THE JOURNAL & TOPICS NEWSPAPERS | THURSDAY, APRIL 24, 2008

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$80.2 Million Budget OKd

Elk Grove Village trustees adopted a budget of $80,285,667 for fiscal year 2008-2009 at their Tuesday, Apr. 22 meeting.

The budget will take effect starting May 1.

The $80 million budget includes a general day-to-day operating fund of $41,261,037.

The village takes in revenues of $78,696,063 through taxes, fees and other sources.

Though final numbers are not in, the village came in under budget for FY 2007-2008. That left over fund balance will cover the difference between the budget and revenues.

The village currently has reserve funds of $14 million. Those reserves have grown each year. Mayor Craig Johnson said three or four years ago the fund balances were only at $5 or $6 million.

Total budget expenditures for the 2008-2009 budget saw a decrease of 17.88% compared with the 2007-2008 budget.

This year's general operating fund also saw a decrease of 6.9% from last year's budget.

Last December, the village lowered the property tax levy it controlled by 1%. Total local property taxes were raised a fraction of a percent because of locked-in Police and Fire Pension requirements.

Part of the revenues that the village will receive includes $1 million from the Grove Mall Tax Increment Financing District also known as the Town Center TIF.

Not included in the budget is the cost of the new Charles Zettek Municipal Complex that is currently under construction that will house the Elk Grove Village Police Dept. and village administration offices.

The new building is being paid for with municipal bonds.

The total debt service that the village pays each year on all its outstanding is $3.5 million.

Johnson said the village also pays $50,000 to $60,000 a month on average, in legal expenses related to fight to against the O'Hare Airport Modernization Project.