The Village of Schaumburg strives to provide up to date and detailed financial information. This can be difficult given the complex nature of village operations and accounting requirements. If you are interested in a specific aspect of your local government and its finances the best thing to do is contact us directly. However, we also are interested in providing you an over view of the village's finances here to help you understand the fiscal condition of the village.
Annual Financial Statements
An audited Comprehensive Annual Financial Report (CAFR) is issued each fiscal year. The village's fiscal year runs May 1 through April 30. Typically the CAFR is published in September following the close of the fiscal year. Residents who have questions pertaining to the CAFR can contact the Director of Finance at 847.923.4530 or by email.
The village's hotel and convention center funds are operated on a calendar-year basis. The audited financial statements of the hotel and convention center funds can be found in the CAFR issued the following year.
TIF Annual Reports
The Village of Schaumburg has created two tax increment financing districts to fund redevelopment efforts. The Olde Schaumburg Centre Tax Increment Financing District was created in 1989, and is in the general area of Schaumburg and Roselle Roads. The STAR Line /T.O.D. Tax Increment Financing District was created in 2009, and is located North of Interstate 90 and East of Meacham Road.
The village is required to file an Annual Tax Increment Finance Report with the State Comptroller. The report summarizes the redevelopment efforts put forth during the year, and provides important financial information. TIF reports are due out each year by October 31st.
Olde Schaumburg TIF Annual Reports
STAR Line/T.O.D. TIF Annual Reports
The Treasurer's Report is required by law to be published once a year in a newspaper of local circulation. The report summarizes financial condition and revenues, and lists expenditures made by the village for services, commodities, wages, equipment, and supplies during the fiscal year. It is a snap shot in time and caution should be used when trying to compare year to year. Often expenditures do not fall neatly and evenly into fiscal years. Often times retirement payouts required by law of accumulated vacation or sick time inflate gross wage numbers. A more sophisticated and informed review of the detail the report is based on is required to make meaningful comparisons. If you have questions we will be happy to answer them. You can contact us via email or call the Director of Finance at 847.923.4530.