A Resident's Guide to the Village BudgetThe Village adopts a new budget annually, with a fiscal year calendar spanning from March 1 to the end of February. Nearly six months before a new budget is ultimately adopted by the Village Board, the Finance Department begins preparing a whole host of information, including long-range financial forecasts, a review of capital needs, fee studies and more. Over the course of the following months, priorities are discussed and feedback from the Village Board is incorporated into multiple drafts of the budget document.
FY 2018 Budget in Numbers
The budget projects $29,505,066 in expenditures, including over $7 million in capital investments in critical infrastructure, equipment and technology in the coming 12 months. This represents the Village’s steadfast commitment to investing thoughtfully in the community’s most critical infrastructure. Aside from bond funds, all additional capital improvements will be paid for through the use of accumulated fund balance reserves.
Absent these capital expenditures, operating expenditures are $100,000 less than Fiscal Year 2017. This draw down of fund balance reserves (revenues in excess of expenditures that are carried over from one year to the next) is possible thanks to the Village’s foresight in recent years to appropriately grow fund balances as a safeguard against potential State of Illinois action to reduce distribution of local government revenues.
As part of the budget development process each year, Village staff review various fees, fines and charges for services to determine if they appropriately reflect the cost of the service provided. Additionally, staff periodically compare these fees, fines and charges with other local communities.
Effective March 1, 2017, the following increases will take into effect:
|SERVICE||FY 2017||FY 2018||% INCREASE|
|Water & Sewer||$4.458*||$4.572*||2.50%|
|Yard Waste Sticker Charge||$2.00||$2.25||12.50%|
|Yard Waste Subscription Fee||$120||$126||5%|
|Vehicle License-Late Fee**||n/a||$50||n/a|
|Final Water Meter Reading Charge**||n/a||$75||n/a|
|*Assessed quarterly. **New charges.||
Some fee changes, such as the adopted increase for non-Glencoe residents transported to hospitals by ambulance, do not impact our residents directly. The Village estimates that, annually, these fee increases will equal approximately $23 to the average household.
The methodology used to generate the budget is one that has been in place for many years and emphasizes public service, fiscal realities that impact our budgets and development of a sound spending plan. The Village Board and staff have operated with the philosophy that the Village must provide resources for exceptionally high-quality public services to our residents within the fiscal realities of a community with generally modest opportunity for revenue growth.
With this in mind, the Village has operated prudently, investing responsibly within available resources. This stewardship has allowed for the Village to continue to reinvest in its infrastructure and provide excellent services to our residents. This has also resulted in the Village retaining a generally strong financial position, maintaining a Standard and Poor’s AAA rating (one of only 17 municipalities State-wide to hold this distinction from S&P and one of only seven non-home rule communities with this distinction) and maintaining positive balances in our operating funds.
The Village’s Strategic Work Plan also provides guidance for the budgeting process. The six strategic priorities – Financial Sustainability, Commercial Vitality, Infrastructure Replacement, Operational Effectiveness, Organizational Development and Community Engagement – are directive statements driving not only day-to-day efforts of the Village, but that also serve as a guide toward initiatives that bring about meaningful improvements to the Village organization.