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Posted on: January 4, 2017

Mayor Soliman Reports On Crest Hill's Financial Health

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At the April 18 City Council meeting, the City of Crest Hill received recognition for excellence in its governmental accounting and financial reporting practices. The Government Finance Officers Association of the United States and Canada (GFOA) awarded the City a Certificate of Achievement for its Comprehensive Annual Financial Report (CAFR) for the fiscal year that ended April 30, 2015. This award is the highest form of recognition in governmental accounting and financial reporting. Less than 12% of municipal governments in the State of Illinois achieved this honor in 2015. 

With the new fiscal year opening May 1, the City Council unanimously passed a balanced budget for 2016/2017. The City’s general fund shows revenue of $9,489,004.00 and expenses of $9,422,004.00. The water/sewer fund shows revenue of $7,864,368.00 and expenses of $6,902,823.00. Both accounts confirm a surplus. 

The overall budget has allowed for the hiring of two additional police officers for public safety and $3.7M in construction improvements. The improvements to the intersection of Gaylord Road and Division Street as well as the reconfiguration of Enterprise Boulevard will progress the safety and traffic flow along the Division Street Corridor. Additionally, the intersection of Weber Road and Caton Farm Road will see major improvements that will help spur economic development along the Weber Road Corridor. 

This is the second year continuing to fund for new vehicles, computers and other technology that ensures City employees have the most up to date equipment to provide better services to residents. A feasibility study is also in progress to assess space needs for a new public works facility. 

Always committed to its police officers, the City has a long range vision and plan for a fully funded police pension by 2038. This will be done by adding $150,000 to that fund each year for the next ten years, which is above the requested annual amount. State law requires police pension funds be 90% funded by 2040. 

One item always at the forefront for Mayor Soliman is the continuation of the City’s property tax rebate check program to all of its residents and property owners. 

The Crest Hill budget maintains a six month reserve and, more importantly, comes without any tax increases to its residents. The overall fund balance is strong and the City has a high quality AA3 bond rating. 

“The City of Crest Hill has come a long way over the last eight years and we are proud to continue our tradition of providing quality services to our residents, visitors, and businesses,” states Mayor Soliman. “We are fiscally responsible and conservative in our budgeting practices and are proud to have received an award that reflects this.”

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