Financial Reports and Budgets
Annual Village Budget
The Village annual prepares a budget to guide operating and capital spending and resource allocation for the coming fiscal year. The FY 2017-18 Annual Budget is available which provides a comprehensive and easy to follow guide for anticipated revenues to be received and expenditures to be made.
The Village prepares its budget in accordance with highest standards as evidence by the receipt of the GFOA Distinguished Budget Presentation Award for its FY 2017-18 Annual Budget for the 17th consecutive year. In order to qualify for this award, a government must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. This was the tenth consecutive year that the Village received this award.
Comprehensive Annual Financial Report
The Village adheres to the highest forms of budgeting and financial reporting. An annual audit of the Village is completed every year and the Village prepares a Comprehensive Annual Financial Report (CAFR) for the fiscal year. The current CAFR as of May 31, 2017 is available as well as past reports. As evidence of its strong municipal financial management and commitment to financial reporting and disclosure, the Village has received for seventeen (17) consecutive years since 2001 the Certificate of Achievement for Excellence in Financial Reporting for its CAFR from the Government Finance Officers Association (GFOA).
Popular Annual Financial Report
The Village has recently developed its first Popular Annual Financial Report (PAFR). The purpose of the PAFR is to summarize and convey the Village of North Aurora’s financial activities to its citizens and stakeholders in an easy to read format. The twelve-page report highlights information from the Village’s Comprehensive Annual Financial Report, so residents and users can quickly gain an understanding of the Village’s financial activities from the prior year and overall financial condition. This document also includes the Village’s demographics, major operating funds, and significant projects planned for the upcoming fiscal year along with accomplishments from the previous fiscal year. GFOA awarded the Village our 1st Popular Annual Financial Reporting Award for year ending May 31, 2017, with North Aurora being one of just 31 municipalities in the state to receive this honor.
By managing its finances in a progressive manner, the Village maintained in 2014 its bond rating of AA+ by Standard and Poor's. This rating is only one notche below the highest rating possible. Please view the report from Standard and Poor’s for more information. Standard and Poor Report