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Weston trustees review 2026 budget, debt service, TIF and capital plan
Summary
At a special Village of Weston Board of Trustees meeting, staff presented the draft 2026 budget, showing a planned property tax levy increase tied to higher debt service, updates on two TIF districts and a five‑year capital improvement plan that prioritizes older infrastructure and water treatment projects.
The Village of Weston Board of Trustees met in a special session to review the draft 2026 budget, including debt service, the capital improvement plan (CIP), TIF district updates and water utility projects.
The discussion centered on why general obligation and utility debt are driving part of the levy change and what projects the village plans to finance. Finance staff presented a draft levy that includes a property tax levy rate of 2.363 and a budgeted increase in debt service of $204,003.98.
The presentation explained that the village accounts for Community Development Authority (CDA) tax increment financing (TIF) debt in the debt service fund. Finance staff said the village expects no increment from one TIF this year because its debt was paid off Oct. 1; staff also reported remaining principal balances on other CDA revenue bonds. “We do plan on paying this debt off early,” staff said when describing the 2017 CDA revenue bond schedule, adding that payoff timing depends on receipts from projects such as Schofield and Weston avenues.
Trustees heard that closing the TIF depends on project costs and on whether increment receipts are sufficient by the April tax deadline. President Maloney told the board: “Significant it's a significant decrease, like, 50¢ for the village,” referring to an estimated change in the village mill rate tied to recent state adjustments in TIF calculations.
The CIP review listed near‑term street and utility projects funded from the village’s general capital fund and from the two TIF districts. Staff said remaining TIF projects are primarily Westin (Weston) Avenue and repaving near the hospital, with Scofield Avenue expected to wrap up in the fall; they noted no further TIF projects are planned beyond those. The general capital program targets about $3 million a year by design to avoid peaks and valleys in borrowing and spending.
On utilities, staff outlined a multi‑year plan to replace older asbestos cement (AC) water mains in the western, older part of the village; staff estimated “about 10 miles” of AC pipe remain in the water system. The board discussed replacing or upsizing the Bridal Avenue water main to support a future treatment plant tied to PFAS, iron and manganese removal. Staff said Well 3 construction is expected next year and that a full treatment timeline is currently projected around 2030, subject to funding and regulatory timing. Staff warned that safe drinking water principal forgiveness funds are largely committed to upcoming projects, which will affect future financing and possible rate choices.
Board members asked about major projects that appear in the plan: a roundabout concept at Jelnick and Alderson, Ross Avenue work in partnership with the city of Schofield (including an estimated $2.6 million in DOT grant funding), and localized residential projects on Fergie, Deloney and Post avenues. Staff said some designs are still at conceptual stages and that final scopes and schedules will be updated as projects move to design.
Next steps: staff will publish the public hearing notice for the 2026 budget for board review ahead of the hearing, and trustees expect a formal budget hearing and vote at the November regular meeting. Trustees asked staff to send the CIP assumptions to the village’s financial advisor to develop potential financing scenarios before any borrowing is authorized.
