Finance Commission

Regular Meeting

Glen Ellyn, IL · November 14, 2025

Minutes

Village of Glen Ellyn Minutes Village of Glen Ellyn Finance Commission Regular Meeting November 14, 2025 7:00AM Glen Ellyn Civic Center Board or Finance Date: November 14, 2025 Commission: Meeting: Regular Called to 7:00 a.m. Order: Quorum: Yes Adjourned: 8:21 a.m. MEMBER ATTENDANCE: Chris Goodman Chair Present Lea Dan Vice-Chair Present Anne Arnold Commissioner Present Mike Graham Commissioner Present Leo Hoerdemann Commissioner Present Grant Lavery Commissioner Present Kevin Moffitt Commissioner Present Brian Niksa Commissioner Present Scott Waldbusser Commissioner Present – Late arrival 7:05 am Also Present: Patrick Brankin Finance Director Mark Franz Village Manager Kelli Christiansen Village Trustee A. CALL TO ORDER The November 14, 2025 regular meeting of the Finance Commission was called to order by Chairman Goodman at 7:00 AM at the Glen Ellyn Civic Center. B. PUBLIC COMMENT – None C. APPROVAL OF MINUTES FROM SEPTEMBER 12, 2025 MEETING MOVE TO APPROVE THE MINUTES OF FINANCE COMMISSION FROM 9/12/2025 RESULT: Motion Unanimously Carried MOVER: Commissioner Niksa SECONDER: Commissioner Moffitt AYES: 9 Finance 2 November 14, 2025 D. FINANCIAL REPORTS 1. 2025 Q3 Financial Report – Finance Director Brankin presented the Q3 Financial Report (see attached) for the period of January 1 through September 30, 2025, noting that the figures are preliminary, unaudited, and reported on a cash basis, consistent with prior quarterly reports. For comparison, he reminded the commission that in September 2024 the Board approved a $4 million cash transfer out of the General Fund, $2 million to Capital Projects and $2 million to Fire Services, both for capital needs. Revenues continue to outpace both the prior year and budget projections, while expenditures are higher than last year. Year-to-date expenses remain below budget. Core revenues, such as sales taxes, typically reach 74% of annual totals by September 30; this year, the Village is at 83.5% of budget for sales tax and 83.6% for home rule sales tax, indicating these categories will exceed budget. Income tax revenues are more front-loaded and remain on track at 77%, which is typical for this point in the year. Brankin reviewed several charts with the Finance Commission that illustrated strong growth across multiple revenue categories over the past five years. He noted no material changes in General Fund expenditure trends since Q2. Personnel costs continue to rise year over year as expected, and while vacancies remain, particularly in Police, Finance, and Community Development, the related salary savings are significant, especially in the Police Department, and were not anticipated. The Village also received a substantial influx of property tax revenue in September. Turning to the General Fund and Capital Projects, real-estate transfer tax revenues continue to outperform previous years. Although transaction volume varies, total revenues remain ahead of the last two years. Food and beverage tax revenue continues its pattern of slow but steady growth. In the Enterprise Funds, Water and Sewer revenues remain generally in line with last year. Expenses are trailing budget but often catch up towards year-end as construction payments are issued. Parking Fund revenues typically increase in Q4 due to permit renewals, and expenses remain on track at 75%. Solid Waste Fund expenses are also tracking at 75%. Village Links reported a very strong 2025, with year-to-date net position exceeding $900,000 compared to $500,000 in the prior year; the difference largely attributed to the clubhouse project last year. Cash reserves across all applicable funds remain strong and above policy thresholds. The Police Pension Fund continues to perform well, with inception-to-date returns significantly exceeding both Village and consolidation benchmarks. The Village Finance 3 November 14, 2025 will be re-evaluating actuarial assumptions, including the long-term rate of return and the pension liability discount rate, currently at 6.5%. Staff will review peer community practices before recommending any changes. Manager Franz added that statewide police and fire groups are lobbying to eliminate Tier 2 pension benefits, which would significantly increase municipal costs. Pending legislation could have an estimated $400,000 annual impact on the Village. The Village is lobbying against the proposal, and presenting data to legislators who were not involved 10 years ago when Tier 2 was created; because this is the Village’s top legislative priority. Chairman Goodman reminded the commission that under the state constitution, any benefit enhancement cannot be reversed once enacted, making such changes permanent. E. General Fund 5-Year Forecast 1. General Fund Forecast Update 2025 - Finance Director Brankin reviewed the updated forecast, noting that while this year’s version is less comprehensive than last year’s, it remains realistic and consistent in approach. He explained that General Fund expenditures by department show no significant surprises. The Police Department continues to represent the largest share of General Fund spending, nearly half, reflecting Public Safety as the Village’s primary function. Reviewing expenditure categories, Brankin noted that personnel costs remain the largest component of the General Fund, and health insurance costs are included within that category. Investment income has been adjusted downward in response to interest rate changes. CPI has been recalculated using a 10-year average. In terms