Huntley financial future looking rosy

Huntley has been able to steer through changes in the local economy with long-term planning and conservative financial practices, according to the latest audit of the village's finances.

The fiscal year 2006 audit, which Huntley's auditor presented to the village board last week, shows the village prepared to deal with a slowdown in the housing market, Huntley's chief source of revenue last year.

"It was a good year for Huntley," village Finance Director Jennifer Chernak said. "We're in a sound financial position. ... That is due to the way we budget conservatively but realistically."

Huntley received an unqualified opinion on the 2006 audit, meaning its financial reporting practices were sound. The village has received an unqualified opinion for the past several years.

Although building permit fees were the village's largest source of cash in 2006, growth in this revenue source slowed, with a 25-percent drop in revenue from single-family home permits, the audit shows.

To weather this change, the village since 2003 has maintained a policy of using one-time revenue like building fees only for one-time expenses like building roads and wells.

"(Huntley's) doing a very good job of not living off one-time revenue streams," said Fred Lantz, an auditor with the village's auditing firm, Sikich Gardner and Co.

The one-time revenue policy means the village funds its day-to-day operations with more reliable revenue sources like property taxes.

As the housing market has slowed, the commercial sector has picked up in Huntley. Sales tax revenue increased by $200,000 last year and is set to grow even more next year when The Home Depot and Wal-Mart open their doors.

Overall, Huntley's revenue growth has kept pace with the added cost of serving a larger population.

"As we've grown, the revenues have grown. On the flip side, our expenditures have grown," Chernak said.