Finance Department

Departments

Finance Director: Letitia Olmsted
708-615-6208 Direct
lolmsted@forestpark.net

The finance director shall exercise a general supervision over all the officers of the village, with the exception of the village administrator, charged in any manner with the receipt, collection or disbursement of the municipal revenue, or with the collection and return of the municipal revenue, or collection and return of the municipal revenue into the village treasury.

The Village’s fiscal year begins on May 1st and ends on April 30th. Listed below are links to various reports produced by the Finance Department:

Appropriation Ordinance:
Per Illinois Municipal Code (65 ILCS 5/8-2-9), the corporate authorities of municipalities with a population of less than 500,000 shall pass the annual appropriation ordinance within the first quarter of the fiscal year. The Appropriation Ordinance establishes the legal spending limits, however the annual line-item budget is the working document for all financial activities.

Annual Financial Report:
The Village’s audited financial position and activity is presented in conformance with generally accepted accounting principles and is an independent report.

Budget Summaries:
The Village of Forest Park produces an annual line-item budget by department and fund.

Tax Increment Financing (TIF) Annual Reports:
Annual reports of the redevelopment project area(s) pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-3) and or Industrial Jobs Recovery Law (65 ILCS 5/11-74.6-10).

FY 2023

FY 2022

FY 2021

FY 2020

Tax Levy:
The tax levy is filed in December and rates are finalized by the Cook County Clerk generally in June of the following year. Annual new revenue is limited to Consumer Price Index or 5.0%, whichever is less as a Non-Home Rule municipality.

Total Compensation Reports:
In accordance with Illinois Public Act 97-609, the Village has made available an itemized compensation report.

Treasurer Reports:
The Treasurer Report shows the monies received and expenses incurred during the preceding fiscal year.

Vendor Transparency

Pursuant to Public Act 102-0265, the Village of Forest Park is required to make a good faith effort to collect and electronically publish data from all vendors and subcontractors doing business with the Village. The published data must include:

Whether the vendor or subcontractor is minority-owned, woman-owned or veteran-owned as defined in the Business Enterprise for Minorities, Women and Persons with Disabilities Act.
Whether the vendor or subcontractor holds any certifications for those categories or, if they are self-certifying ,and whether the vendor or subcontractor qualifies as a small business under U.S. Small Business Administration (SBA) standards https://www.sba.gov/federal-contracting/contracting-guide/basic-requirements

By completing the form, vendors certify the information supplied is complete and correct to the best of their knowledge.

Forest Park Vendor Reporting List as of 01/23/2024

Minority Vendor Reporting Form

IMRF-Employee Cost and Participation Information:
In 2019, the Illinois General Assembly passed Public Act 101-0504. The law requires IMRF to post certain employer cost and participation information on its website.

IMRF will update these reports annually. Please click HERE for more information.

Community Resources

Departments