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Minutes of the Regular Meeting of Council <br />Monday, July 24, 2023 <br />Page 7 <br />• Motion to acknowledge receipt of financial reports for June 2023 and to approve of <br />same as submitted. (Finance Department) <br />Mr. Murphy, seconded by Mr. Williams, made a motion to acknowledge receipt of financial <br />reports for June 2023 and to approve of same as submitted. (Finance Department) <br />Council President Schutt asked, discussion? <br />Mr. Wynne reported, I provided Council with the mid -year report of Actual vs. Budget <br />Comparison for the General Fund and all funds combined (a copy of which is attached to these <br />Minutes). The Financial Reports are posted on the Village's website. The actual numbers are <br />through June 301h <br />Actual municipal income tax receipts, budgeted at $9.1 million for the year, amounted to $5.7 <br />million at June 301h. We receive a larger influx of tax dollars during the first half of the year due <br />to employer bonus payments to employees. Collections for the second half of the year will <br />approximate $600,000 to $800,000 per month without knowing what will be happening with the <br />2020 refunds. <br />We are back to the pre -pandemic level on collections for the hotel tax revenue and racquet club <br />franchise fees. The TIF money will be received by the end of the year amounting to <br />approximately $1 million. <br />Investment earnings were up due to the Feds increasing interest rates. I budgeted $770,100 for <br />the year. As of June 30th, collections were at $1,005,000. This will hold steady if interest rates <br />don't decrease. With regard to the capital outlay, $6.5 million was budgeted and $890,000 spent. <br />We will have additional expenditures through the end of the year of $3.2 million, with $2 million <br />in projects pushed into 2024. <br />Budgeted for transfers was $1,674,900. To date there have been no transfers made. So, <br />everything should be going along nicely for the next six months excluding the uncertainty of the <br />2020 income tax refunds. <br />Council President Schutt asked, are there any questions? <br />There were none. <br />ROLL CALL: AYES: All Motion Carries <br />NAYS: None Financial Reports for <br />June Acknowledged <br />And Approved as Submitted <br />