of core revenues, the three-year average growth for sales tax and home rule sales tax is above 10%, while the Village budgeted 6%. State income tax revenues are expected to increase by 5%. State use tax revenues are budgeted at $200,000 for 2026. On the expenditure side, the new 10-year CPI average is 3.22%. Although CPI has been trending downward, the forecast maintains the 3.22% figure. IMRF employer contribution rates remain unchanged at 6.8%. Sworn salaries reflected an average total increase of 6% this year, with a new contract forthcoming. For 2027, salary increases are projected to rise to 8% before stepping down in subsequent years. Pension contributions are projected to increase by $250,000 in both 2027 and 2028. Health insurance costs are projected to rise 15% for PPO plans in 2025, and the Village continues to see more employees electing PPO coverage compared to HMO. Previous assumptions were understated, but over the five-year forecast period, the Village has adjusted to a 10% annual increase before trending down to 5%. The Village continues to cover 80% of health insurance costs. Regarding capital outlay, union negotiations are ongoing and expected to be resolved next year. The Village has identified upcoming significant facility needs, including window replacements in the Civic Center and potentially a new public Finance 4 November 14, 2025 works building. Brankin concluded by reviewing the five-year expenditure forecast and comparing the bottom line for 2026 with last year’s projections. F. FINANCIAL SCORECARD UPDATE 1. Scorecard Update – Director Brankin reported that the scorecard project is still in early development and will carry over into 2026. He reviewed several data components with the Finance Commission, including demographic information, population, median household income, median property value, EAV and EAV per capita, direct municipal tax rate, median home value and tax rate, annual tax dollars, debt per capita, pension liabilities, and pension liabilities per capita. Brankin noted that some of the median figures appeared inconsistent and will be re-examined for accuracy. He added that additional work is needed to strengthen the property tax analysis and ensure the scorecard offers more meaningful, “apples-to-apples” comparisons, particularly regarding organizational size, FTE counts, and spending levels across communities. Chairman Goodman suggested the scorecard should also highlight areas where Glen Ellyn operates differently from peer municipalities. G. STAFF REPORT – Finance Director Brankin reported that there will be a December meeting but no meeting in January. The commission will reconvene in February 2026. H. CHAIRPERSON’S REPORT – Chairman Goodman asked the Commission to come to the next meeting with topics for 2026 that they believe the Commission should work on. He will also be meeting with Village Manager Franz and Village President Jim Burket to discuss potential priorities for the Commission. I. TRUSTEE LIAISON’S REPORT – Trustee Christiansen provided several updates: The Village held the first reading of the budget this past Monday, with no vote taken. The second reading—and the vote—will take place this coming Monday. Prior to that meeting, there will be a joint session with the Village of Lombard and the Glenbard Wastewater Authority. The Village also passed a resolution and ordinance amending the C4 district to allow first-floor restaurants within office buildings. Finally, the Glenwood parking lot is nearing completion and is expected to be finished in time for Thanksgiving and the Holiday Walk. J. OTHER BUSINESS – None K. REMINDERS – Next meeting, Friday December 12, 2025 at 7:00 a.m. L. ADJOURNMENT– Commissioner Dan motioned to adjourn the meeting and Commissioner Hoerdemann seconded the motion. The meeting was adjourned at 8:21 a.m. Submitted by Elisa Pollina, Recording Secretary Reviewed by Patrick Brankin, Finance Director

Agenda

Packet

Agenda Village of Glen Ellyn Finance Commission Meeting Friday, November 14, 2025 7:00 AM Glen Ellyn Civic Center, Room 301 Visitors are most welcome to attend all meetings of the Finance Commission and can find copies of the Agenda at the meeting or online at www.glenellyn.org prior to the meeting. Any individual with a disability requiring reasonable accommodation in order to participate in a meeting should contact The Village of Glen Ellyn ADA Coordinator, 630-469-5000, at least five (5) business days in advance of the next scheduled meeting. All matters on the Agenda may be discussed, amended, and acted upon. A. Call to Order B. Roll Call C. Public Comment D. Approval of Minutes 1) September 12, 2025 meeting E. Financial Reports 1) 2025 Q3 Financial Report F. General Fund 5-Year Forecast 1) General Fund Forecast update for 2025 G. Financial Scorecard Update 1) Scorecard Update H. Staff Report I. Chairperson's Report J. Trustee Liaison's Report K. Other Business L. Reminders 1) Next Meeting: Friday, December 12, 2025 at 7:00 AM M. Adjourn Civility Pledge - In the interest of civility, I pledge to promote civility by listening, being respectful of others, acknowledging that we are striving to support and improve our community, and understanding that we each may have different ideas for achieving that objective. Page 1 of 41 Village of Glen Ellyn Minutes Village of Glen Ellyn Finance Commission Regular Meeting September 12, 2025 7:00AM Glen Ellyn Civic Center Board or Finance Date: September 12, 2025 Commission: Meeting: Regular Called to 7:02 a.m. Order: Quorum: Yes Adjourned: 8:11 a.m. MEMBER ATTENDANCE: Chris