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Village Achieves Solid Financial Performance in 2017

Post Date:09/06/2018

In June, the Village Board reviewed and accepted the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended 

December 31, 2017. The CAFR is the end result of the audit process and presents financial statements for all of the Village’s accounting funds.

As in previous years, the 2017 audit concluded with an unmodified opinion from the auditor attesting that the CAFR presents the Village’s finances “fairly, in all material respects.”  In addition, the Village received the Government Finance Officers Association Award for Excellence in Financial Reporting for the 33rd year in a row for its 2016 CAFR. 

Barrington’s Director of Finance, Jason Hayden, reported that at the end of 2017, the Village’s current assets of $26.2 million were four times greater than the Village’s current liabilities of $6.5 million.  In addition, Barrington’s Net Position, which is equal to total assets less total liabilities, equaled $72.2 million, with $130.4 million in total assets and $58.2 million in total liabilities. 

The General Fund, which funds the bulk of services such as public safety and street and property maintenance activities, achieved an excess of revenues over expenditures in 2017 of $1,588,131 before transferring $1.1 million to the Capital Improvement Fund for future infrastructure projects and vehicle & equipment purchases. At the end of 2017, the General Fund’s ending Fund Balance equaled $9.1 million and included the equivalent of 4.07 months of expenditures in the Unassigned Fund Balance, the portion of the Fund Balance that can be used to meet ongoing obligations to residents and creditors (the “rainy day” fund). 

In terms of capital improvements, 2017 included significant capital expenses related to the reconstruction of a sanitary sewer main from the west end of Liberty Street to North Avenue, and then south from the intersection of Liberty and North to Main Street, and then into the North Commuter Parking Lot. The Village spent $7.4 million on this project in 2017, and this represents one of the largest capital expenses the Village has incurred in its history. 

Barrington also made significant purchases of replacement vehicles and equipment in 2017, including a new five-ton dump truck that will be used for snow plowing. In addition, the Village continued the engineering for the North Commuter Parking Lot Route 14 entrance drive and completed other street improvement projects throughout the Village.  

Barrington continued to improve its financial position in 2017 by retiring 14.8% of the debt outstanding at the beginning of the year. By the end of 2018, the Village will have retired all of its outstanding General Obligation debt, which has meant a 7.3% decrease in the Village portion of property taxes in 2018 and will cause a further projected 11.1% decrease in 2019.

Additionally, by the end of 2018, the Village will have repaid the Barrington White House promissory note from the donations received from private donors for the renovation of Barrington’s White House.

The Village has maintained financial discipline during the turbulent economic events of the past decade by maintaining minimum staffing levels, controlling operating expenses, and continuing to provide services as efficiently as possible. The austerity in expenses, combined with improving revenues, have produced multiple years of solid financial results for the Village and have contributed to its positive financial position.

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