OPENPUBLICA · PUBLIC MEETING RECORD
Record of Proceedings

Committee of the Whole Meeting: August 18, 2026 – CY26 Q2 Financial Update

Village Board & CommissionsTuesday, August 18, 2026
BodyOswego, Illinois
SessionVillage Board & Commissions
DateTuesday, August 18, 2026
StatusFILED
Video Record
0:00 / 12:41

Transcript — Verbatim
0:00

Call please.

0:01

President Kaufman.

0:03

Here.

0:03

Chesse Cooper.

0:04

Here.

0:04

Trusty Conig.

0:06

Here.

0:06

Trust you McCarthy Lang.

0:08

Here.

0:08

Chessy Novi.

0:10

Here.

0:10

Tressie Hughes absent and Trusty Torres absent.

0:16

All right.

0:16

First up, we have the public forum.

0:18

If there's anyone wishing to address the board, please feel free to come forward now.

0:27

Russian.

0:31

Seeing nobody, we will close the public forum and we're going to move on.

0:34

We have no old business this evening, so we're going to move on to new business.

0:38

And under new business, we have item F1.

0:40

Andrea.

0:42

Good evening.

0:43

Tonight we have an update on results through the first half of the year.

0:49

So we will dig into the general fund.

0:55

As a reminder, the 2026 general fund budget had has an operating surplus of 2.8 million.

1:03

With planned transfers out, the impact to the fund balance would be decrease of $10 million.

1:10

Halfway through the year, the operating surplus is $3.6 million.

1:15

Transfers are about 50% at $6.3 million, and the impact to fund balance is a decrease of $2.7 million.

1:27

Revenues are at $51.6% of budget.

1:34

And expenditures are at $43.3% of budget.

1:37

So both are within target.

1:44

Looking at expenditures by department, each most departments are between $42 and $46% of budget, with two exceptions.

1:53

One is the economic development budget is at 20% development is at 26% of budget.

2:01

This is because of the budget amendment that the board approved for the economic development program.

2:08

And I'll give some more specifics on that.

2:11

And then information technology is at 58% of budget.

2:16

So with IT, they uh the department pays many annual costs very early in the year.

2:22

So it we generally would see them trending a little bit ahead the first half of the year.

2:27

Now as we go through the uh coming months, you'll see that level out and it will fall within budget or within target, I'm sorry.

2:34

And then uh economic development, the board approved uh budget amendment that increased the grant program from 120,000 to 375,000.

2:45

As of June, only 33,000 had been spent, and it's a small budget, so uh that that difference of that 250,000 makes a pretty significant impact on a percentage basis.

2:57

That's why it's only at 26% of budget.

3:00

It would be very different if police was at 26% of budget, much different numbers.

3:08

On the revenue side, uh sales tax revenue is at 52% of budget, and home rule sales tax is at 53% of budget.

3:17

Uh these two line items make up 46% of the overall overall revenue budget, and together they're trending ahead by $322,000.

3:27

Income tax is at 56% of budget.

3:31

That's trending ahead by $486,000.

3:35

And interest revenues at 71% of budget, which is trending ahead by $159,000.

3:45

So in summary, revenues have performed at or above expectations, and controlled spending has resulted in expenditures remaining below target.

3:58

Moving on to the water and sewer operating fund.

4:01

Um it was budgeted with a surplus of just under $4 million, and halfway through the year we're right on target.

4:08

The surpluses at just under $2 million.

4:18

Uh the volume is trending slightly below expectations.

4:22

Uh two reasons for that is one the we see the highest volume generally in the summer, and we haven't fully billed the summer months yet.

4:30

Uh two is that it's been a very wet summer, so watering has been less than you you might see in a otherwise dry year.

4:40

Um on the expenditure side, expenditures are at 41% of budget, and that's because maintenance and supply costs have trended below expectations halfway through the year.

4:54

Uh the grocery tax rebate, uh rebates totaling $300,000 have been issued so far this year.

5:05

There was a successful bond sale this month.

5:08

Um that sale closes next week, August 26th.

5:12

Uh the WIFIA loan has not closed, so staff is exploring additional interim financing at this time, which we would use in the event that the loan hasn't closed by the time the next payment is due.

5:26

This is a screenshot of some of the maturities of the bond sale.

Discussion Breakdown — Share of Meeting
Budget Equity Analysis████████████████████████████████████████████44%
Water And Wastewater Management███████████████████████████27%
Pending Litigation███████████11%
Personnel Matters███████████11%
Procedural███████7%
Summary of Proceedings

Committee of the Whole Meeting: August 18, 2026 – CY26 Q2 Financial Update

The Oswego Village Board Committee of the Whole met on August 18, 2026, at 6:00 PM to receive a financial update for the second quarter of fiscal year 2026. The presentation, delivered by Finance Director Andrea, covered the General Fund, Water and Sewer Operating Fund, Parking Fund, and Water and Sewer Capital Fund, highlighting revenues, expenditures, and key trends. No public comments were made, and no old business was discussed. The meeting concluded with a motion to enter closed session.

