The Board of Trustees of the Village of Streamwood, Illinois recently held a budget workshop to discuss the 2016 Village budget.
The Streamwood 2016 budget workshop was held on Oct. 22. The Village board and staff met to discuss and review the proposed budget.
Finance Director Mary Johnson reviewed of the fund balances, anticipated revenues and proposed expenditures for the board. She also informed the board that the proposed property tax levy for 2015, which is payable in 2016, is the same as the 2014 tax levy extension, which was paid in 2015.
Then Assistant Finance Director Josh Peacock updated the board on current pension requirements and recommendations. While the pension levy increased, the general fund levy was decreased so the proposed levy was equal to the previous year's levy.
The Village departments reviewed their 2016 budget requests. The board also heard the status of the Equipment Replacement Fund (ERF) and the Facilities and Major Equipment Replacement Fund (FERF) funds, which exceed the board's fund balance policy of 50 percent, and reviewed a recommendation to transfer $1.6 million to several different funds to reduce the General Fund Reserve to meet the board's policy. One of the transfers would buy out the remaining Illinois Municipal Retirement Fund deferred liability for $200,000 and avoid paying the high interest rates on the balance.
After thanking staff for preparing the budget and complimenting everyone for keeping the Village in good financial standing, the Village board adjourned the workshop.
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