Audit shows sales tax on rise in New Lenox
By Erin Gallagher Correspondent October 29, 2012 12:22PM
Updated: December 1, 2012 6:17AM
Revenues are up in New Lenox largely due to increases in sales taxes, the village’s auditor reported.
This year, revenues are $19 million, compared to $17 million last year. The increase in sales tax amounts to $2.1 million. Also, a new utility tax revenue stream added $800,000.
“It was a good year, increases in revenues and decreases in expenditures,” Tara Leja of McGladrey & Pullen told the village board.
Leja presented the village board with the firm’s audit of the 2012 financial reports. The fiscal year ended April 30.
The village’s total assets, not including police pensions, are $317 million. Of that, $19.8 million is liquid, and the remaining is capital assets, such as buildings. The liabilities are $51.1 million, Leja said.
The largest fund is the general fund, which has $7.4 million this year, compared to $3.5 million last year.
The auditor also complimented the village’s staff. She said there were no audit adjustments.
“That is a key testament to management that we don’t have to come in and clean up the books when we get here,” she added.