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Budget Update

Post Date:08/22/2019 1:11 PM
The Village Board and staff held a second, special budget workshop and continued discussing our difficult financial outlook. In the next three years, funds to pay for infrastructure like roads, storm water and bike paths and state mandated pension payments will be depleted.

 

Due to declines in sales taxes and other revenues, the Village has frozen expenditures, deferred purchases, and cut budget items that were previously approved. Over the past two years, these items totaled over $1.25 Million. The Village has reviewed different revenue options however; most are not able to generate a stable and reliable source of revenue to maintain current Village services and facilities. Revenue options discussed were an increase to the Home Rule Sales and Gas Taxes and re-implementation of a Property Tax. Unlike most communities in Illinois, Carol Stream Municipal Government has maintained balanced budgets without general obligation debt or for the past 40-years, a property tax. Carol Stream’s comparable communities receive 25% of their revenue from property taxes because it provides a consistent and reliable budget revenue.

 

The Village Board and Staff will continue to collect information on our best options to maintain desired service levels; however, with the continued loss of core revenues such as telecommunications tax, utility tax, and sales tax we will need to make difficult decisions regarding our service levels and future revenues to support those service levels. The Village is planning two open forums to discuss a possible property tax on September 30th, one at 9 AM and a second at 6 PM. Learn More.
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