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Village Vision News

Trustees approve 2017 budget

Thursday, December 15, 2016

At the December 5 Board meeting, trustees voted unanimously to adopt the Village’s annual operating and capital budget for Fiscal Year 2017. The Village projects that anticipated (budgeted) revenues for FY 2017 will be about $119,000 less than the estimated actual amount of revenues for FY 2016. Village Administrator David Strohl said this difference primarily reflects the fact that in the budgeting process revenues are budgeted conservatively. Actual revenues, he said, should be greater than the budgeted amount.

The new fiscal year begins January 1, 2017. The Village’s fiscal year switched over to follow the calendar year back in January 2016.

On the revenue side, the Village is projecting an overall loss of $1.6 million compared to 2016 estimated revenues. However, in 2016 the Village paid back a loan to the Illinois Environmental Protection Agency for just over $378,000 and transferred $2 million into the capital project fund and $250,000 into the economic development fund.

For 2017, the Village will move $1.38 million into the capital project fund and $250,000 into the economic development fund via interfund transfers, which are not technically considered revenues. Some of this money will be set aside for future projects.

Compared to 2016 expenses, the Village projects an overall decrease in expenses in the amount of nearly $686,000. A big part of 2016 expenses was the IEPA loan payoff of $378,000.

Major projects for 2017 include: upgrading water meters in the Village at a cost of $656,000; a street paving project at Phillip Circle for $512,480; a street paving project at Cale Court for almost $205,000; and a press box at Diamond No. 5, which will be paid for with Hotel/Motel tax funds, at a price of $53,000.

Trustee Larry Reed made the motion to adopt the annual operating and capital budget for Fiscal Year 2017, which was seconded by Trustee David Wendt. All votes were Yea, and the motion was approved.

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