Village’s Proposed Budget Reflects 3.4 Percent Decrease From Current Year

The proposed Village budget of $154,550,004 for Fiscal Year 2014- 2015, which begins May 1, 2014, represents a decrease of 3.4% from the current budget.

The decrease is primarily attributed to $8.7 million less in the Debt Service Fund due to the refinancing of existing bonds at a lower interest rate, a $1.3 million reduction for vehicle replacement because of last year's replacement of a large Fire Department vehicle, and the completion of the Northwest Highway/Davis Street/Arthur Avenue Improvement project that was part of the Capital Projects fund.

In the last several years, the Village has aggressively addressed challenges posed by the economic downturn by eliminating positions, cutting some services and programs, and implementing revenue enhancements. The steps that have been taken, along with the Village's continued conservative budget practices, have allowed the Village to maintain a solid financial position. Between Fiscal Year 2009 and Fiscal Year 2014, the Village has decreased its full-time staffing level by 45 positions, which represents a 10 percent decrease. This reduced level of staffing will be maintained in the proposed Fiscal Year 2015 budget.

The proposed Fiscal Year 2014-2015 budget includes funding for various capital projects including:
$3.5 million for street resurfacing
$2.1 million for street rehabilitation program (reconstruction of deteriorated streets)
$3.3 million for the removal of parkway Ash trees affected by the Emerald Ash Borer and planting of replacement parkway trees.
The Village Board's review of the proposed budget will be held at several Committee of the Whole meetings scheduled for 7:30 p.m. in the Community Room on Wednesday, March 5, Monday, March 10, Thursday, March 13 and Wednesday, March 19. The Community Room is located on the third floor of the Village Hall, 33 S. Arlington Heights Road.

For further information on the meeting schedule, call the Finance Department at 847-368-5502. The proposed budget for Fiscal Year 2015 is posted on the website under "Budget & Financials" button on the right side of the Home Page.

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