Schaumburg's Budget Focuses on Infrastructure Improvements and Economic Development
The Village of Schaumburg's proposed Fiscal Year (FY) 2018/19 Budget focuses on infrastructure improvements, economic development, and other community enhancements that have contributed to Schaumburg's status as the best place to live in Illinois and the ninth best place to live in the nation.
To continue its success, the village's budget focuses on priorities defined by residents in the most recent National Citizen Survey, which include promoting economic development, investing in infrastructure, enhancing community engagement and communications and improving mobility.
Members of Schaumburg's village staff will present the proposed financial plan to the Village Board at 6:30 p.m. at a Committee of the Whole meeting on Tuesday, April 17. The budget is expected to be formally adopted at the Tuesday, April 24 Village Board meeting.
The FY 2018/19 budget has projected total revenues and other financing sources of $241 million and projected total expenditures and other financing uses of $252 million. Existing reserves and bond proceeds that have been accumulated to fund public infrastructure improvements will be used to fund the village's Capital Improvement Program, accounting for the $11 million difference between revenues and expenditures.
Schaumburg's budget was developed in consideration of historical trends, changes in the local economy, service level expectations, and challenges that may arise due to decisions at the State level. The plan allows some financial flexibility to mitigate future State funding decisions that could impact municipal budgets. The State recently reduced the local portion of the income tax shared with municipalities and implemented new collection fees on locally imposed taxes.
For the third consecutive year, the property tax levy was held at the same level as 2014. This has been accomplished while maintaining a commitment to fund public safety pension funds in compliance with the 2011 State law which requires police and fire obligations to be 90 percent funded by 2040.
"The proposed budget is responsible and provides a funding plan that will pay for planned infrastructure improvements, day-to-day operations, and fulfill future commitments such as pension obligations," said Director of Finance Lisa Petersen. "The village takes a conservative approach with its revenue projections and steadfastly plans expenses to meet the needs of the residents of Schaumburg."
The General Fund, which is the village's main operating fund, has projected revenues (without transfers) of $101 million and projected expenditures (without transfers) of $90 million. After transfers, the General Fund has a $1.1 million surplus that will provide flexibility to manage unexpected situations or take advantage of potential opportunities. Transfers out of the General Fund support services such as residential trash collection, public transit, and capital improvements; these transfers amount to just over $10 million.
The proposed budget includes funding for the largest Capital Improvement Program in the village's history at almost $60 million, with significant funding for residential streets at $8 million, major roadways at $13.3 million, and utilities at $9.6 million.
This summer, the village will reconstruct Plum Grove Road from Wiley Road to Higgins Road. Other improvements include continued work on Central Road to construct the westbound entrance ramp at I-90 and Roselle Road; a new Roselle Road bike path that will connect to an existing path in the Paul Douglas Forest Preserve; continued work by Cook County to install a southbound right turn lane at Schaumburg and Roselle roads; and a new public roadway through the former Motorola Solutions campus.
The village is also proposing to upgrade six high-traffic intersections along Meacham Road to video detection technology, allowing the village to optimize traffic signal operation, collect traffic data at intersections and improve the monitoring and maintenance of the traffic signal system.
The budget also includes establishment of an Economic Development Department. Specific dedicated staff and resources will enhance the quantity and quality of economic development services and emphasize its importance to the development community. In an increasingly competitive market for high-quality development, and at a time when traditional, brick-and-mortar retail is undergoing unprecedented change, it is important for the Village of Schaumburg to bring a renewed focus and a greater commitment to maintaining - and enhancing - the economic vitality of the community. This will also benefit the village as it continues to redevelop and transform the former Motorola Solutions campus.
The budget also provides funding to participate in the National Citizen Survey for a third time so village management can compare its progress to previous years and further refine future strategic and budgeting initiatives.
"Based on direct feedback received from residents, the village continues to move forward and implement initiatives that will allow Schaumburg to maintain its status as the Best Place to Live in Illinois," said Village Manager Brian Townsend. "The proposed budget allows the village to continue making improvements that will provide a high quality life to those who live, work and play in Schaumburg."
The annual budget is a policy document that sets the financial course for the village and defines the service priorities for the community. It is the culmination of months of effort by the entire village staff to balance available resources with the services provided to Schaumburg residents, businesses and visitors. For more information, visit the Village of Schaumburg website at http://bit.ly/2cZqm0p or contact Lisa Petersen, Director of Finance, at lpetersen@schaumburg.com or dial 311 in Schaumburg.