The Village of Streamwood, Illinois approved and adopted its 2016 budget on Dec. 3.
The Village continues to follow the conservative approach that saw the 2015 budget end the year with surpluses above the anticipated amounts. The 2016 is a balanced budget that conservatively estimates revenues and reasonable expenditures, stated the Village board in its budget summary.
The Village has budgeted $58 million in overall revenues and $57 million for expenditures. While the State of Illinois continues to withhold shared revenues from taxes and video gaming, the Village is financially stable.
The Village does not require increases in property taxes or fees, or new revenue sources to balance the 2016 budget. The largest General Fund expenditure is wages and benefits, which is approximately 90 percent of budgeted expenditures. The Police, Fire and Community Development Departments have increases in their budgets, while Public Works has a small decrease.
The only General Obligation debt is a 2005 $15 million bond. The Village refinanced that debt in 2012, with a savings of $737,570 when the obligation expires in 2020.
The four Capital Project Funds: Capital Replacement, Street Improvement, Equipment Replacement and Facilities and Major Equipment Replacement saw an overall reduction of 4.1 percent, from $7,079.400 in 2015 to $6,785,800 in the 2016 budget. The Street Improvement Fund increased to $3.7 million while the other three funds' budgeted expenditures were reduced. The Village continues its policy of "pay as you go," with all capital projects being funded by cash on hand.
The full Village budget may be viewed at http://www.streamwood.org/Services/Finance/PDF/2016Budget.aspx.
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