Lincolnshire board approve $27.4 million budget for 2019
Lincolnshire's newly adopted $27.4 million budget includes cash for road repairs, bike path resurfacing, improvements at North Park and other public projects.
The village board approved the spending plan for the 2019 fiscal year Monday. Lincolnshire's fiscal year coincides with the traditional calendar and begins Jan. 1.
The budget predicts about 9 percent more spending than the roughly $25.1 million plan in place for the current year.
Revenues from property taxes, fees and other sources are projected to increase at an even greater rate, however. That sum is expected to approach $26.7 million in the next year, up nearly 12 percent from this year's $23.9 million estimate.
Although projected spending is set to exceed revenue, savings will be used to fund planned capital projects, Village Manager Brad Burke said. Otherwise, Burke said, the budget is balanced.
Additionally, the village's property tax rate will not increase, Burke said. It has remained steady for seven years, he said.
Projects on Lincolnshire's to-do list for 2019 include:
• An estimated $2.6 million in water system and sewer improvements and related equipment purchases.
• Reconstructing Fox Trail and Pheasant Row, which is expected to cost about $420,500 in 2019, including the necessary preliminary engineering work.
• Tennis court resurfacing at North Park, which will cost about $35,000.
• Parking lot resurfacing at North Park, which will cost about $150,000.
• The continued construction of a bike and pedestrian path along the east side of Milwaukee Avenue between Riverside Drive and Half Day Road, which will cost the village $325,000 next year.
• Miscellaneous bike path resurfacing that needs to be carried over from this year and will cost about $250,000.
Officials also plan to replace three police vehicles, which will cost about $108,000.