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Lake Zurich board approves FY2025 budget amendments including TIF advance for downtown property
Summary
Trustees approved Ordinance 2026‑02‑653 to amend the FY2025 budget, including a $2,098,745 General Fund advance to TIF #1 for the purchase of 135 South Grama Road, a $1 correction to Debt Service, and transfers to cover higher workers' compensation costs; the ordinance passed by roll call.
The Lake Zurich Village Board approved Ordinance 2026‑02‑653, which amends the village's fiscal‑year 2025 budget to reflect recent transactions and updated projections.
The ordinance formalizes several adjustments: a General Fund advance of $2,098,745 to Tax Increment Financing (TIF) #1 to finance the village's recent acquisition of 135 South Grama Road (closed Dec. 30, 2025); a $1 budget amendment to the Village Debt Service fund to correct a rounding issue; and transfers into the risk management fund to cover higher workers' compensation claims. The board also approved reallocations and rebudgeting for several capital and utility projects pushed into 2026.
Finance Director Rita Cruz said sales tax receipts are tracking higher than budgeted — about $300,000 more — due to a state change in collections and general price increases. Cruz also said the village plans to transfer approximately $1,250,000 into the capital projects fund as part of the normal annual funding process.
Board discussion focused on ensuring the rebudgeted items remain within originally authorized allocations rather than increasing overall budget authority. One trustee asked whether rolling items into 2026 required additional appropriation; staff clarified the changes reassign existing fund balances rather than request new money for 2026.
The ordinance requires a two‑thirds vote when it affects specific funds; trustees approved it by roll call.
What's next: staff will provide fuller year‑end audit details in July once the audit is complete.
Quote: "Once this passes, I'd like to go over some preliminary numbers for the 2025 budget," Finance Director Rita Cruz said.