Goodman Chair Present Lea Dan Vice-Chair Present Ann Arnold Commissioner Absent Mike Graham Commissioner Present Leo Hoerdermann Commissioner Absent Grant Lavery Commissioner Present Kevin Moffitt Commissioner Present Brian Niksa Commissioner Present Scott Waldbusser Commissioner Absent Also Present: Patrick Brankin Finance Director Mark Franz Village Manager Michele Chaparro Assistant Finance Director Kelli Christiansen Village Trustee Elisa Pollina Recording Secretary A. CALL TO ORDER The September 12, 2025 regular meeting of the Finance Commission was called to order by Chairman Goodman at 7:02 AM at the Glen Ellyn Civic Center. B. PUBLIC COMMENT – None C. APPROVAL OF MINUTES FROM APRIL 11, 2025 & JUNE 27, 2025 MEETINGS MOVE TO APPROVE THE MINUTES OF FINANCE COMMISSION FROM 4/11/2025 & 6/27/2025 RESULT: Motion Unanimously Carried MOVER: Commissioner Moffitt SECONDER: Commissioner Graham AYES: 6 Page 2 of 41 Finance 2 September 12, 2025 D. FINANCIAL REPORTS 1. 2025 Midyear Financial Report – Finance Director Brankin presented the Midyear Financial Report (see attached) for the period of January 1 through June 30, 2025, noting that the report is preliminary, unaudited, and prepared on a budgetary (cash) basis. He reported that General Fund revenues year-to-date are $307,000 higher than the prior year, primarily due to the continued strength of core revenues, and $256,000, or 1.8 percent, above the FY25 year-to-date budget. Expenditures are $711,000 higher than the prior year, largely attributable to police and EMS costs; however, they remain $918,000, or 7 percent, below the FY25 year-to-date budget. Brankin also reviewed the performance of core revenues against budget targets, highlighting that sales tax collections are at 54.6% compared to a target of 49.2%, HR sales tax is at 53.7% compared to a target of 48.5%, and income tax is at 57% compared to a target of 56.2%. Brankin reviewed the General Fund Budget Trends, noting increases in salaries and health insurance costs. He explained that a significant portion of the projected increase is driven by GLP drugs, which are a major factor in rising insurance expenses. Year-to-date expenditures remain below budget, in part due to vacancies in several high-cost positions earlier in the year, which helped keep expenditures under 7 percent. However, with those positions now filled, staffing levels are stable, and the Village is planning accordingly for the remainder of the fiscal year. Brankin reported that real estate tax revenues are increasing, driven by higher sales prices. Food and beverage tax revenues have remained steady over the past three to four years and are expected to continue at that level. For other funds, Water & Sewer revenues are generally in line at 44% of budget compared to 43% in the prior year. The Parking Fund is currently at 25% of budget compared to 27% last year, though revenues typically catch up in the fourth quarter due to permit renewal activity. The Residential Solid Waste Fund is tracking consistently with the prior year, with revenues on target and expenses at 45% of budget compared to 49% previously. Brankin also reviewed cash reserves (see attached). Commissioner Moffitt inquired about the status of the train station project. Village Manager Franz explained that Phases 1 and 2 of engineering are nearly complete and should be finished by the end of the year. The Village has already secured $25 million in grant funding and is working to obtain an additional $10 million to support the project. Land acquisition will follow once engineering is finalized, though several hurdles remain. The letting process is planned for 2026, with construction anticipated to begin in 2027. Finally, Brankin reviewed the Police Pension Fund noting the state-mandated consolidation was completed in April 2022, and the Village has established a long- Page 3 of 41 Finance 3 September 12, 2025 term target of 6.5%. 2. Annual Comprehensive Financial Report and Popular Annual Financial Report for the year ended December 31, 2024 - Finance Director Brankin noted the report is attached and noted that the audit was approved by the Board. The auditors identified no internal control issues and submitted a clean management letter. In addition, the Village once again prepared a Popular Annual Financial Report (PAFR) for the 2024 fiscal year. The PAFR is designed to summarize the more detailed Annual Comprehensive Financial Report into a condensed and consumable format for those who do not have a finance background. This practice began in 2023. Finally, the Village received the GFOA Triple Crown Award, an honor given to only several hundred municipalities out of more than 40,000 applicants. E. 2026 WATER & SEWER RATES 1. 2026 Water & Sewer Rate Recommendation - Finance Director Brankin reviewed the Water & Sewer Rate Recommendation, outlining the timeline and rationale. In early 2022, the Village conducted a rate study with a consultant, which was presented in September 2022. In June 2023, the consultant’s recommendations were brought before the board, with new rates implemented in 2024 and further adjustments approved in 2025. The study highlighted industry best practices, noting that ideally 25% of revenues should come from fixed fees; currently, the Village is at 10% and working toward increasing this. Based on fund projections and assumptions, current rates need adjustment. The 2026 proposal includes a fixed monthly service charge and an overall 4% rate increase. For residents, the impact would be modest: approximately $2 for 1,000 gallons of usage, $2.60 for 2,000 