Finance Department

The Finance Department works to ensure that invoices for services rendered to the Village are paid in a timely manner. Upon receipt of an invoice, the Finance Department confirms with the appropriate department that the service or product has been claimed and seeks authorization from that department for payment. Payments typically are processed weekly, and mailed on Friday. The Village of Oak Park is covered by the State of Illinois' Prompt Payment Act that requires payment of all invoices within sixty (60) days of receipt of goods or invoice, whichever occurs later.

The Village of Oak Park's fiscal year runs from January 1 through December 31. The budget represents the Village's spending plan for the upcoming fiscal year and contains detailed cost information regarding Village programs and activities. The budget and the review process are organized into cost centers by program with performance data detailing each Department's activities and budget in a consistent and detailed framework.

The timeline for development and consideration of the next year's budget varies from year to year. However, the budget review process typically begins internally in July with the discussion of goals, parameters and guidelines for the budget. The Village Manager then works with department heads to develop proposed budget levels.

The Village Manager's proposed budget is submitted at the beginning of October to the Village President and Board of Trustees for review, and notice of availability made to the public. The Village Board typically holds several sessions to review the proposed budget for the next year. The budget review process concludes with a public hearing before the Board in November and the adoption of the budget at the first Board meeting in December.

Copies of the proposed and approved Village budgets are available for review on this web site, as well as at the Oak Park Public Library and the Office of the Village Clerk in Village Hall, 123 Madison St.

Under state law and local ordinance, all purchases of goods or materials that exceed $25,000 and any construction project exceeding $10,000 require formal procedures using bids/requests for proposals. A written request for bids or proposals is prepared by a Village department and provided to potential bidders and respondents. A legal notice is published in at least one newspaper of local circulation indicating the availability of a request. A specific date and time is included in the request and legal notice specifying the deadline for bids/proposals to be submitted. Whenever possible, these purchases are posted on the Internet by Demandstar.com and on this web site. Upon evaluation of the bids/proposals received, the department must obtain approval from the Village Board to enter a contract with the awarded vendor.

• MBE/WBE – To reaffirm its policy of non-discrimination, the Village encourages contractors and subcontractors to take affirmative action in providing for Equal Employment Opportunity without regard to race, religion, creed, color, sex, national origin, age, handicap unrelated to ability to perform the job or protected veteran's status. The Village also seeks to use minority and women owned business enterprises (MBE/WBE) in its purchasing. In keeping with this policy, Village departments make all reasonable efforts to seek out minority/women business enterprises (MBE/WBE) for pricing information when contracting opportunities are available.

The Village of Oak Park Prevailing Wage Ordinance (18-378) requires wages for laborers, mechanics and other workers engaged in public works projects to be the same as determined by the Illinois Department of Labor (820 ILCS 130/1 et seq.). A copy of the Village’s ordinance is may be reviewed via this link. The Village’s ordinance and the Department of Labor’s determination also are available for inspection at Village Hall, 123 Madison St. or via email to village@oak-park.us. The Department of Labor’s prevailing wage schedule for Cook County is posted online – click here to view.

Public Act 102-0265 mandates specified taxing districts, including both home rule and non-home rule municipalities, to make a good faith effort to collect and publish certain demographic information provided by vendors and subcontractors doing business with the taxing district.

• Click here to view the latest report for Public Act 102-0265
• Click here for more information about Public Act 102-0265

The Village of Oak Park depends on a wide range of taxes and fees to support public services. The largest sources of funding are property taxes, utility taxes and sales taxes. Rates and collection amounts vary from year to year. Taxes also are levied on property transfers.

Water Billing – Most residents and property owners are billed quarterly for their water usage. The bill also includes refuse and recycling collection charges. Payment may be made via a return envelope included with each bill, through an account debit, online or in person at Village Hall - click here for information on account debit and online payments. Starting Village services in the name of a new property owner is automatic, as the new account information is entered into Village records when a property transfer occurs. An application confirming the record change is sent to the new property owner at that time. Before a property is sold, all outstanding utility charges must be paid or the real estate transfer tax stamps necessary to complete a legal property transaction in Oak Park will not be issued. A property seller or the seller's representative should order a final water reading so that the final bill is prepared when real estate transfer stamps are purchased. To arrange a final reading, call 708.358.5478 at least 72 hours before you intend to purchase the real estate transfer stamps. Payment may be made with a cashier's check, certified check, money order, MasterCard, Visa or Discover card. Personal checks are not accepted.

Garbage and Recycling Billing – Village residents and property owners are billed for garbage and recycling services each quarter along with their water usage charges. Payment can be made via a return envelope included with each bill or in person at Village Hall. As with water billing, starting up Oak Park utility services in the name of a new property owner is automatic, as the new account information is entered into Village records when property ownership is transferred. An application confirming the record change is sent at that time. Before a property is sold, all outstanding utility charges must be paid or the Village cannot issue the real estate transfer tax stamps necessary to complete a legal property transaction in Oak Park. Payment for water, sewer, solid waste disposal and recycling fees can be electronically debited from a checking or savings account, or charged to a credit card. Completion of a simple application available through the Finance Department will authorize the Village to automatically debit a designated bank account or charge to a specific credit card on the day payment is due.

The seller of property in Oak Park is required to purchase real estate transfer tax stamps before a property transfer can be completed. Each seller or seller's representative must file the following documents with the Finance Department:

• Completed Real Estate Transfer Tax Declaration form
• Copy of the sales contract
• Copy of the unsigned deed to the Finance Department

Please email copies of all paperwork to Finance@oak-park.us for review prior to coming in to purchase a stamp. 

In addition to a completed real estate transfer tax declaration form, an exempt stamp for a non-sale transaction requires the original deed, signed and notarized along with the statement by grantor and grantee. Photocopies are not accepted.

If the sale is a condominium unit that shares a common water meter billed to the association, a completed, notarized Condominium Association Water & Sewer Charges Affidavit form also must be filed with the Finance Department.

Transfer stamps are $8 per thousand, or fraction thereof, of the full actual contract price. The fee for exempt properties is $30. 

Real estate transfer stamps will not be issued until all outstanding Village utility charges have been paid in full. The seller should order a final water reading so that the final bill is prepared when real estate transfer stamps are to be purchased. To arrange a final reading, call 708.358.5478 at least 72 hours before you intend to purchase the real estate transfer stamps. Payment for utility charges may be made with a cashier's check, certified check, money order, MasterCard, Visa or Discover card. Personal checks are not accepted.