Financial Information

The information included on this page is for the purpose of providing detailed information on the Village’s finances. The information includes current fiscal year information as well as historical information for use in making year-to-year comparisons. Requests for additional information are welcomed. Please contact the Village Request for Service system at 847-223-8515 or use the online service system. Specifically, the following information is provided:

• Village Fiscal Year Budgets: The Village utilizes its budget document for financial management purposes. The budget reflects budgeted revenues and expenses for the Village’s various operating and capital funds. Included here are the current fiscal year budget and five years of past budgets.
• Village Audits: Like all local governments the Village’s finances are the subject of an annual audit by an independent auditor. While the Village’s budget documents have their own format for management purposes, financial audits provide a picture of financial condition in standard reporting formats. Audits provide figures on actual revenues and expenses by fiscal year versus adopted budget. Audits are provided to facilitate comparative analysis between fiscal years and with finanical information of other entities. Audits covering the last five years are provided.
• Village Annual Treasurer’s Reports: These reports are created as part of the annual audit process and provide specific information on all revenues by type, and information on payroll and other expenditures. Total payments to each vendor are shown. Like the audit, the format is typical. Reports for the last five years are provided.
• Police Pension Fund Audits: The Grayslake Police Pension Fund is an independent pension fund for the Village’s eligible police officers. The fund is governed by its own independent Board that makes all decisions on fund operations including management of the fund’s investments. Two of the Pension Board’s five members are appointed by the Village. Revenues for the pension fund come from employee contributions, investment income, and employer contributions by the Village government. Pension benefits are determined by the state legislature. Since this fund is an independent entity, it is the subject of a separate annual audit. Audits for the last five fiscal years are provided.
• Police Pension Fund Village Contributions: The Village government is responsible for making employer contributions toward police officer pensions. Annually an actuary makes recommendations for the employer contribution. Each year the Village Board determines the contribution based on the actuarial information and other factors. This employer contributions come primarily from property taxes. Provided is a chart showing the last ten years of Village contributions to the Grayslake Police Pension Fund. Information is also provided showing how these contributions compare to the actuary recommendations.
• Treasurer’s Reports: The Village Board must approve all Village expenditures. At each Board meeting the Board reviews reports provided by the Village treasurer detailing revenues and all Village expenditures. These reports provide individual expenditure information including vendors, department making the requested expenditure, budget line item, purpose of expense, and amount. Five years of treasurer’s reports are provided to provide detailed actual expense information.
• Major Taxes and Fees: The Village is a multi-purpose organization. Various taxes and fees attributed to the different purposes support Village activities. Provided is a list of major taxes and fees.
• Staff Salary/Benefits:The Village employs full and part-time staff to conduct Village operations. Information on current fiscal year compensation (as defined by the applicable state statute) for all full-time staff members is provided. In addition, information on other related items is provided including:
  • Current Fiscal Year Position Benefits: This provides cost information on various non-salary benefits provided to Village staff like health insurance, pensions (non-police officer), auto allowances, and tuition reimbursements.
  • Past Position Benefits: Five years of staff benefit information is provided.
  • Hiring Ordinance: The Village has adopted an ordinance regulating the hiring of employees. Among the provisions the ordinance prohibits the hiring of elected officials for five years after the end of their service with the Village and restricts the hiring of relatives of elected officials or relatives of current Village employees. A link to the ordinance is provided on this page.
  • Collective Bargaining Agreements: Village Public Works Department crew members and Village police officers are covered by their own collective bargaining agreements. Links to the current contracts are included on this page.

Village Fiscal Year Budgets

The following links direct you to the Village’s current budget and past fiscal year budgets:

• Budget (FY 2023 / 24) (PDF)
• Budget (FY 2022 / 23) (PDF)
• Budget (FY 2021 / 22) (PDF)
• Budget (FY 2020 / 21) (PDF)
• Budget (FY 2019 / 20) (PDF)

Village Audits

Every year the Village, by law, has to submit its revenue and expenditure transactions that occurred in the prior fiscal year to an independent auditor. The links below represent each fiscal year report for the last five years:

• Financial Audit (FY 2021 / 22) (PDF)
• Financial Audit (FY 2020 / 21) (PDF)
• Financial Audit (FY 2019 / 20) (PDF)
• Financial Audit (FY 2018 / 19) (PDF)
• Financial Audit (FY 2017 / 18) (PDF)

Village Annual Treasurer’s Reports
The Village annually lists its total revenues and expenditures for operating, capital, and enterprise funds. The links below cover five years of reports:

• Annual Treasurer's Report (FY 2021 / 22) (PDF)
• Annual Treasurer's Report (FY 2020 / 21) (PDF)
• Annual Treasurer's Report (FY 2019 / 20) (PDF)
• Annual Treasurer’s Report (FY 2018 / 19) (PDF)
• Annual Treasurer’s Report (FY 2017 / 18) (PDF)

Police Pension Fund Audits
Each year the Grayslake Police Pension Fund submits its financial records to an independent auditor for review. The following documents represent audits of the Grayslake Police Pension Fund for the past five years:

• Police Pension Financial Audit (FY 2021 / 22) (PDF)
• Police Pension Financial Audit (FY 2020 / 21) (PDF)
• Police Pension Financial Audit (FY 2019 / 20) (PDF)
• Police Pension Financial Audit (FY 2018 / 19) (PDF)
• Police Pension Financial Audit (FY 2017 / 18) (PDF)

Police Pension Fund Village Contributions

• Chart: Police Pension Fund Village Contributions (PDF)

Treasurer’s Reports

The following links are the Village’s expenditure and revenue reports detailing individual revenues and each expenditure by the Village as approved by the Village Board at meetings over the last five years:

• Treasurer's Reports (FY 2023 / 24) (PDF)
• Treasurer's Reports (FY 2022 / 23) (PDF)
• Treasurer's Reports (FY 2021 / 22) (PDF)
• Treasurer’s Reports (FY 2020 / 21) (PDF)
• Treasurer’s Reports (FY 2019 / 20) (PDF)

*Note: The Village does not have individual staff, elected or appointed official credit cards and / or purchasing cards.

Major Taxes and Fees

Staff Salary / Benefits

• PA 97-0609 Information

Current Fiscal Year Position Benefits

• Position Benefits (FY 22/23) (PDF)
• IMRF Employer Cost & Participation Information

Past Position Benefits

• Position Benefits (FY 21/22) (PDF)
• Position Benefits (FY 20/21) (PDF)
• Position Benefits (FY 19/20) (PDF)
• Position Benefits (FY 18/19) (PDF)
• Position Benefits (FY 17/18) (PDF)

Hiring Ordinance
The Village Board adopted an ordinance that places certain restrictions on the hiring of Village employees.

• Hiring Ordinance (2011-0-20) (PDF)

Collective Bargaining Agreements The following are agreements between the Village and the Fraternal Order of Police (police officers) and The International Union of Operating Engineers, Local 150, Public Employees Division (Public Works crew members) regarding wages, benefits, and other conditions of employment:

• Police Officers (PDF)
• Public Works Crew Members (PDF)