Finance Office
The Finance Office manages village finances, accounts payable, treasury functions, and financial reporting.
About the Finance Office
The Finance Department maintains the responsible use, investment, and security of Village funds. In this manner, they prepare the annual budget and tax levy, work with external auditors to prepare a Comprehensive Annual Financial Report.
On a day-to-day basis, functions include: Utility Billing, Vehicle Stickers, and General Services.
Services
- Vehicle Stickers
- Utility Billing & Payments
- Tax Levy Preparation
- Annual Budget Development
- Financial Reporting & Audits
Tax Increment Financing (TIF)
What is TIF?
"TIF" stands for Tax Increment Financing. TIF is a financial tool used to assist a municipality in the redevelopment of a specific area that is blighted or showing signs of decline. It allows the Village to capture the increase in property tax revenue (the "increment") generated by new development and reinvest it in the TIF district.
Benefits of TIF Districts
- No tax increases required — Properties are assessed and taxed the same way as in non-TIF areas
- Increases property values — Redevelopment projects broaden the tax base and benefit all taxpayers
- Induces private investment — TIF funds can offset relocation costs, development costs, and infrastructure improvements
- Creates jobs — Increased development means greater demand for workforce
- Local control — Municipal officials determine the best use of TIF funds, not state or federal government
Westchester TIF Districts
Cermak Road & Oxford Street TIF District
Commercial corridor redevelopment area
Roosevelt Road TIF District
Major corridor economic development zone
Eligible TIF Expenditures
Illinois State Statute only allows TIF revenues to be used for certain kinds of expenditures:
- Infrastructure improvements
- Land acquisition
- Site preparation
- Relocation costs
Learn more at Illinois Tax Increment Association →
Pension Reporting
The Village of Westchester participates in the Illinois Municipal Retirement Fund (IMRF) for general employees and maintains separate pension funds for sworn Police and Fire personnel.
Actuarial Reports
The Village publishes annual actuarial reports for Police and Fire pension funds to ensure transparency in pension funding.
Police Pension Fund
Annual actuarial valuation for sworn police personnel retirement benefits
Fire Pension Fund
Annual actuarial valuation for sworn fire personnel retirement benefits
Contact
Finance Office
Westchester Village Hall
10300 W Roosevelt Rd
Westchester, IL 60154
Phone: 708-345-0020
Fax: 708-345-2873
Hours of Operation
Monday – Friday: 8:00 AM – 4:30 PM
