THE JOURNAL & TOPICS NEWSPAPERS | THURSDAY, MARCH 27, 2008
Palatine Budget Includes New Police Traffic Unit, Improved 9-1-1
The Village of Palatine's 2008 budget includes a number of new initiatives that reflect changing needs and demographics of the community.
With a few exceptions, these changes are being implemented within existing resources and funding mechanisms.
The 2008 Annual Budget and Capital Investment Plan totals $113,700,185, which $63,364,480 stems from the Operations Budget and $50,335,705 covers the village's Capital Budget, TIF Districts, Debt Service, Transfers and Pension Administration requirements.
The budget will once again result in a reduction in the Village's portion of the real estate tax rate. The new growth and construction activity in the community, coupled with increasing property values will allow the Village to lower its rate by an estimated 7.9%.
While the total property tax receipts will still increase, the growth, construction and economic development efforts have offset the need for an additional $1.6 million in property taxes to fund the village's "core" services.
Some of the highlights of the 2008 budget include:
* Creation of Police Traffic Unit- This will be a dedicated unit to address numerous traffic related concerns in the community, particularly along major corridors as well as residential neighborhoods.
* Development of Strategic Information Technology Plan- The Village will be commencing the process of upgrading the village's technology applications to expand its e-commerce service to residents and increase efficiencies within their navigation.
* Continuation of the Emerald Ash Borer Plan- This year will include the removal and replacement of unhealthy ash trees in neighborhoods with significant ash populations.
* Telephone Notification System and Reverse 911- This new system will allow for targeted calling in the event of emergencies or disasters.
* Early Tax Increment Financing (TIF) Payment- The Village will be making an early payment of more than $8 million in outstanding debt on the Dundee Road TIF District. This moves the Village one step closer to retiring the TIF District at least eight years ahead of schedule and allowing the other taxing bodies to benefit from the village's economic development efforts.
* Storm Water Improvement Program- The Village will embark on nearly $3.5 million in additional storm water management improvements throughout the Village over the next two years.
* Street Program- More than $2.5 million will be invested in the Village's street system through resurfacing and reconstruction activities. The backing of streets requiring resurfacing will be eliminated by 2009.
Village of Palatine's annual budget runs from Jan. 1 through Dec. 31.