Stimulus money assists Schaumburg's 5-year capital improvement plan
While Schaumburg's finances are closely tied to the economy, stimulus money and other grants during the pandemic have contributed to a new five-year capital improvement plan that more closely approximates those from more normal times.
"That is the reason it's at the level that it is in this presentation," Assistant Village Manager Paula Hewson told trustees before their endorsement of the $205.4 million plan - of which the village's share is $152.7 million.
She added that outside agencies and programs prevented a significant compromise to the board's funding goal for roadwork, which makes up 59% of the plan.
That was welcome news to Mayor Tom Dailly.
"I like the fact that we're trying to work our way back with the streets," he said.
Hewson said that despite the revenue losses from the pandemic, the strength of the village's own funding is its diversity of sources. None of it, however, comes from property taxes.
Other major destinations for the funding include 21% to water and sewer system improvements, 4.6% for building improvements, another 4.6% for community improvements and 3.5% for bikeway improvements.
Community improvements in the year ahead include $7.1 million in infrastructure for the redeveloping area east and west of the intersection of Algonquin and Meacham roads. The village will spend $1.7 million to demolish the Woodfield Green office complex it owns north of the Renaissance Hotel and Schaumburg Convention Center to clear space for a new entertainment district.
Besides that is $2.2 million for the completion of phase I and the design of phase II of the 12-acre public park on the former Motorola Solutions campus. The village's share of that cost is only $200,000.
The average annual spending in the new five-year plan is $41.1 million, up from last year's average of $37 million but not yet at the pre-pandemic average of $47.4 million.
Though recent data shows consumer taxes began to creep higher from August to October, Schaumburg's local economy has some way yet to go to be back to normal, Village Manager Brian Townsend said.
"We need more recovery," he added. "We need more people back in their offices."
Trustees will vote formally on the plan Jan. 11.