SAUK VILLAGE | The Village is delinquent in their financial reports for years 2010, 2011 and 2012 according to the Illinois Comptroller Judy Baar Topinka's office.
In a Freedom of Information Act request completed by Topinka's office, the Village has been notified that it is racking up a penalty of $3,000 per month for not filing their reports.
The Village's financial reports were due October 31, 2010, October 31, 2011 and October 31, 2012 according to the information obtained through the request.
As of today, the Village's penalties total $12,850 and increase at a rate of $3,000 per month or $100 for each day the reports are not filed. Additionally, the village recently changed its fiscal year back to ending April 30th, so another report and audit must be done for that 6 month period according to Topinka's office.
In an email dated August 22, 2012, the Village reveals that the 2010-2011 Audit would be completed by "11/30/2012". As of this report, The 2010 - 2012 audit is still not completed and has not been submitted to the Comptroller's office. The Village is also delinquent on its reportings for the Tax Increment Financing (T.I.F.) District reports according to the FOIA request information provided by the Comptroller's office. Lack of financials have a negative impact on economic development as potential developers do not have exact financial data to make multi-million dollar decisions.
Mary Thompson, of Kane McKenna serving as the Village's bond consultant, said that the LogisiCenter T.I.F. #3 has plenty of revenue reserves for debt services, this was required at the time the bonds were underwritten Thompson said.
llinois recently began issuing fines and penalties to municipalites in an effort to encourage them to comply with reporting requirements.
Village Finance Director Mohan Rao reported at Tuesday's Village Board meeting that the Audit will be completed and presented to the village board at next Tuesday's meeting.
The Village lost its bond rating in 2011 following Standard and Poors downgrade claiming the village was not filing timely financial reports.
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