Public Comments & Testimony

  • No members of the public addressed the board.

Discussion Items

  • CY26 Q2 Financial Update: Andrea presented the financial results for the first half of 2026.
    • General Fund: Budgeted operating surplus of $2.8 million, actual halfway surplus of $3.6 million. Revenues at 51.6% of budget, expenditures at 43.3%. Sales tax and home rule sales tax (combined 46% of revenue budget) are trending ahead by $322,000. Income tax ahead by $486,000, interest revenue ahead by $159,000. Economic development spending at 26% of budget due to a budget amendment increasing the grant program from $120,000 to $375,000. IT spending at 58% due to early annual costs. Projected year-end operating surplus around $3.5 million.
    • Water and Sewer Operating Fund: Budgeted surplus of $4 million; halfway surplus of $2 million. Volume slightly below expectations due to wet summer. Expenditures at 41% of budget. Grocery tax rebates of $300,000 issued.
    • Bond Sale: Successful sale of bonds with $42.25 million in orders and $770,000 unsold. Major buyers included Franklin Advisors, Thornburg Investment Management, and PIMCO Advisors. Bond sale closes August 26, 2026.
    • WIFIA Loan: The federal loan has not closed; staff is exploring additional interim financing. Yorkville has seen recent movement, offering hope for a closing this year.
    • Parking Fund: Revenue slightly below budget at 43%, expenditures at 11% due to low maintenance. A second parking garage recently opened, with about 50 of 100 permits sold.
    • Water and Sewer Capital Fund: Real estate transfer tax at 71% ($637,000). Water tap-on fees at 136% of budget ($678,000 on $500,000 budget). Payments to DuPage Water Commission funded through cash reserves, interim financing, and bond sale.

Key Outcomes

  • No formal votes were taken on the financial update; the board received the report.
  • Staff will continue to monitor the WIFIA loan closing and explore interim financing options.
  • The board moved to closed session at approximately 6:30 PM to discuss pending litigation, personnel, collective bargaining, and property matters.

Meeting Transcript

Call please. President Kaufman. Here. Chesse Cooper. Here. Trusty Conig. Here. Trust you McCarthy Lang. Here. Chessy Novi. Here. Tressie Hughes absent and Trusty Torres absent. All right. First up, we have the public forum. If there's anyone wishing to address the board, please feel free to come forward now. Russian. Seeing nobody, we will close the public forum and we're going to move on. We have no old business this evening, so we're going to move on to new business. And under new business, we have item F1. Andrea. Good evening. Tonight we have an update on results through the first half of the year. So we will dig into the general fund. As a reminder, the 2026 general fund budget had has an operating surplus of 2.8 million. With planned transfers out, the impact to the fund balance would be decrease of $10 million. Halfway through the year, the operating surplus is $3.6 million. Transfers are about 50% at $6.3 million, and the impact to fund balance is a decrease of $2.7 million. Revenues are at $51.6% of budget. And expenditures are at $43.3% of budget. So both are within target. Looking at expenditures by department, each most departments are between $42 and $46% of budget, with two exceptions. One is the economic development budget is at 20% development is at 26% of budget. This is because of the budget amendment that the board approved for the economic development program. And I'll give some more specifics on that. And then information technology is at 58% of budget. So with IT, they uh the department pays many annual costs very early in the year. So it we generally would see them trending a little bit ahead the first half of the year. Now as we go through the uh coming months, you'll see that level out and it will fall within budget or within target, I'm sorry. And then uh economic development, the board approved uh budget amendment that increased the grant program from 120,000 to 375,000. As of June, only 33,000 had been spent, and it's a small budget, so uh that that difference of that 250,000 makes a pretty significant impact on a percentage basis. That's why it's only at 26% of budget. It would be very different if police was at 26% of budget, much different numbers. On the revenue side, uh sales tax revenue is at 52% of budget, and home rule sales tax is at 53% of budget. Uh these two line items make up 46% of the overall overall revenue budget, and together they're trending ahead by $322,000. Income tax is at 56% of budget. That's trending ahead by $486,000. And interest revenues at 71% of budget, which is trending ahead by $159,000. So in summary, revenues have performed at or above expectations, and controlled spending has resulted in expenditures remaining below target. Moving on to the water and sewer operating fund. Um it was budgeted with a surplus of just under $4 million, and halfway through the year we're right on target.

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