Revamped train station, extended taxes part of next Libertyville budget
Libertyville's proposed 2018-19 budget is packed with capital projects and will include a $3 million draw from reserves for vehicle and building replacements.
Three taxes with sunset clauses also will be extended because of flat sales tax revenue and uncertainty whether state funding will hold through the fiscal year starting May 1.
"It's (because of) our state's inability to paint a clear picture for us to plan in," said Trustee Rich Moras, who chairs the village board's finance committee.
Even with the $3 million dip into reserves, the amount of money in that fund remains above what the village required by its own policy, according to Finance Director Patrice Sutton.
The proposed budget is heavy with capital projects, including storm and sanitary sewer system improvements - some prompted by extensive flooding last summer. A revamped downtown train station, extensive road resurfacing program and other planned projects or purchases total $11 million.
Village officials discussed and made revisions to the proposed 2018-19 budget at workshops Feb. 24 and March 6. A public hearing was held Tuesday in advance of its official approval, but no one attended.
The general fund budget, used for daily operations, shows $29.9 million in revenue and $32.9 million in expenses, a $3 million difference. For all funds, the budget calls for $61 million in revenue and $69 million in expenses.
"It was a challenge because we did add stormwater improvements," Sutton said. "For the second year in a row, we've had a very, very high capital improvement year."
Some funds, such as the commuter parking fund, have expenses exceeding current revenue because money has been accumulated over the years, she said.
The village will move the $3 million in reserve money to the general fund, and transfer $2 million for the scheduled replacement of 16 vehicles, including an ambulance, four police squad cars and seven public works trucks. Of the remaining $1 million, $700,000 will go to a new fund to replace or renovate village buildings, and $300,000 to building repairs and maintenance.
Other big projects include $3.7 million in road resurfacing, the final year of a $20 million voter-approved program; $1.2 million for a downtown commuter station; $1 million for water system work; and $800,000 for storm sewer upgrades in the Nicholas Dowden Park area.
In separate actions, the village board Tuesday unanimously agreed to extend the places-for-eating tax for three years until April 30, 2021. Also, a 6 percent telecommunications tax and 4 percent electric utility tax each will be extended for another year. The three taxes are expected to raise about $3 million.
In prior years, a natural gas tax was eliminated and the electric utility tax reduced. They were left as is for 2018-19 because of potential property tax freeze or reduction in local share of state income tax.