JOLIET – The final numbers for 2016 will show a budget deficit of at least $2 million for the city of Joliet, officials said.
In past years, Joliet has budgeted deficits only to find out, by the time all the money for the year was counted, that the deficit was erased by late arriving revenues.
The money is still being counted, but enough of 2016 revenues and expenditures have been totaled to get a pretty good grasp of the year-end balance, Finance Director James Ghedotte said. It will be a negative balance.
“We’re pretty much certain it will be $2 million to $2.5 million,” Ghedotte said.
Joliet City Councilman Michael Turk, head of the Finance Committee, noted at the City Council meeting Tuesday that the deficit still is “a lot better than anticipated.”
The city had budgeted for a $7 million deficit.
The $2 million-plus deficit basically will be taken out of reserves, which stood at $56.6 million at the start of 2016.
The actual balance is not counted at the end of the year because revenues and expenses that are accounted for in 2016 stretch into the next year.
Ghedotte noted that the city’s December share of state income taxes did not arrived until February. Many invoices from expenses accrued in 2016 also do not arrive until the early months of 2017.
The city is now going through its annual audit, and only when that is done will the exact balance from the 2016 fiscal year be known. Ghedotte said that will be about a month.