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Finance committee reviews budget adjustments and TIF surplus return; staff cites more than $16 million returned historically
Summary
The finance committee approved several budget adjustments and an ordinance declaring surplus revenue in the Dundee Road TIF District; staff said the district has returned more than $16 million to taxing bodies over time while retaining some allocation for potential future projects.
The Business, Finance and Budget Committee reviewed multiple items including mid-year budget amendments and an ordinance declaring surplus revenue in the Dundee Road TIF District.
Finance staff summarized the mid-year adjustments, including reappropriation of roughly $14.2 million in rollover projects and other line items. "Total decrease with this ordinance, the decrease was by $7,000,281 to a $100,040," staff said in describing net movements in the ledger. The committee approved the budget ordinance for placement on the council's consent agenda.
On the TIF district matter, staff reported that the village has returned more than $16,000,000 to taxing agencies over the life of the Dundee Road TIF while retaining some allocation for possible final projects before closure. A member of the public urged that the area be allowed to recover naturally and suggested removing a red-light camera to help fiscal health. The committee voted to place the TIF surplus ordinance on the consent agenda.
