Money, Money, Money: Trustees Give Go-Ahead to Fiscal Policies Manual

At times, village officials' crucial decisions are all about the money.

And those on the Board of Trustees said this week that they want those choices—most often made on behalf of residents—to be the right ones. The group unanimously approved adopting a fiscal policies manual Tuesday at its regular meeting.

The guidelines are not only meant to help maintain financial integrity, but honor a suggestion from Standard & Poor's, the village's bond rating agency, according to board documents.

“It’s important for us to have this all in one place,” Mayor Ed Zabrocki said, of compiling the guidelines.

The manual includes village ordinances that relate to financial decisions—such as setting a tax levy—as well as information on maintaining reserves in the village's many funds.

If the board ever wants to stray from the rules in the manual, it must approve a motion by a super, two-thirds majority, according to board documents.

The resolution adopting the manual states that its policies go into effect upon approval.

" … The village board desires to establish certain additional fiscal policies to provide guidance to the (board) and administrative staff and aid them in financial and fiscal discussions and decisions," the resolution said. " … (The board) wishes to collect and track these fiscal policies in a centralized vehicle."

The manual will not only create a standard for the current board, but future ones as well, stressed David Seaman, a board trustee and chair of the board's finance and economic development committee.

"The purpose of this document is to not only keep ourselves as the stewards of the village's and the taxpayers' money, but also to make our citizens aware of the kind of standards that we hold ourselves to," he said.

Officials began compiling the document months ago, said Village Clerk Pat Rea, who applauded the work of all involved.

"The dignity of what the finance committee did with the staff is remarkable here," he said, adding that it only contributes to the board's quest to ensure transparency.

Representatives at Standard & Poor's initially presented the idea because they said it could favorably affect the village's already high AA+ bond rating, trustees said.

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