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Financial Reports/Budgets

The Village prepares a budget annually to guide operating and capital spending and resource allocation for the coming fiscal year. The  Annual Budget provides a comprehensive and easy to follow guide for anticipated revenues to be received and expenditures to be made. The current year and past budget documents can be found below.

The Village prepares its budget in accordance with highest standards as evidenced by the receipt of the Government Finance Officers Association (GFOA) Distinguished Budget Presentation Award. 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 document presents a high-level summary of the Village’s annual budget that some users may find easier to read and understand.  The full annual budget document is over 200 pages in length and typically details over $30 million in spending.  The Budget in Brief document presents highlights of the annual budget in a short 13-page format.  We encourage readers that want to learn more about the Village’s budget to view the full annual budget document.

The Five-Year Capital Improvement Plan (CIP) is intended to provide a long-range projection of the financial condition for each of the Village’s funds that account for capital expenditures. The CIP assumes the continuation of current service levels throughout all years displayed.

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 Annual Comprehensive Financial Report for the fiscal year. The current report  is available below, as well as past reports. As evidence of its strong municipal financial management and commitment to financial reporting and disclosure, the Village has received the Certificate of Achievement for Excellence in Financial Reporting for its Annual Comprehensive Financial Report from the Government Finance Officers Association (GFOA) for numerous years.

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. This brief report highlights information from the Village’s Annual Comprehensive 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. The Village has received the Award for Outstanding Achievement in Popular Annual Financial Reporting from the Government Finance Officers Association (GFOA) dating back to its FY 2016-17 PAFR.

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.


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