Budget - 2016
2016 Mid-Year Budget ReportThe 2016 Mid-Year Budget Report (PDF) was presented to the Village Board on July 25, 2016.
2016 Budget DocumentThe 2016 Budget document (PDF) is available for download.
With financial sustainability as a defined strategic priority of the Village Board, the 2016 budget that was adopted on December 7 ensures adequate funding for municipal services, is balanced, and provides for an increase in infrastructure investment in Roselle.
The Village's general fund, which pays for day-to-day expenses, is projected to have a slight surplus in 2016. In accordance with its fiscal policy, the Village Board passed a budget forecasting three months of reserve funds in its general fund. The Village has used its reserves to cover costs during the recession, and more recently, to weather the recent budget impasse in Springfield that saw nearly $500,000 due to the Village held up through the lack of a state budget. Having a surplus and a three-month reserve in the general fund puts the Village in a favorable financial situation that is in line with the strategic priority of financial sustainability.
The 2016 budget includes an initiative to issue limited tax bonds in the amount of $2.25 million to fund the Village's Annual Street Improvement Program for the next two years. For the past few years, the Street Improvement Program was reduced in scope due to a decline in funding through the local utility tax and increased costs associated with road construction. The bond sale will allow the Village to spend approximately $1.1 million in both 2016 and 2017 to resurface all streets throughout the community that have been identified as being in poor condition. Federal funding has also been secured for the resurfacing of Maple Ave. from Roselle Rd. to Irving Park Rd. and Central Ave. from Rodenburg Rd. to Roselle Rd.
For 2016, the Village's Finance Planning Committee addressed the fiscal sustainability goal in part through recommended increases to several fees identified in a recently conducted comprehensive fee/charges study. The 2016 budget also includes increases in fees for commuter parking permits, vehicle stickers, contractor licenses, business licenses, engineering reviews, the eating establishment tax, and annexation processing. These increases follow several cost cutting and service consolidation initiatives in recent years.
Impact of State Budget Issues on Roselle
Governor Rauner signed legislation on December 7, 2015, that releases some of the local taxes that are due to municipalities. Without a budget for 2015, the state withheld forwarding appropriated tax revenues to local communities.
Previously owed motor fuel, local use, and video gaming taxes, which totals close to $500,000 in Roselle, will be paid out to the municipalities under the new legislation, and future taxes owed to the communities will be fulfilled.
No permanent agreement has been reached in Springfield on the state's budget, so other financial uncertainties for municipalities remain. Proposals to reduce municipalities' share of the Local Government Distributive Fund taxes or other municipal revenues are still being discussed in Springfield, and may further impact the Village's financial situation.