2019 Village budget reflects Board's updated goals
The Village’s FY2019 Operating and Capital Budget, approved in early December, establishes a strong financial foundation for the Village to accomplish recently updated goals for the community. View the Village's updated goals here. The budget places an emphasis on issues related to sustainability, transportation, infrastructure, public safety, fiscal responsibility, economic development, technology and organizational development.
For the sixth consecutive year, the Village’s property tax levy for operations remains flat. The overall levy for 2019 increases 1.5% due to an increase in public safety pension costs.
The Village Board continues to focus on investment in Village neighborhoods. For FY2019, the Village has programmed a $6.2 million street program, including an expanded resurfacing plan touching 30 street segments, as well as full reconstruction of 4 roadways. The Village’s initial five-year Street Revitalization plan, which concluded in FY2018, completed the resurfacing of 67 street segments and the full reconstruction of 56 street segments. The Village was able to surpass its original projections for the five-year plan by leveraging Federal grant funding and other capital revenues to improve Village roadways.
The Village continues its focus on economic development, with building permits for new and expanding businesses within the Village projected to increase in FY2019. Over the next 12 months, the Village anticipates that construction will begin on the redevelopment of the former AT&T campus into a mixed-use “Metroburb” comprised of office, retail and residential components. A vision for sustainable future growth of the Village will also be articulated in FY2019 through the development of a new Comprehensive Plan. The Village demonstrates its commitment to public safety by actively recruiting new police officers and firefighters to replace those retiring, as well as ensuring that all public safety employees have the best training and equipment available. The Village also continues to modernize its technology and equipment to ensure the efficient and effective delivery of Village services, including more mobile computing capability.
The FY2019 budget accounts for the continued cuts to municipal revenues by the State of Illinois. The State legislature has reduced Local Government Distributive Fund revenues to its local municipalities in FY2019 by 5% over pre-2017 levels, resulting in a $260,000 loss to the Village. This loss is exacerbated by a 1.5% Home Rule Sales tax administrative fee added by the State in mid-2017, which has reduced Village revenues for FY2019 by an additional $57,000. While the Village has managed to budget for these losses, the significant issues at the State level pose ongoing fiscal challenges for local governments.
The FY2019 budget for all funds totals $135,529,850. Revenues to the General Fund, the Village’s primary operating fund, are projected to increase by $1,363,860 (2.4%) from the 2018 budget, reflecting an improved economy and increased development activity. The Village is projecting an increase of $1,907,090 (3.4%) in General Fund expenditures from the 2018 budget, primarily related to utilizing fund reserves to invest in additional road and other neighborhood infrastructure improvements.
The Village’s balanced FY2019 budget focuses on the ongoing delivery of essential services while also planning for the future, enabling the Village to continue "Growing to Greatness."