The Village operates on a fiscal year business cycle which begins on January 1st of each year and ends on December 31st. Under the leadership and guidance of the President, Village Board and Village Manager, 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 emailed to the Finance Director, or by calling 630-368-5070.
Please view the Informational PowerPoint Presentation (PDF) meant to educate the public on police and firefighter pensions from Board meeting on June 17th 2014.
Prior to January 1 each year the Village adopts an annual budget as required by law. Oak Brook has expanded the presentation of its annual budget to include a comprehensive financial plan which encompasses the following 4 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.
The Distinguished Budget Presentation Award, which is the highest award in governmental budgeting, was awarded to the Village of Oak Brook in 2013 whose budget adhered to Government Finance Officers Association (GFOA) program standards. The GFOA established the Distinguished Budget Presentation Awards Program (Budget Awards Program) in 1984 to encourage and assist state and local governments to prepare budget documents of the very highest quality that reflect both the guidelines established by the National Advisory Council on State and Local Budgeting and the GFOA best practices on budgeting and then to recognize individual governments that succeed in achieving that goal.
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 monies 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.
TIF Annual Report
The Village utilizes a Tax Increment Financing (TIF) District 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.