Buffalo Grove sets spending ceiling

Buffalo Grove trustees this week passed the 2015 appropriation ordinance, which sets the year's maximum legal spending limit.

Finance Director Scott Anderson said it includes significant sums for contingencies and emergencies not contemplated while developing the annual budget - such as the loss of a major industry, unforeseen capital expenditures, or an economic downturn.

For 2015, that limit is $98 million, about 25 percent higher than the annual budget. Within the general fund, the appropriations exceed the budget by just over $9 million, he said, with nearly $5 million set aside for additional capital expenditures, nearly $1 million for insurance claims and nearly $500,000 for equipment purchases.

The appropriation ordinance does not affect the tax levy, which is going up less than 1 percent.