Budget & Financial Reports
Annual Operating Budget
The City’s Annual Budget provides the spending authority for all City departments for the given fiscal year, which begins May 1 and concludes April 30. The budget also outlines the various services and programs that will be provided to City residents.
Comprehensive Annual Financial Report (Audit)
The City of Wheaton publishes a Comprehensive Annual Financial Report (CAFR) for each year ending April 30. The past five years of reports are posted as a historical reference. Note: The information in these reports has not been updated for developments after the independent auditor’s report.
In conjunction with the annual audit of the City of Wheaton's financial statements, the auditors are responsible for communicating certain matters with those charged with governance and management. This required communication is published in a separate report.
Five-Year Financial Forecast
The Five-Year Financial Forecast for fiscal years 2016 through 2020 provides an estimate of the financial condition of the City for the next five years, based on a number of assumptions. The forecast is a planning tool to evaluate the City's ability to meet short-term and long-term financial obligations, identify areas of concern, and to initiate discussions on strategies to ensure the long-term fiscal health of the City. The document allows the City Council, City Manager and staff to discuss and focus on long term planning issues and goals, and identify future funding to achieve those goals. Long-term planning provides the opportunity to adjust and refocus the prioritization of established goals and objectives. Issues regarding service levels for operations, capital improvements and community needs are identified and reviewed. The review of the forecast prior to the development of the annual budget allows for trends in revenues and expenditures to be discussed with the City Council. Any adjustments in funding or service levels may then be considered before and during the annual budget process.
Annual TIF Reports
The City utilizes Tax Increment Financing (TIF) Districts where appropriate to spur development in certain qualifying areas as defined in State Statutes. Each year the City must file an annual report with the Illinois State Comptroller’s office.
Financial Reporting Awards
- Comprehensive Annual Financial Report
For the 33nd consecutive year, the Finance Department received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officer’s Association (GFOA) for its comprehensive annual financial report for the 2014-15 fiscal year. The award recognizes that Wheaton published an easily readable and efficiently organized comprehensive annual financial report.
- Annual Budget
For the 15th consecutive year, the City received the Distinguished Budget Award from the GFOA for the City’s FY 2016-17 Annual Budget. To receive this award, a government unit must publish a budget document that meets program criteria as a policy document, operations guide, financial plan and communications device to the City’s residents.