City of Sycamore changes fiscal year set to go into effect in 2024

SYCAMORE – The city of Sycamore will initiate a new fiscal calendar, meant to go into effect in 2024 that will allow the city to align its budgetary spending with the calendar year.

Sycamore City Council voted to adjust the city’s fiscal year to align with the calendar year in an unanimous 6-0 vote during the a recent council meeting.

Before the vote, Sycamore’s fiscal year rans from May 1 through April 30. Sycamore’s current fiscal year will end on April 30, 2023 and be followed by an eight month period from May 1, 2023 until Dec. 31, 2023. On Jan. 1, 2024 Sycamore’s fiscal year will coincide with the start of the new year calendar year.

City Manager Michael Hall said he’d been prompted by Ward 1 Alderman Josh Huseman to look into whether changing the city’s fiscal year would present municipal audit challenges.

“Again there wasn’t any issues as far as that goes. There will be a typing, or not typing, but a formatting issue issue because it’s only eight months instead of 12,” Hall said. “Other than that it’ll be exactly the same moving forward as far as audit goes. The same amount of audits and everything, just going from a short eight month and then moving back to the 12 month that we’re normally glued to.”

Huseman said he checked with other local governments that have moved their fiscal year to coincide with the calendar year before he voted on the measure Dec. 19..

“I had asked a handful of questions on it but more just to make sure we do, did our due diligence,” Huseman said.

Council members including Mayor Steve Braser have said the new fiscal calendar will allow for more time for newly-elected officials to learn the ropes before voting on city budgets.

“You know, newly elected officials now will be able to have several months under their belt to understand the budget before they vote on the new year,” Huseman said.

Ward 4 Alderman David Stouffer voted in favor of the measure and said he likes that it brings the city’s finances onto the same calendar based cycle most people are used to.

“So when we’re looking at setting tax levies and looking at the budgets for the upcoming year, and preparing all those documents, I think this will be a nice little, a nice little change for us, and I don’t really see it having a negative affect one way or the other,” Stouffer said.