Buffalo Grove board to discuss $126 million budget
As Buffalo Grove leaders prepare to open hearings on the village's 2023 budget, officials are touting the town's strong financial position and relatively low reliance on property taxes.
In his annual letter accompanying the proposed budget, Village Manager Dane Bragg said Buffalo Grove will enter 2023 with more than $39 million in reserves for operations, equipment and capital programs.
"It is anticipated the village will end the year with a balance of $30 million in general fund reserves," he wrote in his message to the board.
The village expects to collect than $128 million in revenue next year, with about $17 million coming from property taxes. More than $8 million in revenue is expected to come from bond proceeds and more than $9 million from capital reserves. The remainder will be derived from fees, sales taxes, income taxes and other sources.
Spending is expected to total more than $126 million, with employee wages and benefits accounting for more than $49 million.
Under the budget proposal, water and sewer rates will rise from $7.65 to $7.94 per 1,000 gallons in January, as dictated by policy calling for an annual 4% escalation in the rate. There is no hike planned in stormwater management or garbage collection fees.
However, village officials have been told by Lake County that its wholesale sanitary rate will jump from $4.54 to $4.68 per thousand gallons. in December.
Capital expenses are expected to total more than $25 million, including $15 million to retrofit a building at 1650 Leider Lane for the village's new public works headquarters.
Debt service will eat up an additional $5.4 million. The village issued $21 million in bonds this year for the public works facility project.
The village plans to continue its Infrastructure Modernization Program in 2023, spending more than $23 million, with $4.8 million from local funding sources.
The village also plans to invest in technology in 2023, including the implementation of police-worn body cameras in advance of a 2025 state deadline.
A 3% percent wage increase for nonunion employees is in the budget. The village's workforce stands at 214 full-time and 38 part-time positions.
Trustees are expected to approve the budget Dec. 5.