Schaumburg to present 2015-16 proposed budget today
Schaumburg's 2015-16 proposed budget will be presented to the village's board today.
The budget, which includes no new taxes, lowers the property tax levy by 1 percent, and includes a 1 percent reduction in expenditures and other financing uses.
Projected revenues for 2015-16 amount to $219 million, an increase of 4.2 percent from last year's amended budget. The general fund has projected revenues of $93 million and projected expenditures of $87 million.
"Considering the uncertainty of Gov. [Bruce] Rauner’s state budget proposal to reduce the Local Government Distributive Fund, we have demonstrated fiscal responsibility by reducing the tax burden where possible, utilizing conservative revenue projections and scrutinizing all expenditures," Director of Finance Lisa Happ said. "We also developed a plan for dealing with major revenue disruptions that could result from state budgetary decisions."
The budget is based on five core areas identified by residents in a survey as needing the most attention.
The five areas include improving village streets, reducing the tax burden, enhancing community engagement, increasing transit awareness and continuing efforts to improve process efficiencies.