Finance committee accepts 2024 financial report with clean opinion and moves downtown TIF surplus distribution

The Village of Palatine’s Finance & Budget committee accepted the annual comprehensive financial report for the year ended Dec. 31, 2024, which was prepared by Sikich CPA LLC. Finance staff (Mister Brown) said the village received an "unmodified" — or clean — audit opinion and reported a $1,000,000 general fund surplus and roughly a 7.5% increase in enterprise funds. The committee voted to place the ACFR on the consent agenda for full council acceptance.

Separately, staff reviewed the first surplus distribution from the downtown Tax Increment Financing (TIF) district following an extension approved in 2022. Staff said the spring 2025 increment is about $3,588,000 and estimated the village’s share at roughly $391,000, which the council previously committed to the combined service facility fund. Staff noted that since 2010 surplus distributions locally total about $42.8 million and that returning the increment to taxing bodies reduces the need to collect that amount in property taxes from residents.

Committee members praised the long‑term planning and placed the surplus declaration on the consent agenda; the full council approved the consent agenda later in the meeting.