Village staff have begun drafting the Village's budget for the coming fiscal year, which runs from January 1, 2019 to December 31, 2019.
All meetings take place at Village Hall, 2500 East Lake Avenue, and are open to the public. Here's the preliminary 2019 budget review and adoption schedule:
- 7 p.m. Monday, August 27, 2018 – Capital Improvements Program budget
As part of the development of the annual budget, three public budget workshops are held to allow the Village Board to review and provide direction on operating and capital budgets. Typically, the last meeting includes presentation and discussion of the Capital Improvements Program (CIP). This year, a draft of the CIP was presented at the first meeting so that the Village Board has an understanding of capital budgeting commitments and needs prior to presentation and decision on the various operating budgets. The operating budgets will be presented during the scheduled Village Board workshops on September 24, 2018 and October 22, 2018.
The projects listed in the 2019 draft CIP reflects approximately $15.46 million in total projects, including $1.58 million for road resurfacing, $6.53 million for road reconstruction and related underground infrastructure improvements, and $3.26 million for water and sanitary system projects. CIP projects slated for the years 2020-2023 will be reviewed during the October 22 Village Board workshop and are for planning purposes only, as funding for those years will be appropriately allocated by the Board of Trustees during future annual budget cycles.
During the August 27 workshop, staff presented a summary of recent CIP accomplishments and a preview of the 2019 CIP projects. Given the ongoing funding challenges, staff also focused on the differences between a source-based CIP versus a needs-based CIP and highlighted potential funding strategies that can be used to incrementally close the gap.
- 7 p.m. Monday, September 24, 2018 – Village financial overview/Operating budget
- 7 p.m. Monday, October 22, 2018 – Other budgets
- 7:30 p.m. Tuesday, November 20, 2018 – 2018 tax levy public hearing, Special Service Areas and abatement ordinances
- 7:30 p.m. Tuesday, December 4, 2019 – 2019 budget public hearing, final 2018 tax levy consideration and abatement ordinances
The Village’s 2018 spending plan was adopted December 5, 2017, by the Village Board of Trustees following three public workshops, a capital improvement projects public open house and public hearings on the property tax levy and on the budget.
The $129.7 million budget continues the fiscally responsible practice of supporting ongoing expenditures with ongoing revenues, and maintains high service levels, and includes an increased commitment to capital improvements.
To help keep repairs and improvements to roads, sewers and other infrastructure up to standards, the budget included a nominal property tax increase to be dedicated to those purposes. The total $250,000 of additional property taxes generated will help address the funding gap between dedicated funding sources and the community’s infrastructure needs. That slight property tax increase – 2.25 percent from a year earlier – represents an increase of about $13.50 on the Village portion of the average property owner’s annual bill.