Kevin Wachtel
Finance Director
The Department of Finance is the fiscal collection and control agency of the village. It safeguards assets through adherence to sound financial management practices and procedures. It also provides the public, Village Board and staff with the financial analysis needed to develop appropriate policies. The department establishes and maintains effective accounting and internal control systems and continually enhances the village's financial management and reporting systems. Primary functions include budget preparation, audit oversight, investment of cash, collection of revenues, analysis of expenditures, purchasing, accounts payable, payroll, water billing, contract administration and risk management.
Financial Documents
Comprehensive Annual Financial Report (CAFR)
The CAFR details the results of the village's most recent year end audit.
Budget
The budget displays the revenue and expenditures expected for the year overall and by department, along with prior year actual information.
Popular Annual Financial Report (PAFR)
The PAFR provides a simplified presentation of the Village's financial activities and position in a transparent and easily understood format.
Capital Plan
The village's capital plan identifies planned capital improvements for a 10-year period and applicable funding sources for the current budget year. The projects planned for the 2017 fiscal year are reflected in the capital improvements section of the village's annual budget.
Budget in Brief
View 2021 Budget in Brief.
Awards
Achievement for Financial Reporting Excellence
The Village of Orland Park Finance Department has been the recipient of the Government Finance Officers Association of the United States and Canada (GFOA) Certificate of Achievement for Excellence in Financial Reporting for more than 20 consecutive years. To receive this prestigious award, the Village must publish an easily readable and efficiently organized Comprehensive Annual Financial Report (CAFR). This report must satisfy both generally accepted accounting principles and applicable legal requirements.
Distinguished Budget Presentation Award
In addition, the Finance Department has the recipient of the GFOA Distinguished Budget Presentation Award more than 10 years. In order to qualify for this award, the village's budget document must meet the requirements of serving as a financial policy document, operations guide and communication device.
Financial Stability and Health - Bond Ratings
The village continues to receive exceptional bond ratings from each of its rating agencies. During its most recent bond issuance, the village received an AA+ rating from Standard & Poor's and Aa1 rating from Moody's.
Fund Balance Policies
The village board has approved fund balance policies for its funds. These fund balance policies are key factors in determining funds available for operating and capital expenditures. Reserve policies are set to provide adequate protection for the future.
Revenue Sources
The Village's largest revenue source originates from the 1% sales tax. In addition to sales, property and income tax revenue, the Village utilizes its Home Rule status to assess a home rule sales tax. Even through the Village enjoys Home Rule status, there are many untapped taxes utilized by other municipalities that the village has not imposed due to its financial stability. They include: real estate transfer tax, restaurant food & beverage tax, amusement tax, off track betting tax, packaged liquor tax, and foreign fire insurance tax, to name a few.