DuPage Co. board sets $12 mil for capital improvements
The DuPage County Board is setting aside $12 million next year for capital improvement projects.
Where that money will be spent is still unknown, even after several hours of debate Wednesday.
It could be used to offset debt if the board decides to borrow $218 million to fund an ambitious five-year infrastructure repair program called DuPage 2013. Or it could be used to fund some of those infrastructure projects directly without going into debt.
Some board members are leery about borrowing money in the current economic climate. In order to pay for DuPage 2013, the county would have to rely in part on declining sales tax revenues turning around.
"The problem is you don't know," said board member Brien Sheahan. "Produce one economic study that says we're out of this in a year."
The county's chief financial officer, Fred Backfield, said historically the county's sales tax revenues rebound after three years in recession. The county is entering the third year, he said.
Sheahan and other board members said the county should wait until the economy turns around before going into debt to finance these projects.
DuPage 2013 calls for the county to spend $160 million on road projects, $42 million on facility improvements and $15 million on information technology upgrades over five years. It would take 25 years to pay off the debt for the program at a total cost of $300 million with interest.
If the board decides to hold off on borrowing this year, the $12 million would be split between two projects. Half would go toward building an interchange at Eola Road and I-88 in Aurora; the other half would go toward emergency backup generators for county buildings.
Board Chairman Robert Schillerstrom proposed DuPage 2013 as part of his current budget proposal in an effort to stimulate the local economy. The road projects alone would employ hundreds of people. Representatives from several regional construction, engineering and development firms have spoken in favor of the program at recent board meetings.
Schillerstrom said fewer projects would be undertaken if the money isn't borrowed now. He said it would save taxpayers more than $100 million to borrow the money and do the projects immediately rather than do the jobs as the money becomes available over the course of more than two decades.
The board has until the end of the month to approve the 2008-09 budget. The board's finance committee will discuss any budget changes at a Tuesday meeting. The entire board meets again Nov. 24 to go over any last minute issues and then they are expected to vote on the budget the following day.