Statement of Cash Flows

FACTORS AFFECTING FINANCIAL CONDITION

The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the Village operates.

Local Economy. The lasting effects of the Great Recession and our loss of 665 residences and 110 businesses resulting from the O’Hare Modernization Program continue to have an impact on the Village’s available revenue streams. However, after deploying the majority of the City of Chicago O’Hare financial settlement to repair our balance sheet, the financial health of the Village has improved and we are now focusing on building the future for Bensenville.

In addition to direct actions taken by the Village, the local economy of the Village has proved to be resilient and able to weather the downturn. The Village’s prime location positions it to take advantage of new $8.5 billion O’Hare 21 renovation which will ultimately add gates and efficiencies to the terminals ensuring the long term vitality of the airport. Additionally, the Illinois Tollway is currently constructing the $3.4 billion I-390 and I-490 roadway projects that run directly through Bensenville. These significant roadway projects are funded and projected to be completed in 2026. By the time it is completed, I-390 and I-490 will create 41,000 permanent new jobs in the O’Hare submarket. With literally billions of dollars being spent at our borders, Bensenville is well positioned to benefit in the long run economically.

In 2021, the local business environment rebounded well on the heels of the pandemic, leading to an increase of tax revenues at or exceeding pre-pandemic levels. Unemployment decreased during the year to low levels (i.e., 2.8 percent for DuPage County); however, finding new employees remained difficult due to a reduction in persons wanting employment once quarantine restrictions were lifted, and increased pressure to offer higher wages for the same jobs. This was particularly true for the Police and Public Works departments that carried unfilled positions throughout the year. Additionally, inflation exceeded 5% for the year and supply chains experienced problems through the end of 2021.

Within this economic and regulatory landscape, the Village is committed to responding to challenges presented in the community, minimizing pandemic impacts to local businesses, and maintaining its public infrastructure in order to stay a healthy, vibrant community. The Village’s 2022 budget represents a return to full functionality as well as continues the dedication of significant dollars to capital improvements, while protecting reserves to ensure a viable future and protect against future emergencies.