain qualifying areas as defined in State Statutes. Each year the Village must file an annual report with the Illinois State Comptroller’s office.

Geneva Crossing TIF

North Avenue - Schmale Road TIF
2015-2016 TIF Annual Report North
2012-2013 TIF Annual Report 2012-2013 TIF Annual Report North
2011-2012 TIF Annual Report 2011-2012 TIF Annual Report North
2010-2011 TIF Annual Report  
2009-2010 TIF Annual Report  








Financial Policies

Budgetary Fiscal Policies
Debt Management Policies
Investment Policy - Village
Investment Policy - Police Pension Fund




Home Government Village Finances


500 North Gary Avenue | Carol Stream, Illinois 60188 | Phone: (630) 665-7050 | TDD: (630) 668-5785 | Fax: (630) 665-1064
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