GENERAL GOVERNMENT BUDGET
The General Government Budget helps determine how many dollars our community will need to collect in property taxes (the tax levy) in order to provide services in the upcoming year. Annually, department heads work with the Village Administrator to revise budgets to meet public service expectations in the most efficient manner possible while working to protect our community's infrastructure. The Village Board reviews and questions individual components of proposed budgets and requests modifications if warranted. The Board holds the ultimate responsibility for approving or rejecting the budget.
BUDGET'S IMPACT ON PROPERTY TAX
After holding a public hearing in November, the Village Board approved the final version of the 2016 General Government Budget. As approved, the budget will result in a $943,872 increase in the tax levy, from $10,081,081 in 2015 to $11,024,953 in 2016. As a point of reference, for a home in the Village valued at $191,600, this will translate into a $42 increase in the Village portion of your property tax bill, with a total Village property tax of $889 for the year.
The Village uses 21% of your total property tax payment to provide municipal services. On page two of the December issue of the Village Newsletter (attached as a PDF below), you can learn how the 21% will be allocated and which entities receive the remaining 79%.
WHERE MONEY WILL BE DIRECTED
During 2016, the Village has planned to increase funding for paving and road improvements by approximately 60% from $1 million to $1.6 million. By increasing the funds available for paving projects year over year, our community will build a sustainable paving program that has consistent financial footing, making it less dependent upon outside impacts, such as reduced road aids from the State (read about a Transportation Investment Resolution on page 3 of the December 2015 Village Newsletter attached as a PDF below ).
During 2016, the Village will also fund two additional police officers to manage increasing call volume and additional part-time hours for the Fire & Rescue Department. On pages four and five of the December Village Newsletter (attached below as a PDF), you can read about additional projects the Village has planned for our community during 2016.
PROPERTY TAX AND LEVY LIMITS
When setting the Village property tax levy, the Village must work within a limit established by the State. The State levy limit allows communities to increase their property tax levy in order to account for borrowing for capital expenditures and for new growth that occurs in the community. As new development (or growth) occurs, municipalities have a one time opportunity to increase their property tax levy to fully accommodate the additional services that will be provided to the new development. If a community does not recognize the full impact of growth by increasing the tax levy to the State levy limit, it would not have the opportunity to do so in the future, which would lead to a fixed number of dollars being stretched to serve a larger community with a growing demand for municipal services. Over the past year, the Village experienced 3.9% growth in new construction.
BUDGETING OBJECTIVE
In the coming year, the Village will continue to focus efforts on public safety services, while working to keep our community nimble enough to respond to and bounce back quickly from future uncertainties. To read more about the 2016 General Government Budget, see pages four and five of the PDF attached below.
2015