During a recent government meeting, village officials presented a comprehensive overview of the proposed 2025 budget, which includes an annual operating budget, a five-year capital improvement plan, and a master infrastructure plan for the upcoming year. The budget is structured around two primary funds: the general fund, which supports essential services such as public safety and community development, and the water and sewer fund, which manages utility operations.

The proposed budget anticipates a total investment of $4.7 million in capital improvements, including significant expenditures for a new fire engine and ambulance, as well as extensive infrastructure projects like annual street resurfacing and safety enhancements. The village aims to maintain compliance with its 25% reserve policy, crucial for preserving its AAA credit rating, a distinction held by only a few municipalities in Illinois.

Key highlights from the budget include a projected 1% increase in revenues and a 3.9% rise in expenses. The general fund, which accounts for the majority of departmental operations, will allocate 57% of its budget to police and fire services. Notably, pension contributions for these departments are set to increase significantly, reflecting the village's commitment to achieving a 90% funding ratio for its pension plans by 2040.

The meeting also addressed the challenges posed by rising costs and the limitations on property tax increases due to state regulations. The village's share of property taxes is minimal, with the majority directed to local school districts. As a result, the budget reflects a conservative approach to revenue estimates, with officials acknowledging the unpredictability of external factors impacting finances.

The budget will undergo further discussion and is scheduled for adoption on December 17. Village staff emphasized the collaborative effort involved in its preparation, highlighting the importance of maintaining service levels while addressing long-term infrastructure needs. The meeting concluded with a presentation detailing specific projects and funding sources, underscoring the village's proactive approach to financial management and community development.