Carol Stream reviews five-year capital plan, projects near $31.8 million year-end reserves
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Summary
Village staff told trustees the five-year Capital Improvement Plan forecasts roughly $6.9 million per year including grants and interest, total five-year expenditures just under $40 million, and projected reserves of about $31.8 million (including a proposed $3 million general-fund transfer).
Carol Stream trustees on March 2 reviewed a five-year Capital Improvement Plan that staff said will rely on roughly $5.6 million in annual operating revenue and about $6.9 million per year when grants and other nonoperating revenues are included. Village staff told the board the five-year CIP expenditures total just shy of $40 million and that projected reserves at fiscal year end are about $31,800,000, a figure that incorporates a proposed $3,000,000 transfer from general-fund surplus.
The presentation, led by Adam Frederick, laid out the plan’s scope — roadway and multiuse paths, stormwater utilities and municipal facilities — and noted that water and sewer projects are funded separately and will be reviewed in a water-and-sewer workshop scheduled for March 16. "We have historically adopted a 5 year planning horizon for the capital improvement program," Frederick said, summarizing the schedule of anticipated projects and costs.
Why it matters: the CIP establishes what the village can afford to build or repair over the next five years and sets the framework for the upcoming budget adoption. Staff emphasized that reserve balances are projected to cover more than three years' worth of program expenses at the end of the five-year plan, a key measure of fiscal flexibility.
Supporting details in the presentation included a breakdown of operating revenues producing an average of $5,600,000 annually and non-operating revenues that raise the total to about $6,900,000 per year. Staff said reserves of approximately $31,800,000 at year-end reflect a proposed $3,000,000 transfer and still leave the village in a "very healthy position." The plan assumes declining expenditures over the five-year window, driven largely by the completion of bank-stabilization and major facility renovation work.
Trustees heard that next procedural steps are a water-and-sewer budget workshop on March 16, followed by work toward formal budget adoption. No formal action on the CIP occurred at the workshop; staff presented the plan for review and discussion and invited follow-up before adoption.