gallons, $2.98 for an average 4,000-gallon user, and $8.10 for a large user at 20,000 gallons per month. Implementing these increases would improve the fund’s position, though future adjustments or reprioritization of Water & Sewer capital projects may still be necessary. The proposed rates are targeted for implementation on January 1, 2026, with the expectation that potential larger increases may be required in 2027. The long-term goal remains to have 25–35% of revenue come from fixed fees. Trustee Christiansen asked whether other municipalities have achieved the 25–35% target, and Brankin stated he would need to investigate. Chairman Goodman noted that extensive review occurred in 2023 and 2024 and expressed confidence in recommending the proposed rates to maintain fund solvency. Commissioner Graham motioned to recommend the 2026 rates as proposed by the consultant, and Commissioner Niksa seconded the motion. The motion passed. Page 4 of 41 Finance 4 September 12, 2025 MOVE TO RECOMMEND THE 2026 WATER & SEWER RATES AS PROPOSED BY CONSULTANT RESULT: Motion Unanimously Carried MOVER: Commissioner Graham SECONDER: Commissioner Niksa AYES: 6 F. STAFF REPORT – Finance Director Brankin reported that the Village will be posting a Staff Accountant position. He also introduced the new Recording Secretary, Elisa Pollina, who has been preparing minutes for the Village’s various commissions since 2017. Village Manager Franz added that we also have a new Assistant Village Manager, Sabrina Irizarry, and a new Public Works Director, John Hubsky, who was promoted from within. G. CHAIRPERSON’S REPORT – None H. TRUSTEE LIAISON’S REPORT – Trustee Christiansen provided several updates, noting that the Village Board has begun budget discussions and is currently reviewing applicants to fill the vacancy left by Trustee Szymanski. I. OTHER BUSINESS – None J. REMINDERS – Next meeting, Friday October 10, 2025 at 7:00 a.m. K. ADJOURNMENT– Commissioner Moffitt motioned to adjourn the meeting and Commissioner Dan seconded the motion. The meeting was adjourned at 8:11 a.m. Submitted by Elisa Pollina, Recording Secretary Reviewed by Patrick Brankin, Finance Director Page 5 of 41 Glen Ellyn Finance Meeting 11/14/2025 7:00 AM Commission Department: Finance 535 Duane Street Department Head: Patrick Brankin Glen Ellyn, IL 60137 Category: Report Prepared By: Patrick Brankin AGENDA ITEM (ID DOC ID: 2025-969 # 2025-969) 2025 Q3 Financial Report Statement of the Issue: Analysis: Budget Impact: Contribution to Strategic Plan Action Requested: Attachments: 1. 2025 Q3 Financial Report 2. Village Links - Financial Statements - September 2025 Page 6 of 41 2025 Q3 Financial Report Page 7 of 41 About This Report January 1, 2025 to September 30, 2025 Preliminary and Unaudited Budgetary Basis (Cash Basis) Page 8 of 41 General Fund Year to Date Revenues and Expenditures $25,000,000 • Revenues exceed prior year-to-date by $617,000, primarily due to $20,000,000 strength of core revenues. • Revenues exceed FY25 YTD budget $15,000,000 by $270,000 or 1.3%. • Expenditures are greater than prior $10,000,000 year by $1.2 million. • Expenditures are below FY25 YTD $5,000,000 budget by $1.2 or 6.3%. $- Revenues, year to date Expenditures, year to date Last year 20,757,904 17,370,130 Budget 21,103,263 19,846,610 Current year 21,374,837 18,597,401 Page 9 of 41 General Fund Core Revenues as % of Budget Target Target Target 74.2% 73.4% 77.8% Page 10 of 41 YTD Core Revenues $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $- 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sales Tax Home Rule Sales Tax Income Tax Page 11 of 41 General Fund Budget Trends • YTD expenditures are 7% above FY25 • Fewer vacancies • Rising personnel costs • Rising contractual costs • YTD expenditures are 6% below FY25 budget • Economic Development – fewer incentive payments • Vacancies in certain departments Page 12 of 41 General Fund Cumulative Change in Fund Balance $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- $(1,000,000) $(2,000,000) $(3,000,000) January February March April May June July August September October November December 2025 Budget 2021 2022 2023 2024 2025 Page 13 of 41 Capital Projects Fund - Real Estate Transfer Tax 70 $900,000 $800,000 60 $700,000 50 $600,000 Number Processed $ Cumulative RETT 40 $500,000 $400,000 30 $300,000 20 $200,000 10 $100,000 0 $- January February March April May June July August Sept Oct Nov Dec RETT transactions (# processed), 2023 RETT transactions (# processed), 2024 RETT transactions (# processed), 2025 RETT transactions ($ cumulative), 2023 RETT transactions ($ cumulative), 2024 RETT transactions ($ cumulative), 2025 Page 14 of 41 Capital Projects Fund – Food & Beverage Tax $300,000 $250,000 Jan-25, $152,776 Sep-25, $152,589 $200,000 Jan-21, $100,189 $150,000 $100,000 $50,000 $0 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Downward Trend Max, Min, Average, Current Monthly Total 12 mo rolling average Page 15 of 41 Other Funds Water & Sewer Fund • Fee revenue 71% of budget (73% in prior year) • Total expenses 66% of budget (incl. encumbrances) Parking Fund • Total revenue 32% of budget (36% in PY) • Total expenses 75% of budget (incl. encumbrances) Residential Solid Waste Fund • Total revenues 75% of budget (74% in PY) • Total expenses 70% of budget (78% in PY) Village Links/Reserve 22 • See included financial statements Page 16 of 41 Cash Reserves Fund Available Cash Minimum Policy Above/(Below) Policy General $ 13,891,189 $ 8,003,411 $ 5,887,778 Water & Sewer $ 12,851,755 $ 2,707,597 $ 10,144,158 Parking $ 1,967,795 $ 103,744 $ 1,864,051 Solid Waste $ 599,756 $ 520,050 $ 79,706 Village Links $ 2,840,325 $ 1,859,419 $ 980,906 Page 17 of 41 Police Pension Fund Illinois Police Officers’ Pension Investment Fund (IPOPIF) • State mandated consolidation completed April 1, 2022 • IPOPIF long-term investment target 6.8% • Village long-term target 6.5% Inception IPOPIF YTD 1 Year to Date Fund investment performance, net of 14.28% 12.13% 7.75% fees Page 18 of 41 Discussion & Questions Page 19 of 41 VILLAGE LINKS / RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of September 30, 2025 2025 MONTH YEAR-TO-DATE ORG DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF REVENUES: 5500 Village Links Revenues $ 4,391,100 $ 694,354 $ 628,245 $ 66,109 11% $ 4,210,600 $ 4,074,263 $ 136,337 3% 5520 Reserve 22 Revenues 3,748,450 394,524 423,738 (29,214) -7% 2,746,975 2,851,794 (104,819) -4% Total Revenues $ 8,139,550 $ 1,088,879 $ 1,051,984 $ 36,895 4% $ 6,957,575 $ 6,926,057 $ 31,518 0% EXPENDITURES: 55700 Administration $ 802,432 $ 57,078 $ 48,107 $ 8,971 19% $ 576,684 $ 451,805 $ 124,880 28% 55710 Golf Course Maintenance 1,485,560 106,298 94,056 12,242 13% 1,042,445 1,055,838 (13,394) -1% 55720 Golf Services 1,111,406 116,607 95,798 20,809 22% 821,652 851,864 (30,212) -4% 55730 Reserve 22 3,358,636 346,486 324,176 22,309 7% 2,564,419 2,517,472 46,946 2% 55740 Stormwater Management 51,585 1,419 1,101 318 29% 43,344 11,006 32,338 294% 55750 Pro Shop Merchandise 175,053 43,368 20,883 22,485 108% 175,428 153,772 21,656 14% 55780 Motorized Carts 68,060 8,357 8,412 (55) -1% 49,480 53,007 (3,527) -7% 557X5 Mechanical Maintenance 417,756 29,696 19,045 10,651 56% 288,811 283,196 5,616 2% Total Operating Expenses $ 7,470,488 $ 709,310 $ 611,580 $ 97,730 16% $ 5,562,262 $ 5,377,960 $ 184,303 3% Operating Income $ 669,062 $ 379,569 $ 440,404 $ (60,835) -14% $ 1,395,312 $ 1,548,097 $ (152,785) -10% Debt Service 303,100 - - - 0% 36,550 40,950 (4,400) -11% Capital Expenditures 498,520 - 269,436 (269,436) -100% 455,445 997,158 (541,713) -54% CHANGE IN NET POSITION $ (132,558) $ 379,569 $ 170,968 $ 208,601 122% $ 903,318 $ 509,989 $ 393,328 77% KEY METRICS Goal Personnel Expenses as % of Sales 50% 32% 33% 0% 44% 43% 1% Cash Balance (End of Month, in $000's) $ 1,860 $ 3,317 $ 3,085 $ 232 10/22/2025 Page 1 of 6 Page 20 of 41 VILLAGE LINKS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 GOLF (Including Administration, Grounds, & Mechanical Maintenance) As of September 30, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF 5500 VILLAGE LINKS REVENUES: 440550 Green Fees $ 2,800,000 $ 453,666 $ 421,647 $ 32,019 8% $ 2,651,092 $ 2,574,882 $ 76,209 3% 440554 Pro Shop - Sales 200,000 29,698 24,066 5,632 23% 190,997 182,237 8,759 5% 440555 Motor Carts 650,000 107,383 101,292 6,091 6% 594,016 614,576 (20,560) -3% 440556 Driving Range 500,000 76,576 63,464 13,112 21% 520,228 485,008 35,220 7% 440557 Resident Cards 35,000 410 100 310 310% 34,555 35,315 (760) -2% 460100 Investment Income 60,000 14,013 6,631 7,383 111% 70,407 53,888 16,520 31% 489000 Miscellaneous Revenue 146,100 12,486 11,001 1,485 14% 149,776 128,466 21,310 17% 489100 Miscellaneous - Over/Short - 122 45 77 172% (471) (110) (361) 330% Total Revenues $ 4,391,100 $ 694,354 $ 628,245 $ 66,109 11% $ 4,210,600 $ 4,074,263 $ 136,337 3% COST OF GOODS SOLD: 520945 Cost of Goods Sold - Pro Shop $ 140,000 $ 40,890 $ 17,722 $ 23,168 131% $ 152,201 $ 126,061 $ 26,140 21% Total Cost of Goods Sold $ 140,000 $ 40,890 $ 17,722 $ 23,168 131% $ 152,201 $ 126,061 $ 26,140 21% Gross Profit $ 4,251,100 $ 653,465 $ 610,524 $ 42,941 7% $ 4,058,399 $ 3,948,202 $ 110,197 3% OTHER OPERATING EXPENSES: 510100 Salaries - Pensionable $ 1,314,522 $ 106,988 $ 102,769 $ 4,220 4% $ 955,325 $ 952,043 $ 3,283 0% 510120 Salaries - Non-Pensionable 488,163 52,827 49,519 3,308 7% 387,901 359,249 28,652 8% 510200 Salaries - Overtime 23,500 3,621 2,963 658 22% 26,630 14,266 12,364 87% 510400 FICA Taxes 139,705 12,294 11,655 639 5% 102,997 99,420 3,577 4% 510500 IMRF 68,670 5,559 4,669 890 19% 49,624 42,512 7,111 17% 590600 Health Insurance 146,100 11,552 11,072 480 4% 102,208 105,337 (3,130) -3% 52XXXX Contractual Services 1,211,242 95,991 74,741 21,250 28% 843,627 760,008 83,618 11% 53XXXX Commodities 579,950 33,102 12,294 20,808 169% 377,331 401,590 (24,260) -6% Total Operating Expenses $ 3,971,852 $ 321,934 $ 269,681 $ 52,253 19% $ 2,845,643 $ 2,734,427 $ 111,216 4% Operating Income $ 279,248 $ 331,530 $ 340,842 $ (9,312) -3% $ 1,212,757 $ 1,213,776 $ (1,019) 0% Operating Income Percentage 6% 48% 54% 29% 30% KEY METRICS Goal Rounds Played 80,000 12,275 11,551 724 77,210 78,637 (1,427) Revenue Per Round $ 54.89 $ 56.57 $ 54.39 $ 2.18 $ 54.53 $ 51.81 $ 2.72 Resident Cards Sold N/A 22 6 16 2,619 2,814 (195) Cost of Goods Sold % - Pro Shop 70% 138% 74% 64% 80% 69% 11% Personnel Expenses as % of Sales 50% 28% 29% -1% 39% 39% 0% 10/22/2025 Page 2 of 6 Page 21 of 41 VILLAGE LINKS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 GOLF (Including Administration, Grounds, & Mechanical Maintenance) As of September 30, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF MISCELLANEOUS REVENUE Miscellaneous Revenue includes the following items that don't fit into any of the major revenue categories: Adult & Junior Golf Lessons $ 848 $ 1,561 $ (713) $ 64,732 $ 63,731 $ 1,001 Hand Cart Rentals 2,163 2,896 (733) 26,837 31,423 (4,586) Equipment Sold at Auction - - - 31,406 - 31,406 Golf Club Rentals 1,490 1,630 (140) 8,640 9,710 (1,070) Locker Rentals - - - 4,100 200 3,900 Illinois Sales Tax (1.75%) 789 627 161 3,165 3,496 (331) Glen