New train station among highlights of Libertyville's $69.5 million budget
Libertyville's financial footing has stabilized since the recession, and although revenue estimates remain conservative, the proposed spending plan for 2017-18 includes a healthy list of one-time projects.
Big-picture items, like a local roadwork, replacing the downtown train station and a salt dome, are among more than $15 million in capital improvements and investments outlined in the next village budget.
There will be new money to work with as $750,000 from a "places for eating" tax on food and beverages is budgeted for the first time, and there will be an expected boost in water and sewer fees.
A public hearing on the 2017-18 budget will be held during the regular village board meeting at 8 p.m. Tuesday at village hall, 118 W. Cook Ave. An official vote is expected April 25 and the fiscal year starts May 1.
"Right now - fingers crossed - we're in a healthy position," said Village Administrator Chris Clark.
The total budget of $69.5 million is about 2.3 percent more than last year and above expected revenues of $57 million. Some one-time projects, such as $3.5 million in roadwork, will be paid with savings targeted for those purposes, according to Clark.
Most village services and day-to-day expenses, such as salaries accounting for more than a third of the total budget, are paid from the village's general fund. That is balanced at $28.9 million, but up 4.3 percent compared to last year.
"The number that is our measuring stick is the general fund," Clark said.
It includes an expected reserve of $12.6 million at the end of April 2018, which is within industry standards, he said.
"You want to make sure you've got proper reserves in case something happens with the economy," Clark said.
Full-time staffing will drop by one position, although the village is adding a facility/asset manager. That person will oversee contracted work, such as maintenance at the Sports Complex, and help write specifications as the village continues to look for ways to privatize services.
According to Clark, the budget reflects a commitment to invest in and improve infrastructure throughout the village.
Besides the train station and parking lot improvements, major projects include 5.5 miles of local road repair and resurfacing, completion of the Church Street parking garage, wastewater treatment plant upgrade to remove phosphorous, underground water and sewer main work, and Peterson Road streetscape.
Reducing the $16 million debt on the Sports Complex also is a priority. A portion of the property at Route 45 and Peterson Road is for sale with an asking price of $12.5 million.
Proceeds would be used to help retire the debt. In 2017-18, the general fund will provide a $1 million subsidy to the complex.