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Moderator says Palos Park budget 'just over $13,000,000,' highlights strong reserves and recent capital work
Summary
Moderator outlined the village’s fiscal picture, reporting a total budget just over $13,000,000, separate water and sewer funds, a roughly $557,000 police pension cost, and reserves at about 45% — well above the 25% policy — while noting recent road work and a debt payoff that freed $45,000 annually for the general fund.
The Moderator reported that "The total budget for the village is just over $13,000,000," explaining that water and sewer revenues are held in a separate fund and cannot be used for general operations. She said police pension costs run "roughly $557,000 a year," and after those set-asides the village has just over $7,000,000 available for general-fund services.
She said the village maintains a policy requiring 25% of the general fund in reserves but currently holds "45% in reserve," a level the Moderator attributed to conservative planning that helped the village weather the 2020 pandemic. The speech noted the village completed more than 20 miles of road work over five years and recently paid off revenue bonds tied to Centennial Park, returning about $45,000 a year to the general fund.
Looking ahead, the Moderator said officials will continue to seek grant opportunities to avoid drawing down reserves and to maintain long-term stability while investing in community priorities.
