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Palatine budget calls for 'robust' $4 million street improvement program

Palatine's 2022 proposed budget includes nearly $13.5 million in capital investments, an increase of nearly $1.9 million compared to this year's spending plan.

That includes $4 million for street resurfacing and rehabilitation, "one of the most robust" streets program in years, Village Manager Ottesen said. Within the next five years, all streets in Palatine will have concrete edging.

"I think many people in our neighborhoods are pleased with that," Ottesen said.

Next year, the village plans to start the design phase for drainage improvements at the intersection of Smith and Colfax streets, Public Works Director Matt Barry said.

There will be a streetlight inventory to develop corridor- and neighborhood-wide transition to LEDs, which so far has been done intermittently, he said. That will lead to "better lighting and color uniformity" and savings in ComEd bills, he said.

New stone signs are planned for the village's entry points and downtown, which will help with "image and branding," Ottesen said.

Due to ongoing economic uncertainties related to the pandemic, Ottesen recommended setting aside $2.5 million in 2022.

Of that, $1.5 million would offset losses from auto dealerships, which are struggling due to supply chain issues, and other businesses that might be affected by material shortages. "We're very concerned about the impact," he said.

Another $1 million would be set aside to offset potential cost increases in petroleum-based products, like gas and road materials.

Under the plan, the village's economic stabilization fund - which the council can use at its discretion - would have about $2.5 million remaining in 2022.

Since 2010, the village has reduced its outstanding debt from $120 million to $40 million by refinancing and paying ahead of schedule, Ottesen said.

If the village doesn't use the $2.5 million set aside in 2022 to offset sales tax losses and cost increases, it could use the money to prepay more debt with the goal of being debt-free - excluding new borrowing - by the end of 2028, Ottesen said.

"Well done," Councilman Brad Helms, chairman of the council's business finance and budget committee, said about the overall budget, which would total $125 million.

The village council will hold a public hearing about the budget on Nov. 15 and is expected to adopt the document on Dec. 6.

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