Financial Budget & Reports

The Village of Ashmore's Annual Budget outlines both income and expenditures that are expected to be received and paid over the coming year. When the income is higher than expenses, the Village would anticipate a surplus. When the expenses are higher than income, then the Village must plan a way to finance the extra expenses to avoid a deficit.

This budget helps the Administration to plan for the upcoming year and manage cash flow effectively & responsibly.

Annual Appropriations

While the "Budget" includes both revenues and expenses, the funds that are set aside (or "appropriated") to expenses are called "Appropriations."

The Total Appropriations for FY 2024 is $770,845, which is broken down as follows:

• General Fund: $406,182
• Water Fund: $307,576
• Recreation Fund (Parks): $16,500
• Street & Bidge Fund: $5,694
• Public Benefit Fund (Community Center): $11,893
• Motor Fuel Tax Fund: $23,000

Timeline of the Annual Budget

Fiscal Year

Ashmore's Fiscal Year begins on May 1, and it ends on April 30 the following year. A fiscal year that ends in 2025 is considered FY2025.

By the time a new Fiscal Year begins, the Treasurer and Finance Committee have already been hard at work for several weeks lining out a budget.

Appropriations Ordinance

Ashmore's Appropriations for the coming Fiscal Year must be approved by ordinance before the end of July, which is the end of the first quarter in the new Fiscal Year. 

The current year's Appropriations Ordinance is available at the bottom of this page.

Tax Levy Ordinance

Typically around August, the Village learns how much of the State's taxes are being allocated, or "levied," to the municipality. At that point, another ordinance is passed in September to accept these tax revenues from the State and to adjust the Village Budget accordingly.

The current Tax Levy Ordinance is available at the bottom of this page.

Treasurer's Reports

Each month, the Treasurer presents the Board with a report showing how much money has been earned (Revenues), how much has been spent (Expenses), and how much money remains in each fund (Balance Sheet). The Treasurer also compares the actual revenues & expenses with the budget to make sure the Village is being responsible with its finances.

Occasionally, the Board may choose to re-allocate funds in order to cover all expenses responsibly. Any changes to the Appropriations must be approved by ordinance.

The most recent Treasurer's Reports are available at the bottom of this page as well as any changes to the budget (if any ordinances were passed during the year).

Annual Audit

After the Fiscal Year ends on April 30, the Village hires an outside team of accountants to audit all financial records and provide a report disclosing their findings. For over 25 years, Ashmore has worked with the dilligent experts at Gilbert, Metzger, & Madigan, LLP.

The most recent Audit Reports and Financial Statments are available at the bottom of this page.

Annual Treasurer's Report

In addition to the monthly Treasurer's Reports for the Board, the Treasurer also prepares an Annual Treasurer's Report for the public. The Treasurer uses the auditor's findings to create this report, which must be published a newspaper before the end of October.