Mundelein board approves $56.5 million budget, with cash for roads and other projects
Mundelein's newly approved $56.5 million municipal budget for the 2016 fiscal year includes cash for reconstruction of a key road and other repaving work.
The budget is slightly greater than the previous year's spending plan, but the village's annual revenue is expected to rise, too. The money coming in won't be as much as the money going out, so savings will be needed to bridge the gap, Village Administrator John Lobaito said.
The new fiscal year starts Friday. The village board approved the budget Monday.
The spending plan is about 3.1 percent greater than the $54.8 million officials predicted they would shell out during the 2015 fiscal year.
Officials said more money is needed in the new fiscal year than the last because of planned street repairs and other infrastructure improvements.
Projects in the budget include:
• The long-awaited reconstruction of a stretch of Hawley Street. About $600,000 is included in the budget for the multimillion-dollar project, which is largely funded by other agencies.
• Local street repaving throughout town. About $2.7 million is included in the budget for that work.
• Stormwater system improvements, at an estimated cost of $480,000.
• The removal and replacement of trees infested with emerald ash borers, at an estimated cost of $300,000.
"The budget addresses the most pressing needs of the community -- improving public infrastructure and maintaining excellent service to the community," Lobaito said in a news release.
Revenue from property taxes, fees, grants and other sources is expected to total $42.8 million in the next year, Village Administrator John Lobaito said. That's about 4.4 percent greater than the roughly $41 million in the previous budget.
The gap between projected revenue and spending is about $13.7 million, but officials have enough cash saved to cover it, Lobaito said.
"All of the village's expenditures that exceed our revenues in any fiscal year are always from reserves (or) grants," he said.
The village's property-tax levy will not increase, officials said. However, Mundelein's water and sewer rates will increase starting with the June bills.
The new rate will be $7.80 per 750 gallons of water used, up from $7.22.
The rate hike is needed to pay for system improvements, officials said in a news release.