Schaumburg budget continues to invest in capital improvements to maintain high quality of life

The village of Schaumburg’s Fiscal Year (FY) 2024/25 Annual Budget Proposal anticipates an easing of inflationary economic conditions and moderating revenue growth while presenting a balanced budget with an expected $3.2 million surplus ensuring efficient municipal services, fiscal responsibility, and proactive leadership.

The FY 24/25 budget has projected total revenues and other financing sources of $344.4 million and total expenditures and other financing uses of $341.2 million for the fiscal year that begins May 1, 2024, and ends April 30, 2025.

Village Manager Brian Townsend will present the proposed financial plan to the Committee of the Whole at 7 p.m. Monday, April 15. The budget is expected to be formally adopted at the Tuesday, April 23 Village Board meeting. Meeting agendas can be accessed through the village’s calendar at www.schaumburg.com.

“The proposed budget is a responsible plan that allows the village to move forward and implement initiatives that are important to Schaumburg residents,” said village Manager Brian Townsend. “The proposed budget allows the village to continue making improvements that will provide a high quality of life to those who live, work and play in Schaumburg.”

Despite increases in expenditures by public safety pension obligations, personnel costs, and supply and service costs, the FY 24/25 budget includes several initiatives that were deemed priorities based on feedback received from the 2021 National Community Survey. Resulting priorities include promoting economic development; investing in infrastructure; promoting inclusion; easing the cost of living; and ensuring public health and safety.

The FY 24/25 budget includes funding to conduct the survey again in late 2024 to obtain updated feedback from the community that will guide future village priorities.

In addition to leveraging grant opportunities for several projects to reduce the burden on local taxpayers, other projects highlighted in the budget include:

• Establishing a TIF District for the area in and around the Centex Industrial Park that will include a redevelopment plan to revitalize the area and strengthen the economic base.

• Expansion of permitting software that will continue to streamline the process and enhance transparency for customers.

• Increasing total street sweeping cycles to preserve aesthetics of the community and protect the health of waterways.

• Continued focus on cultural inclusivity training for employees to provide them with tools and resources to best serve Schaumburg’s diverse public.

• Phase II of the Health Services Needs Assessment will provide an action plan for the village, in partnership with community agencies, to enhance public health services.

“We’re pleased to present this proposed budget that continues to prioritize goals set forth by the Village Board,” said Director of Finance Lisa Petersen. “The village takes a conservative approach with its revenue projections to develop a plan that ensures it can maintain day-to-day operations as well as fulfill future obligations, all while maintaining its focus on meeting the needs of the residents of Schaumburg.”

The FY 24/25 budget includes updated projects for the fiscal year’s Capital Improvement Plan with $72 million in capital improvements proposed. The village anticipates securing $9.1 million in FY 24/25 leaving the village to fund $63 million. Of that total, $20 million is planned to resurface, reconstruct, and improve village streets supplemented by $4.3 million in grant funding.

Work will continue on several projects including reconstruction of National Parkway and storm sewer and dredging improvements to Gray Farm Marsh. The proposed budget also includes funding for storm sewer replacement and rehabilitation of Illinois Avenue.

The budget includes almost $20 million for various infrastructure and regionally significant projects at 90 North. Work is scheduled to begin on Phase II of the 90 North Park, which will add a Water Feature Plaza and Tilted Lawn Zone that will provide additional recreational opportunities. Additionally, $5.8 million is designated for the continued construction of the 90 North Shared Street Project, $2.1 million for design of the 90 North Pedestrian Bridge, and $1.2 million for intersection improvements at Hammond Drive and Algonquin Road.

The budget also allocates funds to design future facilities for the Atcher Municipal Center and the Public Safety Building, which were built in 1971 and 1975, respectively. Studies of these facilities indicate both are undersized and inadequate for the needs of present and future village operations. Designs will also be initiated to renovate Fire Station 54’s training center and expand Fire Station 51 Headquarters to address lack of workspace and other functional needs.

The proposed budget includes no increase in the property tax levy for the 5th consecutive year.

For more information and to view the proposed FY 24/25 Annual Budget, visit the Village of Schaumburg website at schaumburg.com/budget, contact Lisa Petersen, Director of Finance, at lpetersen@schaumburg.com or dial 311 in Schaumburg.