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Ravenswood council approves FY2026 amendment and FY2027 levy estimate; mayor proposes $2.75M special project fund
Summary
Council approved the FY2026 budget amendment and FY2027 levy estimate; the mayor proposed creating a $2,750,000 special project account funded from insurance settlement proceeds to pay for prioritized capital projects such as building demolition and a fire department roof replacement.
Ravenswood's City Council voted on March 24 to approve amendments to the FY2026 budget and to adopt the FY2027 levy estimate, while the mayor laid out a plan to create a special project account funded by insurance settlement proceeds.
The mayor summarized key FY2027 figures: projected total revenue of approximately $4,462,267 (about 3% below the prior year) and property tax revenue projected at about $502,000 (a 6% increase). He said the city plans to allocate $2,750,000 of insurance settlement funds into a special project account that would require council resolutions for withdrawals; the remainder of settlement proceeds would stay in the operating fund.
Examples of projects the mayor listed as candidates for that special fund include demolition of the McIntosh and NYA Hall buildings and putting a new spray‑foam roof on the fire department. The mayor said he will bring an ordinance to the next meeting to create the special project fund and proposed stipulations and regulations for how council would approve spending from it.
Council discussed several budget detail questions with Vicky (finance staff), including temporary pool staffing and line items such as retirement and insurance, water and sewer fund reporting, and the need for regular reporting to track revenues versus expenses for utility funds. A council member noted roughly $2 million in allocations that sit outside normal government functions (subsidies across police, streets, sanitation and recreation), underscoring the value of clearer departmental reporting.
The motion to approve the FY2026 amendments and the FY2027 budget estimate was moved by S3 and seconded by S2; the council adopted the motion by voice vote. The mayor said the council will "lay the levy" again at the second meeting in April when required paperwork is submitted.
