Streamwood board to vote on slimmer budget

The village of Streamwood has not laid off any full-time employees, which officials said is in accomplishment in this economic environment.

"The board has worked very hard to economize wherever they can," Village Manager Gary O'Rourke said.

Thursday, trustees are expected to adopt the 2010 budget, including $20.6 million of planned spending in the general fund. That's a $1.7 million decrease compared to 2009 budget of $22.3 million, or a drop of 7.6 percent.

The budget vote comes at a time when the village is in labor talks with all five of its unions, including the police, public works and fire departments, as well as the clerical staff and non-sworn in police staff. Their contracts expire on Dec. 31. O'Rourke said the proposed budget does not include salary increases for any of those village employees.

The budget proposal also asks the board to keep the village's property tax rate at 86 cents per $100 of equalized assessed valuation - the same level it's been for the last two years. The requested levy amount is $8.7 million, compared to $8.2 million last year.

The village had considered a levy of $8.4 million, which would have dropped the tax rate to an estimated 84 cents. But O'Rourke said declining sales and income tax revenues prompted the request to keep the levy at past levels.

The money will go into the village's rainy day fund, with funds shuffled to the water and sewer fund for emergency contingency work, like repairs to the water tower. That fund is been depleted in recent years, O'Rourke said.

While not technically a tax increase, Trustee Jason Speer said he preferred to give residents a tax break and allow the levy to drop. He said this would be the best time to dip into the rainy day fund to cover the missing anticipated revenues. The village is in strong financial shape, he said.

"We don't really need to raise the levy and we've got this large rainy day fund," Speer said. "We're not in the same scenario as our neighboring communities."

Streamwood requires the rainy day fund to be at a minimum 25 percent of projected expenditures. Speer said the fund is at about $7 million.

Thursday's village board meeting starts at 7 p.m. at village hall, 301 E. Irving Park Road.