Contributed photo
Contributed photo
Streamwood officials reviewed the 2016 budget at a recent Village Board workshop.
Finance Director Mary Johnson reviewed the fund balances, expected revenues and proposed expenditures. Johnson also reviewed the proposed 2015 property tax levy and reminded the group that it is the same as the 2014 tax-levy extension, which was paid in 2015.
The pension requirements and current recommendations were presented to the group by Assistant Finance Director Josh Peacock. The actuarial requirements were met by increasing the pension levy and decreasing the general fund levy to equal the 2015 levy amount.
Proposed budget requests and changes from the prior year were presented by each Village department.
Johnson reviewed the ERF and FERF funds and upcoming expenditures for 2016. Johnson also talked about transferring $1.6 million from the General Fund to the General Fund Reserve, recommendations to fund a Capital Improvement Fund, and transferring funds to the Street Improvement Fund, ERF, FERF and IMRF Phase Out payoff. IMRF is allowing the village to buy out the 2009 deferred liability and stop paying the high interest rate.
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