The finance commission is the body that finally sends the recommendation to the board to pass the next fiscal year’s budget. The board members are the ones who again scrutinize the budget and ask questions before the vote of passage. The budget is originally formulated by the general manager. It is then discussed in detail with the board treasurer and the finance commission members who make suggestions and question anything they are curious about in the numbers.
Let’s talk a little about specifics now. Our G.M. has been writing budgets for many years, not only here but in other associations. He is highly thought of by his peers and has been elected vice-president of IALC, the Illinois Association of Lake Communities with 19 member communities.
The finance commission includes our accounting manager as staff liaison, the board treasurer, who is well versed in our finances, and others who have backgrounds in successful business ownership and/or accounting. These are the people who are going through the numbers not only at budget time but also in monthly meetings.
Contrary to the statements of the naysayers, your interests are being protected by individuals who have the knowledge to understand your community’s finances.