Promoting Long-Term Financial Strength and Transparency

The Finance Department manages all Village financial operations, including accounting, payroll, treasury and debt management, vendor payments, revenue collection, financial reporting and financial planning under the supervision of the Finance Director. As an employee of the Village, the Finance Director is supported by professional staff provided through a financial services contractual agreement with Lauterbach & Amen, LLP.

The department coordinates and leads the annual budget process and prepares the annual budget on a basis consistent with generally accepted accounting principles. An annual audit is performed on the Village finances by an independent external auditor retained by the Village Board. Once the annual audit is complete, the Auditor's Opinion is included in the Annual Comprehensive Financial Report (ACFR). In addition, the Finance Department produces various financial reports regarding the status of the Village's finances to the Village Board and staff. These reports are available via the Financial Documents link.

Proper financial reporting is necessary to maintain high credit quality. The Village's current general obligation bonds are rates Aaa by Moody's Investor Service and AAA by Standard and Poor's Global Ratings.

IMRF Employer

Persuant to Illinois Public Act 101-0504, financial information related to the Village's pension cost and participation in the Illinois Municipal Retirement Fund is available through the IMRF.

Sales Taxes

Sales taxes continue to be a significant Village revenue source, funding Village services and long-term infrastructure needs. For general merchandise purchased in Vernon Hill, the applicable sales tax rate is 7.25%. For other tax rates applicable in Vernon Hills or any other Illinois municipality, access the Illinois Tax Rate Finder. Note that the Village of Vernon Hills does not collect a property tax.