Upgrades part of potential $55 million budget in Mundelein
Mundelein officials are finalizing a proposed $55 million budget for the 2017 fiscal year that includes funding for utility upgrades, downtown revitalization, intersection improvements and other projects.
The spending plan, which will be publicly unveiled during a meeting Monday, is slightly leaner than the current year's estimated $57 million budget. And as, spending is expected to decrease and revenue is expected to increase slightly, officials said.
The budget predicts the village will collect $44 million in taxes, fees and other revenue in the new fiscal year, which begins May 1. That's up from $43 million in the current fiscal year.
Village Administrator John Lobaito credited the improving economy for the brighter revenue projection.
"Our forecasts for sales tax and income tax are up from the previous year," he said.
As for shrinking expenses, Lobaito pointed to his staff.
"The department heads are very cost-conscious and do a great job of operating efficiently and making sure our third-party vendors are giving us their best price," he said.
The gap between expected spending and revenue will be closed with money the village has saved, Lobaito said.
The budget includes several high-profile public projects. Among others, it sets aside money for:
• Utility upgrades on West Hawley Street, which will cost about $1.5 million.
• Street improvements in the Loch Lomond neighborhood, which will cost about $3.4 million.
• New gateway signs throughout the village, an effort with a $200,000 price tag.
• Traffic-signal improvements, the construction of new turn lanes and other changes to the triangular intersections of routes 60, 83 and 176, to the tune of about $4 million.
"The work at (that) intersection will have a huge impact on travel through that area," Mayor Steve Lentz said. "It's been years in the planning and I can't be happier that it's finally getting started."
A third budget discussion could be held at 6 p.m. April 18, if necessary. The village board is expected to vote on the plan April 25.