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BRADLEY — Financial resources are most definitely not an issue for Bradley.
While the village has been touting their fiscal success by sharp increases in investment within the parks, streets, alleys and pension accounts, the figures were clearly displayed earlier this week.
A report from accounting firm of Lauterbach & Amen, of Naperville, the village, at the close of the Fiscal Year 2024, ending April 30, 2024, had an unassigned fund balance of $17 million.
This lofty reserve figure means the village has nearly a full year of operating money — about $18.7 million — on hand, an increase of $1.4 million.
And as village property owners are already aware, the village collects its portion of annual property taxes in June and September, and returns those monies to the tax-paying property owners later in the year through its property tax rebate program.
For the past three years, the village has returned about $2 million annually to property owners who fill out the rebate paperwork.
But the village said investing money is the clear goal.
“We want to spend this reserve down,” said Bradley finance director Rob Romo. “We want this money put back into the community.”
“We want people to know we are investing for quality of life,” said Mayor Mike Watson.
Revenues in FY 2024 came in at $22.6 million, which was a decrease of $91,217, or 0.4% lower than FY 2023.
The report noted that revenue decrease was largely attributed to a $937,229 drop in ambulance service fees collected during the year.
The village’s state sales taxes rose just over 4%, an increase of $535,339, and grants funding increased by a significant margin, $794,313.
Bradley is largely the hub of Kankakee County retail, and plans are moving forward to construct a 2-acre indoor water park, beginning in 2026. The goal is to have the nearly $80-million park open at the Northfield Square mall site as early as late 2027.
The village is also investing more than $45 million into the Bradley Sports Complex, a 12-baseball diamond complex along St. George Road. The facility is targeted to bring in dollars from outside the community to further bolster the region’s economy.
POLICE, FIRE EXPENSES
In addition to the property tax rebate, outgoing money increased due to the higher cost for public safety.
Fire department expenses also increased significantly, as the department continues to add to its full-time force and the operation of a second fire station just east of the Northfield Square mall property.
The village, Romo said, also spent a significant amount of money on park upgrades, to the tune of about $5 million, and invested another $3 million into upgrading roads and alleys.
Watson and Romo said the village is not interested in simply stockpiling money. They noted these funds come from taxpayers, and the goal is to invest within the village to increase the village and make it more attractive to residents and business — with the goal of adding to both.
Specifically, Romo said two consumers of village funds, the police and fire pensions, are in excellent condition.
Romo said the police pension, which had been at just under 59% full funding as recently as April 30, 2020, now resides at 85.2%.
The police pension funding had been as high as 98% on April 30, 2021, but the tragic event related to the death of one police officer and another being permanently disabled, resulted in large amount of money being paid.
The fund dipped to an 80% funding level as of April 30, 2023. The fund is now at an 85.2% funding level — a lofty level.
The firefighter’s pension account is performing extremely well, Romo said.
In fact, the pension is overfunded. The fund is at a 138% funding level.
Asked if the village would decrease funding to the account, Romo said that would not be likely. He said the department, now at 11 full-time members, is seeking to add to those ranks so as they do, pension obligations will rise.