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Treasurer outlines FY2025–26 budget draft; council committee set public hearing and flags $3 million Fifth Street capital outlay
Summary
Treasurer Conzo presented the fiscal-year 2025–26 draft budget, noting a rise in total expenditures driven primarily by a multi-year Fifth Street road project and scheduled the required public hearing prior to the adoption vote.
City Treasurer Conzo presented the committee with the proposed budget resolution for fiscal year 2025–26 at the April 15 meeting, summarizing committee review, departmental input and adjustments made to contain costs.
Conzo said a major driver in the increase over the prior year is a $6 million Fifth Street road improvement project; the city's share will be phased, with about $3 million anticipated in the coming fiscal year and the remaining $3 million in the following fiscal year. Conzo said those expenditures will be financed with alternate revenue bonds and that the Illinois Department of Transportation will pay invoices and the city will reimburse IDOT.
The draft shows total expenditures rising from approximately $23 million to about $28 million, with the general fund increasing by about $600,000 (from roughly $9.0 million to about $10.1 million) largely because of capital projects and union contract salary increases. Conzo noted department heads worked to reduce projected expenditures and that the budget presented is subject to amendment during the fiscal year.
The council scheduled a public hearing and a vote: Conzo said there will be a public hearing May 1 at 6 p.m. prior to the voting meeting. Council members asked questions about timing, bond issuance, and how IDOT reimbursement timing could affect cash flow; Conzo said borrowing would be staged to match expenditures and that invoice timing and reimbursement by IDOT could affect when bond proceeds are drawn.
Ending: Council will take the budget to a public hearing and then vote; Conzo and the budget committee will be available for follow-up questions before adoption.