Ellyn Food & Beverage Tax (1%) 61 62 (1) 347 363 (16) Tree Donation - - - 1,000 500 500 Misc. Outings 5,340 - 5,340 5,340 - 5,340 Miscellaneous 1,796 4,225 (2,429) 4,210 19,044 (14,834) Total $ 146,100 $ 12,486 $ 11,001 $ 1,485 $ 149,776 $ 128,466 $ 21,310 10/22/2025 Page 3 of 6 Page 22 of 41 RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of September 30, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF 5520 RESERVE 22 REVENUES: 441100 Food $ 2,111,500 $ 209,143 $ 222,836 $ (13,693) -6% $ 1,520,484 $ 1,556,904 $ (36,420) -2% 441101 Liquor 483,800 59,338 64,124 (4,786) -7% 369,119 388,963 (19,843) -5% 441102 Beer 557,100 68,176 70,195 (2,019) -3% 441,371 462,365 (20,994) -5% 441103 Wine 242,900 19,035 24,969 (5,935) -24% 162,534 183,743 (21,209) -12% 441104 NA Beverages 121,500 14,010 13,615 395 3% 98,127 104,864 (6,736) -6% 441106 Room Charges 3,800 - - - 0% 1,790 2,180 (390) -18% 441107 Service Charges 227,600 24,399 27,930 (3,532) -13% 152,538 152,139 399 0% 489000 Miscellaneous Revenue 250 424 69 355 510% 1,011 637 374 59% Total Revenues $ 3,748,450 $ 394,524 $ 423,738 $ (29,214) -7% $ 2,746,975 $ 2,851,794 $ (104,819) -4% 55730 COST OF GOODS SOLD: 530400 Cost of Goods Sold - Beer $ 144,850 $ 17,627 $ 16,546 $ 1,081 7% $ 105,595 $ 106,936 $ (1,341) -1% 530401 Cost of Goods Sold - Wine 75,300 5,261 6,696 (1,435) -21% 44,828 51,495 (6,666) -13% 530402 Cost of Goods Sold - Liquor 101,600 14,130 14,747 (617) -4% 81,961 82,493 (532) -1% 530405 Cost of Goods Sold - NA Beverages 63,180 13,070 10,484 2,586 25% 58,778 65,451 (6,673) -10% 530420 Cost of Goods Sold - Food 675,680 89,912 81,750 8,162 10% 512,780 507,857 4,923 1% Total Cost of Goods Sold $ 1,060,610 $ 139,999 $ 130,222 $ 9,777 8% $ 803,942 $ 814,231 $ (10,289) -1% Gross Profit $ 2,687,840 $ 254,525 $ 293,516 $ (38,991) -13% $ 1,943,032 $ 2,037,563 $ (94,530) -5% Gross Profit Percentage 72% 65% 69% 71% 71% 55730 OTHER OPERATING EXPENSES: 510100 Salaries - Pensionable $ 838,556 $ 65,353 $ 67,576 $ (2,223) -3% $ 672,909 $ 616,891 $ 56,018 9% 510120 Salaries - Non-Pensionable 749,543 65,276 67,057 (1,781) -3% 518,786 559,563 (40,777) -7% 510200 Salaries - Overtime 7,500 1,147 685 462 67% 3,786 4,240 (454) -11% 510399 Tips Paid Through Payroll - 783 1,919 (1,135) -59% (3,502) (6,231) 2,729 -44% 510400 FICA Taxes 153,178 13,460 14,048 (589) -4% 115,140 115,061 80 0% 510500 IMRF 43,689 4,690 3,872 818 21% 41,698 34,547 7,150 21% 590600 Health Insurance 85,500 8,308 6,482 1,826 28% 72,770 64,250 8,520 13% 52XXXX Contractual Services 227,560 29,232 17,357 11,875 68% 193,572 173,400 20,172 12% 53XXXX Commodities 192,500 18,238 14,959 3,279 22% 145,318 141,522 3,797 3% Total Operating Expenses $ 2,298,026 $ 206,487 $ 193,954 $ 12,533 6% $ 1,760,477 $ 1,703,241 $ 57,235 3% Operating Income $ 389,814 $ 48,038 $ 99,562 $ (51,523) -52% $ 182,556 $ 334,322 $ (151,766) -45% Operating Income Percentage 10% 12% 23% 7% 12% 10/22/2025 Page 4 of 6 Page 23 of 41 RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of September 30, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF KEY METRICS Goal Revenue Source: Restaurant & Bar N/A $ 208,599 $ 213,584 $ (4,985) -2% $ 1,591,487 $ 1,672,604 $ (81,118) -5% Banquets N/A 128,247 155,547 (27,300) -18% 808,369 825,081 (16,712) -2% Other N/A 57,678 54,608 3,070 6% 347,119 354,109 (6,990) -2% Total $ 3,748,450 $ 394,524 $ 423,738 $ (29,214) -7% $ 2,746,975 $ 2,851,794 $ (104,819) -4% Reserve 22 Revenues (Last 12 Months) $ 3,748,450 $ 3,487,574 $ 3,583,872 $ (96,298) -3% Reserve 22 Expenses (Last 12 Months) $ 3,358,636 $ 3,383,898 $ 3,321,397 $ 62,501 2% # Guest Checks (Restaurant/Bar) N/A 5,215 5,061 154 37,719 39,091 (1,372) Revenue Per Guest Check N/A $ 40.00 $ 42.20 $ (2.20) $ 42.19 $ 42.79 $ (0.59) # Guests (Restaurant/Bar) N/A 8,024 8,009 15 57,613 61,772 (4,159) Average Guest Spend N/A $ 26.00 $ 26.67 $ (0.67) $ 27.62 $ 27.08 $ 0.55 Cost of Goods Sold % 28% 35% 31% 5% 29% 29% 1% Cost of Goods Sold % (By Category): Cost of Goods Sold - Beer 26% 26% 24% 2% 24% 23% 1% Cost of Goods Sold - Wine 31% 28% 27% 1% 28% 28% 0% Cost of Goods Sold - Liquor 21% 24% 23% 1% 22% 21% 1% Cost of Goods Sold - NA Beverages 52% 93% 77% 16% 60% 62% -3% Cost of Goods Sold - Food 32% 43% 37% 6% 34% 33% 1% Personnel Expenses as % of Revenues 50% 40% 38% 2% 52% 49% 3% Prime Cost (Cost of Goods Sold + Personnel Expenses) as % of Revenues 78% 76% 68% 7% 81% 77% 4% 10/22/2025 Page 5 of 6 Page 24 of 41 Village Links / Reserve 22 Dashboard Financial Reports As of September 30, 2025 Year-To-Date Net Income Year-to-Date Operating Income (Including Capital and Debt Expenditures) (Excluding Capital and Debt Expenditures) $2,000,000 $2,200,000 $1,800,000 $2,000,000 $1,600,000 $1,800,000 $1,400,000 $1,600,000 $1,200,000 $1,400,000 $1,000,000 $1,200,000 $800,000 $1,000,000 $800,000 $600,000 $600,000 $400,000 $400,000 $200,000 $200,000 $- $- $(200,000) 2021 $(200,000) $(400,000) 2022 $(400,000) $(600,000) 2023 $(600,000) $(800,000) 2024 $(800,000) $(1,000,000) 2025 2021 2022 2023 2024 2025 Reserve 22 Operating Income Reserve 22 Revenues (Excluding Capital and Debt Expenditures) 12-Month Rolling Revenues $600,000 $4,500,000 $4,300,000 $500,000 $4,100,000 $400,000 $3,900,000 $3,700,000 $300,000 $3,500,000 $3,300,000 $200,000 $3,100,000 $100,000 $2,900,000 $2,700,000 $- $2,500,000 $(100,000) $(200,000) 12-Month Rolling Revenue Budget 2021 2022 2023 2024 2025 Golf Operating Income Cash Reserves (Excluding Capital and Debt Expenditures) $4,000,000 $1,800,000 $3,500,000 $1,600,000 $3,000,000 $1,400,000 $1,200,000 $2,500,000 $1,000,000 $2,000,000 $800,000 $1,500,000 $600,000 $400,000 $1,000,000 $200,000 $500,000 $- $- $(200,000) $(400,000) $(600,000) 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 10/22/2025 Page 6 of 6 Page 25 of 41 2025 General Fund 5-Year Forecast Page 26 of 41 2025 Projected Expenditures - Department Admin IT HR Finance Community Development Police Fire & EMS Public Works Page 27 of 41 2025 Projected Expenditures - Function 16% 33% 51% General Government Public Safety Streets & Highway Page 28 of 41 2025 Projected Expenditures - Category 23% 0% 0% 1% 60% 16% Personnel Services Contractual Services Commodities Capital Outlay Debt Service Operating Transfers Out Page 29 of 41 What Changed? Investment Income Core Revenues • Mostly positive CPI & Salaries • Sworn & nonsworn Health Insurance Assumptions •  Capital Outlay • Slight increase Page 30 of 41 Core Revenues Sales Tax & Home Rule Sales Tax • 3-4% annual growth in FY24 forecast • 3-6% annual growth in FY25 forecast State Income Tax • 2-3% annual growth in FY24 forecast • 3-6% annual growth in FY25 forecast State Use Tax • Slight decreases each year in FY24 forecast • More significant decreases in FY25 forecast Investment Income • 3-4% returns in FY24 forecast • 2-3.5% returns in FY25 forecast Page 31 of 41 Expenditures CPI • 10-year average now 3.22% Personnel Costs • Nonsworn salaries • Pegged to CPI • No change to IMRF rate • Sworn salaries • 6% growth each year in PY forecast • 6-8% growth each year in CY forecast • Pension contributions increased in 2026 through 2028 Health Insurance Costs • 3-5% increase in PY forecast • 5-10% increases in CY forecast Capital Outlay • Slightly more included Page 32 of 41 Disclaimers Still very little included in capital outlay Ongoing negotiations with Local 150 • ~20 positions within Public works Significant anticipated facility needs Page 33 of 41 General Fund Projected Expenditures 45,000,000 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 2024 2025 2026 2027 2028 2029 2030 Personnel Services Contractual Services Commodities Capital Outlay Debt Service Operating Transfers Out Page 34 of 41 General Fund Projected Expenditures 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2024 2025 2026 2027 2028 2029 2030 Personnel Services Contractual Services Commodities Capital Outlay Debt Service Operating Transfers Out Page 35 of 41 $40,000,000 GENERAL FUND 5-YEAR FORECAST (2024) $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,285,434 $15,258,072 $15,000,000 $13,139,563 $13,128,757 $13,265,445 $12,732,121 $12,665,323 $10,000,000 $8,947,000 $9,218,000 $8,220,000 $8,580,000 $8,007,000 $7,128,000 $6,838,432 $5,000,000 $0 ACTUAL PR OJ E C T I ON PR O JE C T I ON PR O JE C T I ON PR O JE C T I O N PR O JE C T I ON PR O JE C T I ON 2023 2024 2025 2026 2027 2028 2029 Cash Reserve Policy Level Projected Ending Balance Page 36 of 41 $45,000,000 GENERAL FUND 5-YEAR FORECAST (2025) $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $13,332,762 $12,049,586 $11,249,344 $10,402,452 $9,997,367 $9,260,294 $9,635,871 $10,000,000 $8,562,361 $8,779,134 $8,863,896 $8,320,685 $8,426,776 $8,414,907 $7,846,871 $5,000,000 $0 ACTUAL P R OJ E C T IO N PR OJ E C T IO N PR O J E C T I O N P R OJ E C T IO N PR OJ E C T IO N PR O J E C T I O N 2024 2025 2026 2027 2028 2029 2030 Cash Reserve Policy Level Projected Ending Balance Page 37 of 41 2024 2025 2026 2027 2028 2029 2030 ACTUAL PROJECTION PROJECTION PROJECTION PROJECTION PROJECTION PROJECTION General Fund Revenues Taxes 13,154,215 13,974,182 14,506,697 15,964,500 17,679,868 19,676,340 21,983,131 Intergovernmental 11,478,928 11,858,700 12,357,700 12,271,000 12,859,400 13,319,100 13,687,700 Licenses and Permits 1,926,728 1,610,000 1,742,900 1,739,800 1,739,500 1,739,100 1,739,300 Charges for Services 1,139,043 1,265,418 1,359,800 1,321,746 1,327,970 1,318,978 1,337,576 Fines and Forfeitures 575,214 542,500 547,500 531,200 544,700 547,600 542,700 Investment Income 792,482 600,000 525,000 299,683 252,447 221,597 208,049 Total Revenues 29,066,611 29,850,800 31,039,597 32,127,929 34,403,886 36,822,716 39,498,456 General Fund Expenses Personnel Services 16,841,466 18,461,703 20,128,695 21,112,887 22,235,855 23,155,970 24,146,746 Contractual Services 4,242,390 5,028,410 4,993,994 4,845,193 4,989,493 5,090,098 5,193,511 Commodities 320,915 314,920 329,000 329,700 337,900 347,600 356,400 Capital Outlay 383,893 119,603 133,065 164,100 169,600 182,400 158,800 Debt Service 47,150 - - - - - - Total Expenses 21,835,816 23,924,636 25,584,754 26,451,880 27,732,848 28,776,069 29,855,457 Excess/(Deficiency) Revenues over Expenses 7,230,795 5,926,164 5,454,843 5,676,049 6,671,038 8,046,647 9,642,999 Other Financing Sources/(Uses) Debt Issuance - - - - - - - Operating Transfers In 1,679,712 1,851,700 1,968,300 2,016,897 2,066,952 2,118,508 2,171,612 Operating Transfers Out (10,413,398) (6,977,622) (10,910,368) (7,840,400) (8,289,000) (8,626,600) (8,884,300) Total Other Financing Sources/(Uses) (8,733,686) (5,125,922) (8,942,068) (5,823,503) (6,222,048) (6,508,092) (6,712,688) Increase/(Decrease) in Fund Balance (1,502,891) 800,242 (3,487,225) (147,454) 448,990 1,538,556 2,930,310 Projected Beginning Balance 11,249,344 12,049,586 8,562,361 8,414,907 8,863,896 10,402,452 Projected Ending Balance 11,249,344 12,049,586 8,562,361 8,414,907 8,863,896 10,402,452 13,332,762 % of Total Expenses 51.52% 50.36% 33.47% 31.81% 31.96% 36.15% 44.66% Cash Reserve Policy Level 8,320,685 7,846,871 8,426,776 8,779,134 9,260,294 9,635,871 9,997,367 (30% of Operati ng Expenses) Page 38 of 41 Discussion & Questions Page 39 of 41 General Fund 