Northbrook's Administration and Finance Committee met for their quarterly budget meeting on Tuesday, and staff reported the final results for Fiscal Year 2012/13 ended on April 30, 2013, General Fund revenues were $629,930 over budget and expenses were $944,000 under budget.
This produced a General Fund surplus of nearly $1.6 million and General Fund reserves equal to 46% of revenues.
After reporting on the first quarter of the current fiscal year, the village estimates revenues will be over budget by $301,685.
Building permit activity and revenue continues to be strong. Through the first quarter, the village has already realized 53 percent of its anticipated permit revenue for the fiscal year. They have now raised their permit revenue projection for the fiscal year by $400,000.
Expenses are expected to remain $186,115 under budget due to an assessment that the budgeted replacement of the Public Works Center roof was not needed at this time.
The next quarterly budget review will be held in late November.
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