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An Attentive Municipal Organization that Connects with Community, Commerce, and Nature.

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Financial Reports/Budgets

The Village annually prepares a budget to guide operating and capital spending and resource allocation for the coming fiscal year. The FY 2020-21 Annual Budget is available (below) 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 evidenced by the receipt of the GFOA Distinguished Budget Presentation Award for its FY 2019-20 Annual Budget for the 14th 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.

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, 2020 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 for nineteen (19) consecutive years since 2001 the Certificate of Achievement for Excellence in Financial Reporting for its CAFR from the Government Finance Officers Association (GFOA).

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.

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

 

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