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 of Trustees 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 jbatek@carolstream.org.

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.

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 expenditures 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.

Annual Comprehensive Financial Report (Audit)

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 Annual Comprehensive Financial Report (Audit) through its audit firm as well as preparing all documentation and records necessary to support the amounts and disclosures in the 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.

Employee Compensation

Public Act 097-0609, an amendment 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).

Peer Comparison

Periodically, the Village performs a detailed analysis of how Carol Stream compares to ten (10) municipal peer organizations that are similar in terms of population, proximity, tax value, median home value and family income.   The Village measures itself against peer communities using a number of financial metrics to help better understand its relative financial performance and service delivery in a wider municipal marketplace. The peer study is used as one tool to help guide and frame future planning and decision making.

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 (closed 4/30/17)
  • North Avenue - Schmale Road TIF

Required Pension Disclosures

In 2019, the Illinois General Assembly passed Public Act 101-0504. The law requires municipalities that participate in the Illinois Municipal Retirement Fund (IMRF) to post a link to certain employer cost and participation information on IMRF's website. 

https://www.imrf.org/en/about-imrf/transparency/employer-cost-and-participation-information

Financial Policies