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2019 Village Projects

The CIP budget for all twenty 2019 Village Projects is estimated at $9,517,000. The Village has created an interactive map to showcase the projects and studies which can be viewed at 2019 Village Projects.

Capital Improvement Program

Each year the Village develops a Capital Improvement Program (CIP) consisting of various projects and studies.  The CIP takes a comprehensive look at the Village’s infrastructure and facility needs for the next 5, 10, and 20 years.  A CIP is a multi-year plan that forecasts spending for all anticipated capital projects.  The CIP enables the Village to identify needed capital projects, prioritize their timing and coordinate their financing.  An effective CIP consists of both an administrative process to identify the location, scale and timing of needed capital projects and a fiscal plan to provide for the funding of those projects.

The CIP links the Village’s capital planning and budgeting functions.  The CIP can help implement past policy decisions by establishing priorities among existing and competing capital needs and can also be used to measure and evaluate the merits of new proposals.

Traditionally, a CIP covers a period of 5-6 years.  Because a dedicated and reasonably predictable funding source has not been identified to fund the long-term replacement and rehabilitation of general infrastructure assets, the scope of this document is expanded to provide a longer-term perspective.  Therefore, the plan, also includes a 6-10 year look with estimated costs, and an 11-20 year projection of possible future projects.  This is intended to better assist the Village Board in the planning and decision-making process.

Budget Update: Property Tax Discussion

Post Date:08/22/2019 1:11 PM
Updated Article 

 

The Village Board and staff have held several workshops, forums, and meetings to discuss 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 would be depleted without a new revenue source.

 

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 hosted two open forums to discuss a possible property tax on September 30th, one at 9 AM and a second at 6 PM, and a third forum on Sunday, October 6th at 9 AM. Thank you to everyone who participated in the public forums we very much appreciate your input. 

 

At the October 21st Village Board Meeting, a resolution was presented to levy a municipal property tax. For the first time in nearly 40 years, the Village requested a tax levy totaling $3,800,000. The Library requested a tax levy totaling $3,674,461 for 2019.  The estimated impact to the owner of a median valued home with a market value of $231,400 is $232 (Village) and $224 (Library).  This reflects a $232 increase for the Village and a $0 increase for the Library. A public hearing and final adoption of the tax levy are scheduled for the Village Board meeting of November 18, 2019.  Learn More.
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