2024 Five Year Forecast 2025 2026 2027 2028 2029 2030 ACTUAL PROJECTION PROJECTION PROJECTION PROJECTION PROJECTION PROJECTION General Fund Revenues Taxes 13,154,215 13,974,182 14,506,697 15,964,500 17,679,868 19,676,340 21,983,131 Intergovernmental 11,478,928 11,858,700 12,357,700 12,271,000 12,859,400 13,319,100 13,687,700 Licenses and Permits 1,926,728 1,610,000 1,742,900 1,739,800 1,739,500 1,739,100 1,739,300 Charges for Services 1,139,043 1,265,418 1,359,800 1,321,746 1,327,970 1,318,978 1,337,576 Fines and Forfeitures 575,214 542,500 547,500 531,200 544,700 547,600 542,700 Investment Income 792,482 600,000 525,000 299,683 252,447 221,597 208,049 Total Revenues 29,066,611 29,850,800 31,039,597 32,127,929 34,403,886 36,822,716 39,498,456 General Fund Expenses Personnel Services 16,841,466 18,461,703 20,128,695 21,112,887 22,235,855 23,155,970 24,146,746 Contractual Services 4,242,390 5,028,410 4,993,994 4,845,193 4,989,493 5,090,098 5,193,511 Commodities 320,915 314,920 329,000 329,700 337,900 347,600 356,400 Capital Outlay 383,893 119,603 133,065 164,100 169,600 182,400 158,800 Debt Service 47,150 - - - - - - Total Expenses 21,835,816 23,924,636 25,584,754 26,451,880 27,732,848 28,776,069 29,855,457 Excess/(Deficiency) Revenues over Expenses 7,230,795 5,926,164 5,454,843 5,676,049 6,671,038 8,046,647 9,642,999 Other Financing Sources/(Uses) Debt Issuance - - - - - - - Operating Transfers In 1,679,712 1,851,700 1,968,300 2,016,897 2,066,952 2,118,508 2,171,612 Operating Transfers Out (10,413,398) (6,977,622) (10,910,368) (7,840,400) (8,289,000) (8,626,600) (8,884,300) Total Other Financing Sources/(Uses) (8,733,686) (5,125,922) (8,942,068) (5,823,503) (6,222,048) (6,508,092) (6,712,688) Increase/(Decrease) in Fund Balance (1,502,891) 800,242 (3,487,225) (147,454) 448,990 1,538,556 2,930,310 Projected Beginning Balance 11,249,344 12,049,586 8,562,361 8,414,907 8,863,896 10,402,452 Projected Ending Balance 11,249,344 12,049,586 8,562,361 8,414,907 8,863,896 10,402,452 13,332,762 Cash Reserve Policy Level 8,320,685 7,846,871 8,426,776 8,779,134 9,260,294 9,635,871 9,997,367 (30% of Operating Expenses) Page 40 of 41 2024 2025 2026 2027 2028 2029 2030 ORG ACTUAL PROJECTION BUDGET PROJECTION PROJECTION PROJECTION PROJECTION 1000 General Fund Revenues Taxes 13,154,215 13,974,182 14,506,697 15,964,500 17,679,868 19,676,340 21,983,131 Intergovernmental 11,478,928 11,858,700 12,357,700 12,271,000 12,859,400 13,319,100 13,687,700 Licenses and Permits 1,926,728 1,610,000 1,742,900 1,739,800 1,739,500 1,739,100 1,739,300 Charges for Services 1,139,043 1,265,418 1,359,800 1,321,746 1,327,970 1,318,978 1,337,576 Fines and Forfeitures 575,214 542,500 547,500 531,200 544,700 547,600 542,700 Investment Income 792,483 600,000 525,000 299,683 252,447 221,597 208,049 Total Revenues 29,066,611 29,850,800 31,039,597 32,127,929 34,403,886 36,822,716 39,498,456 1000 General Fund Expenses 121100 Village Board & Clerk 115,828 125,480 128,730 133,700 137,800 142,500 145,700 121200 Village Manager 5,037,934 867,150 4,545,590 1,028,700 1,075,300 1,106,300 1,148,500 121700 Law 281,106 385,728 395,960 422,100 435,500 449,800 466,100 121800 Human Resources 432,746 478,340 467,188 481,300 502,800 524,900 548,000 122* Finance 1,125,110 1,292,468 1,345,925 1,422,800 1,490,300 1,557,800 1,624,200 126100 &200 Planning and Development 2,137,221 2,289,400 2,564,100 2,671,693 2,788,393 2,890,098 3,004,811 126500 Economic Development 540,333 602,925 607,075 610,200 615,800 624,800 576,000 121600, 610 Historic Preservation 26,112 35,105 38,255 38,000 38,600 39,400 40,500 121500 Senior Services 113,381 96,730 107,280 112,000 116,400 120,600 125,100 121400 Information Technology 1,092,150 1,289,930 1,356,000 1,397,100 1,452,300 1,505,100 1,567,600 Total General Government 10,901,921 7,463,256 11,556,103 8,317,593 8,653,193 8,961,298 9,246,511 134* Police 11,395,866 12,386,554 13,362,062 14,242,800 15,189,700 15,831,800 16,460,800 135* Fire and EMS Services 870,639 857,350 863,950 880,200 909,400 936,500 957,100 Total Public Safety 12,266,505 13,243,904 14,226,012 15,123,000 16,099,100 16,768,300 17,417,900 143100 Public Works Administration 963,799 1,040,250 1,010,560 1,059,800 1,109,800 1,160,700 1,210,800 143300 &400 Public Works Operations 3,603,390 4,408,826 4,796,579 4,763,387 5,005,555 5,229,270 5,449,346 Total Highways and Streets 4,567,189 5,449,076 5,807,139 5,823,187 6,115,355 6,389,970 6,660,146 Total Expenses 27,735,616 26,156,236 31,589,254 29,263,780 30,867,648 32,119,569 33,324,557 Excess/(Deficiency) Revenues over Expenses 1,330,995.10 3,694,564.00 (549,657.00) 2,864,148.67 3,536,237.84 4,703,147.29 6,173,898.59 Other Financing Sources/(Uses) Debt Issuance - - - - - - - Operating Transfers In 1,679,712.49 1,851,700.00 1,968,300.00 2,016,897.00 2,066,951.91 2,118,508.47 2,171,611.72 Operating Transfers Out (4,513,598.13) (4,746,022.00) (4,905,868.00) (5,028,500.00) (5,154,200.00) (5,283,100.00) (5,415,200.00) Total Other Financing Sources/(Uses) (2,833,885.64) (2,894,322.00) (2,937,568.00) (3,011,603.00) (3,087,248.09) (3,164,591.53) (3,243,588.28) Net Change (1,502,890.54) 800,242.00 (3,487,225.00) (147,454.33) 448,989.75 1,538,555.76 2,930,310.31 Projected Beginning Balance 11,249,344.00 12,049,586.00 8,562,361.00 8,414,906.67 8,863,896.41 10,402,452.17 Projected Ending Balance 11,249,344.00 12,049,586.00 8,562,361.00 8,414,906.67 8,863,896.41 10,402,452.17 13,332,762.48 Cash Reserve Policy Level 8,320,684.70 7,846,870.80 8,426,776.20 8,779,133.99 9,260,294.32 9,635,870.58 9,997,367.19 (30% of Operating Expenses) Page 41 of 41