14700 S. Ravinia Avenue
Monday - Friday: 8 a.m. - 5 p.m.
1st and 3rd Monday of the month:
8 a.m. - 7 p.m.
The Finance Department is the fiscal collection and control agency of the Village. It safeguards assets through adherence to sound financial management practices and procedures. It also provides the public, Village Board and staff with the financial analysis needed to develop appropriate policies. The department establishes and maintains effective accounting and internal control systems and continually enhances the Village's financial management and reporting systems. Primary functions include budget preparation, audit oversight, investment of cash, collection of revenues, analysis of expenditures, purchasing, accounts payable, payroll, utility billing and contract administration.
Audited Financial Statements
The Audited Financial Statement is a financial report containing introductory, financial and statistical information, as well as the independent auditor's report, prepared at the conclusion of the Village's annual audit.
Popular Annual Financial Report (PAFR)
The PAFR is a financial report that is specifically designed to provide the community with a simplified presentation of the Village's financial activities and position in a transparent and easily understood format.
Achievement for Financial Reporting Excellence
The Village of Orland Park Finance Department has been the recipient of the Government Finance Officers Association of the United States and Canada (GFOA) Certificate of Achievement for Excellence in Financial Reporting for more than 20 consecutive years. To receive this prestigious award, the Village must publish an easily readable and efficiently organized Comprehensive Annual Financial Report (CAFR). This report must satisfy both generally accepted accounting principles and applicable legal requirements.
Distinguished Budget Presentation Award
In addition, the Finance Department has the recipient of the GFOA Distinguished Budget Presentation Award more than 10 years. In order to qualify for this award, the village's budget document must meet the requirements of serving as a financial policy document, operations guide and communication device.
Financial Stability and Health - Bond Ratings
The village continues to receive exceptional bond ratings from each of its rating agencies. During its most recent bond issuance, the village received an AA+ rating from Standard & Poor's.
The Village board has approved fund balance policies for its funds. These fund balance policies are key factors in determining funds available for operating and capital expenditures. Reserve policies are set to provide adequate protection for the future.
Capital Assets Policies
The Village’s capital assets policies are meant to ensure compliance with various accounting and financial reporting standards including generally accepted accounting principles (GAAP), Governmental Accounting, Auditing and Financial Reporting (GAAFR) and the Governmental Accounting Standards Board (GASB), as well as to meet any applicable state or federal regulatory and reporting requirements related to property. In addition, these policies are meant to reflect the requirements set forth in Statement No. 34 of the Governmental Accounting Standard Board, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments.
Revenue & Expenditure Policies
The Village strives to maintain a diversified and stable revenue base to reduce the impacts of fluctuations of any one revenue source. The Village’s revenue mix combines elastic and inelastic revenue sources to minimize the effects of an economic downturn.
Budgeting, Accounting, Auditing & Reporting Policies
The Village’s accounting records for general government operations are maintained on the modified accrual basis of accounting, with revenues recorded when measurable and available and expenditures recorded when the services of goods are received and liabilities incurred. The Village will establish and maintain a high standard of accounting practices in conformance with Generally Accepted Accounting Principles (GAAP) for governmental entities as promulgated by the Governmental Accounting Standards Board (GASB). The Village will promote full disclosure in its CAFR and its bond presentations. The Village will comply with all financial reporting requirements, including all annual reports to be filed with the State of Illinois and all annual debt disclosures filed with respective agencies.
Capital Budget Policies
The Village will develop a multi-year plan for enterprise fund capital improvements as well as general infrastructure improvements updated annually through the budget process and will attempt to budget all capital improvements in accordance with the plan. The Village will utilize its existing revenue sources to fund these capital improvements. Long-term debt borrowing for specific projects will be considered only if existing revenue sources are not available.
The Debt Management Policy sets forth comprehensive guidelines for the financing of capital projects and infrastructure.
Post Issuance Compliance Policy For Tax Exempt Governmental Bonds
The Village issues tax-exempt governmental bonds to finance capital improvements. This policy has been approved and adopted by the Village to ensure that the Village complies with its post-issuance compliance obligations under applicable provisions of the Code and Treasury Regulations.
The policy applies to the investment of all funds of the Village, with the exception of restricted or special funds or investments held by the Orland Park Police Pension Fund and the Village Library Fund as these funds are subject to the order of the Board of Trustees of each respective fund.
It is the policy of the Village to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the Village and conforming to all state and local statutes governing the investment of public funds.
The budget displays the revenue and expenditures expected for the year overall and by department, along with prior year actual information.
Budget in Brief
View 2021 Budget in Brief.
The village's capital plan identifies planned capital improvements for a 10-year period and applicable funding sources for the current budget year. The projects planned for the 2017 fiscal year are reflected in the capital improvements section of the village's annual budget.
The village's largest revenue source originates from the 1% sales tax. In addition to sales, property and income tax revenue, the village utilized its Home Rule status to assess a .75% home rule sales tax. Even through the village enjoys Home Rule status, there are many untapped taxes utilized by other municipalities that the village has not imposed due to its financial stability. They include: real estate transfer tax, restaurant food & beverage tax, amusement tax, off track betting tax, packaged liquor tax, and foreign fire insurance tax, to name a few.