Schaumburg budgets for more road repairs without tax increase
Despite an unprecedented level of impact from the state's chaotic finances, Schaumburg officials are budgeting for an especially robust year of capital improvements without a property tax increase.
Trustees Tuesday unanimously recommended approval of a proposed 2017-18 budget with $196 million in revenues and $152 million in spending before fund transfers.
They'll cast their votes on final approval of the one-year budget that takes effect May 1 at their next meeting April 25.
Within the budget is a $57 million capital improvement plan, of which the village's own responsibility is for $41 million.
Based in part on the results a National Citizen Survey conducted within the village last year, the budgeted capital improvement plan is even bigger than the tentative version trustees approved in January.
Among the changes is an increase in the funding for this year's residential street repairs from $6 million to $8 million.
While no increase in the village's property tax levy is anticipated in December, Village Manager Brian Townsend said the budget was shaped by both the state of Illinois' continued failure to pass a budget as well as the condition of the local economy.
"There is some concern that the rebound from the 2008 recession has peaked," Townsend told trustees.
Nationally, retail stores are closing at a faster rate than during that recession - in part due to increased pressure from online sales and cautious consumer spending, he said.
Nevertheless, the hospitality industry is thriving, with five more hotels opening in the village during the past year, Townsend added.
Also, the year ahead is expected to be when Schaumburg's economy fully benefits from the improvements to the Jane Addams Memorial Tollway and the opening of the new interchange ramps at Meacham and Roselle roads.
Townsend added that recent economic development and the lowest municipal property tax levy in the area have maintained Schaumburg as the economic center of the Northwest suburbs.