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Landmark: Audit shows Riverside in good shape

(2 posts)

  1. MDS
    Member

    So much for the dire financial situation presented by the board as an excuse for the TIF...

    http://rblandmark.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=2776&TM=52352.44

    Riverside remains in good financial shape, according to the most recent audit of the village's books. But the horizon remains cloudy, according to the village's finance director, as expenses will continue to outstrip revenues in coming years.

    While the village is addressing that future financial scenario, the snapshot provided by the 2006 village audit shows that, for now, Riverside's financial position remains strong, with a healthy general operating fund balance and little in the way of long-term debt.

    - snip -

    Riverside's top taxpayers

    According to the 2006 financial audit, the following are the top 10 property taxpayers in the Village of Riverside in 2005, compared with the top 10 in 1996.

    2005
    Taxpayer Taxable assessed value

    1. MacNeal Management Services $807,881
    2. First American Bank Corp. $619,187
    3. Cadillac Property Inc. $526,853
    4. Individual $384,084
    5. 353 Burlington LLC $359,303
    6. Individual $335,954
    7. Riverside Arcade $326,799
    8. River West Property Mgmt. $255,743
    9. Individual $236,550
    10. Riverside Bank $231,129

    1996
    Taxpayer Taxable assessed value

    1. MacNeal Management Services $1,144,179
    2. Individual $510,512
    3. First American Bank Corp. $487,874
    4. Campus Property Mgmt. $452,970
    5. Individual $328,277
    6. Cadillac Property Inc. $281,700
    7. Wirtz Realty $239,332
    8. River West Property Mgmt. $235,125
    9. L.J. Laurion Inc. $187,535
    10. Individual $186,528

    Posted Wednesday Jul 11, 2007 13:40 #

  2. Catherine
    Member

    A dumb question perhaps, but is the requirement by the trustees that the General Fund balance be 35% of total expenditures normal and usual, or is it considered "bloated", as per below from the Landmark:

    "What Riverside is faced with is a delicate balancing act-keeping a general fund balance that is sensible without being bloated while preparing for future revenue shortfalls. Dealing with the current surplus in the general fund balance is sure to be a topic of discussion for the village's Long-Term Financial Plan Committee, which is examining the village's financial outlook.
    .....
    Projections by Wachtel indicate that the general operating fund balance will fall below the board-mandated level of 35 percent of total expenditures by 2011, if revenues are not shored up or expenses cut."

    Posted Wednesday Jul 18, 2007 13:08 #

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