New Mundelein budget calls for less spending, more revenue
Mundelein's roughly $57.5 million budget for the 2022 fiscal year reflects a significant spending drop from the current year.
Conversely, revenue is projected to increase in the new fiscal year, which starts Saturday.
The village board unanimously approved the budget late Monday night.
The budget is more than $6.1 million leaner than the previous $63.6 million plan, a decrease of nearly 9.7%.
Officials attributed the decrease to the completion of the new public works department headquarters at 801 Allanson Road. That roughly $23 million project wrapped up in October.
As for revenue, cash from taxes, fees and other sources is expected to total nearly $53.4 million. That's up about 3.3% from the 2021 fiscal year's $51.7 million estimate.
Revenue is projected to increase as the local economy recovers from the recession caused by the COVID-19 pandemic, Village Administrator Eric Guenther said.
The pandemic resulted in lower revenue from hotel taxes, video gambling, license fees and other sources, but they're expected to rebound slightly over the next 12 months, Guenther said.
The estimated $5.8 million gap between expected revenue and spending will be bridged with money from the loans that are funding a significant flood prevention project in the Western Slope neighborhood, Guenther said.
That roughly $9 million project will continue in the new fiscal year.
The construction of pedestrian overpass at the Metra station and improvements to Park Street that will allow on-street dining and entertainment are among the other projects included in the budget.
The overpass is expected to cost about $5 million, but grants will cover all but about $100,000, Guenther said. Work should start in July, he said.
The Park Street project is expected to cost $300,000. Work will occur in phases and begin within the next couple weeks, Guenther said.