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Village board hears detailed FY2027 budget and financing plan, including major debt issuances for Water Link project
Summary
At a public meeting, the Village Board received a full presentation on the proposed FY2027 budget, including enterprise fund projections (~$90 million revenue, ~$101 million expenses), planned refinancing and new debt for the Water Link project, and anticipated IEPA and WIFIA loan draws.
Director Minnick presented the village’s proposed fiscal year 2027 operating and capital budget in the board’s second public presentation, laying out enterprise, special revenue, and capital funds and the financing plan tied to the Water Link project.
Minnick told the board the village expects roughly $90,000,000 in revenue across its three enterprise funds (water, water improvement and refuse) and about $101,000,000 in expenditures in FY2027, with the difference largely driven by debt activity. “We’re looking at refinancing debt certificates in the amount of $29,500,000 that were issued related to the Water Link project,” Minnick said, and noted the water improvement fund alone is expected to bring in about $47,200,000, much of it in debt proceeds.
The presentation outlined planned IEPA loan proceeds to support water-main replacement and system enhancements, and a WIFIA loan anticipated to cover refinancing of 2025 debt certificates and capital expenses for the Water Link project. Minnick said the village anticipates approximately $62.5 million in WIFIA proceeds and about $78,000,000 in total debt issuances in one phrasing on the slide, noting those figures could change as projects progress.
Trustees pressed staff on timing and cash recognition. Minnick said the general obligation alternate revenue source (Series 2026A bonds) will close shortly and the proceeds will be recorded in FY2026, even though some related expenditures will occur in FY2027. On federal funding questions, Minnick said reimbursement draws are expected to be processed and that agency staffing could delay, but staff do not anticipate being unable to secure the funds.
The presentation also reviewed special revenue funds such as motor fuel tax and TIF districts (noting TIF #2’s planned $5.1 million in expenditures) and capital funds (about $7.5 million expected for vehicle replacement, facility work and other projects). Minnick spelled out that some enterprise fund receipts and expenses are tied to refinance activity and planned capital payments to the DuPage Water Commission.
Next steps: the ordinance to adopt the FY2027 budget (Ordinance 2171) was presented in first reading; the board anticipates a second reading and a potential adoption vote at a subsequent meeting in April.
