Village plans ambitious budget to boost infrastructure and support small businesses

During a recent village board meeting, officials reviewed the proposed budget for 2025, which encompasses the annual operating budget for the general fund, water and sewer fund, and the village's five-year capital improvement plan (CIP) alongside the master infrastructure plan (MIP).

Village President highlighted the importance of maintaining a stable financial outlook, noting that when he took office in 2009, the village faced a negative bond rating outlook due to reserve levels dropping below 25%. This situation posed a risk of losing the village's AAA bond rating, which is crucial for minimizing borrowing costs. Since then, the village has successfully rebuilt its general fund balance, leading to a stable AAA bond rating reaffirmed for over a decade.

The 2025 budget aims to maintain a minimum general fund reserve of 25% and continues the village's conservative spending approach. Significant infrastructure improvements have been made since 2009, with 94% of village roads improved, 20% of water mains upgraded, and one-fourth of the sewer systems enhanced. The MIP has also addressed localized flooding and included projects such as the reconstruction of the Oak Street Bridge and the downtown parking deck. The final major project under the MIP, the reconstruction of 6th Street, is slated for next year at an estimated cost of $4.5 million.

In addition to financial discussions, the village is promoting a \"small business season\" initiative running until December 31, 2024, aimed at encouraging local shopping. Residents can participate in the \"golden ticket\" program for a chance to win prizes by supporting participating businesses. Upcoming community events include a Winter Wonderland, Christmas Walk, and various holiday activities designed to foster community spirit.

The meeting concluded with an invitation for residents to voice their concerns or comments, emphasizing the village's commitment to community engagement.