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Village Vision News

Fiscal Year 2018 budget gets approval

Thursday, December 28, 2017

After several weeks of discussion, trustees voted unanimously at the December 4 Board meeting to adopt the Village’s annual operating and capital budget for Fiscal Year 2018.

Village Administrator David Strohl told trustees that his philosophy in budgeting is “to project revenues low and expenditures high.”

The new fiscal year begins January 1, 2018, and runs through December 31, 2018. Total revenues (including interfund transfers in) for 2018 are projected to be $9,172,403 (compared to $8,830,012 budgeted for 2017), with total expenses (including interfund transfers out) of $8,930,400 (compared to $8,379,868 budgeted for 2017). The General Fund’s ending fund balance is projected to be $7,677,509.

There’s no change to salaries for elected officials — including the mayor and trustees — per an agreement that the Board of Trustees agreed to effective May 1, 2017. There will be no review of wages for elected officials until fall of 2018. Regular Village employees, part- and full-time, are budgeted for a 3 percent increase in wages.

The Motor Fuel Tax, imposed by the state, is received monthly by the Village and is restricted to be used for street-related maintenance, improvements and projects. Total revenue from this tax for 2018 is budgeted at $92,300.

Since January 2016, the Hotel/Motel Tax has been at 5 percent of gross rental receipts from renting, leasing or letting rooms in a hotel or motel. The Village receives these revenues on a monthly basis. Total revenue projected for this fund in 2018 is $509,800, about the same as a year ago. Expenses for the fund for 2018 are projected to be $251,620, down by $6,720 from 2017’s budgeted amount.

As the new fiscal year started, the actual balance in the Hotel/Motel fund as of December 31, 2016, was $474,324.15, with a projected balance at the end of this year of $686,782.15. This fund plays a crucial role in funding events/facilities that bring visitors to the Village.

For 2018, using interfund transfers, the Village will move $1,874,631 into the Capital Project Fund for current and future capital projects, and $250,000 into the Economic Development Fund.A major expense again for 2018 will be Illinois Environmental Protection Agency loan payments of $323,232 for the water plant.

Major budgeted items for projects in 2018 include: upgrading water meters in the Village at a cost of $313,000; design engineering and construction expenses for Magnolia-Ponderosa-Cypress Improvements for $470,000 (combined); land acquisition and design engineering for a street department project at Phillip Circle/Cale Court for $310,500 (combined); design of a grade school walking trail for $28,000; upgrades to the amphitheater in Forsyth Park for $50,000; and $10,000 each for bullpen and batting cage improvements at the park, in addition to fence extensions for added safety at Diamond Nos. 1 and 2 for $15,000.

Trustee David Wendt made the motion to adopt the annual operating and capital budget for Fiscal Year 2018, which was seconded by Trustee Jim Peck. All votes were Yea, and the motion was approved.

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