The Oswego Committee of the Whole met on February 17, 2026, at 6:00 p.m. at Oswego Village Hall. After roll call, the public forum was opened and closed with no speakers. Staff presented the CY25 Q4 quarterly financial update, and trustees discussed the results, the sources of recent surpluses, and capital funding priorities. No formal votes were taken.
All right, let's call our committee of the whole to order. Roll call, please. President Kaufman. Here. Trustee Cooper? Here. Trustee Hughes. Trustee Koenig? Here. Trustee McCarthy Lang. Here. Trustee Novi here. Trustee Torres. All right. First up, we're going to open the public forum. If anyone wishes to address the board and the public, please feel free to come forward now. Seeing nobody, we're going to close the public forum and move on to new business. And under new business, we have item F1. Andrea, take it away. Good evening. Tonight I'll go through a brief financial update. This is through the fourth quarter of 2025. And I do want to caution everyone that although this is through the fourth quarter, these are not final audited numbers. This was just at a point in time. There are still invoices from 2025 that are actively coming in. And we still need to record all of the year-end accrual entries. So again, these while the numbers are pretty reflective of what the final numbers will be. Starting with the general fund, as a reminder, the general fund was budgeted with a deficit of $675,500. And that deficit is due to the planned use of reserves for the public works facility. And when we have those final numbers from the audit, we'll report back on that. It has been every year since I would love to take credit for it, but it's been every year since I've been here, so this would be at a at a minimum the fourth year. Thank you. And the actual revenue so far is just uh is $33.6 million, which is about $115 of budget. Expenditures were budgeted at $28.9 million, and actual expenditures at the point that these reports were on were $27.1 million, which is 94% of budget. And that had nothing to do with community relations spending. It was a timing issue on one payment. And the transition year 2024 payment to the Aurora Area Convention and Visitor Bureau ended up getting posted to 2025. So the overpay the over budget amount is actually that 2024 payment that wasn't processed in time to get back into 2024. The transition year was under budget by the same amount. So I just want to clarify that it had nothing to do with overspending. Some items of note in the jet for general fund with the major revenue sources. So it makes sense that if the sales tax revenue is overperforming budget expectations, that the general fund as a whole is going to be you're going to see that that revenue above the hundred percent mark. Sales tax revenue was 10.5 million budgeted, 10.5 million. Sorry, that's coming coming out wrong. It was the actual is 10.5 million on a budget of 8.8 million. So that's 119% of budget. Whereas home rule sales tax revenue was $3.6 million on a budget of $3.1 million, which is $115% of budget. Income tax revenue, LGDF, was $6.2 million on a budget of $6 million, which is $104% of budget. While use tax was $554,000 on a budget of $900,000, which is 60% of budget. The reason that use tax was so far under budget is because the state changed how some revenues are classified.