Streamwood shows balanced budget, lower tax levy

Village officials were pleased to announce that Streamwood's proposed 2014 budget is balanced and the proposed 2013 property tax levy shows a 0.9 percent decrease from last year's extension.

Each issue was addressed during two separate public hearings prior to the board meeting Thursday, but no one from the public made any comments.

The proposed budget shows total expenditures going up by 10.6 percent, totaling to about $49.3 million. Part of that increase is a result of the board's decision to transfer $2.7 million in general fund reserves to various other funds.

The expenditures include nearly $8 million in capital purchases, including $2.8 million for the street improvement program, $1.4 million in water and sewer system improvements and $1.4 million in vehicle and equipment replacements. Wages and benefits continue to be the village's greatest expense.

Total revenues amount to about $50.6 million, a slight increase from last year due to higher than expected yields in the police and fire pension fund and an increase in state income tax revenues.

Revenue from cable television franchise fees that usually go into the general fund will be put toward the street improvement fund in 2014.

Finance Director Mary Johnson said in the general fund alone, revenues exceed expenditures by about $25,000. The general fund's unreserved fund balance is also expected to equal 33 percent of the next year's expenditures, which is above the 25 percent minimum financial policy limit set by the village board.

The estimated 2013 property tax levy amounts to nearly $10.2 million, slightly less than the nearly $10.3 million that was levied last year due to a decrease in the debt service.

The board is scheduled to vote on the budget and tax levy on Thursday, Dec. 5.