Elgin City Manager Sean Stegall recently presented the 2016 budget plan to Elgin Mayor David Kaptain and the City Council.
Despite the financial uncertainties facing the city because of the state budget impasse, Stegall presented a balanced budget of $285.29 million. The budget was carefully crafted and balanced to ensure that the city continues its fiscally conservative mission.
Because of the state's budget woes, the state has stopped making payments to the city, including funds from the Riverboat Fund, the Emergency Telecommunications Board (ETSB) and Motor Fuel Tax (MFT). There is also a chance that the state will reduce the city’s share of state income tax proceeds. Due to the state's withholding Riverboat Fund money, most of the 2016 discretionary initiatives associated with the fund are in a contingent appropriation.
Elgin's ability to maintain a balanced budget for the last two years and its aggressive debt reduction have allowed the city to keep property taxes stable while continuing to provide its service levels. Its policy of maintaining adequate reserves assures that the city has funds to purchase salt and street maintenance work.
The Elgin budget aims to accommodate the eventual payment of the Riverboat Fund money and other funds owed to the city, while accounting for the possibility of a statewide property tax freeze.
To view the entire 2016 Budget for the City of Elgin, go to the city website here.
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