Lake Zurich receives about $1 million more than expected in FY22 tax revenue. Surplus to fund repairs, upgrades, and new IT worker. – Chicago Tribune
The Lake Zurich Village received more tax revenue in the 2021 financial year than expected, prompting the village council at a recent meeting to have to change the budget.
Trustees approved a budget change at the August 15 board meeting to reflect the increased tax revenue. The additional revenue is not related to higher taxes, but rather to higher-than-expected revenue from sales and income taxes, officials said.
Administrator Jonathan Sprawka told the meeting that the combined revenue increase will add just over $1 million to the village’s general fund. The money will be used to pay for things such as municipal building security expansion, fuel payment, technology upgrades, funding for a full time information technology coordinator position full, public safety supplies, a facade improvement program and a village councillor. Some of the money will also be set aside for future capital projects, officials said.
Village budget director Amy Sparkowski said even with the state’s share of grocery sales taxes suspended by the governor due to inflation concerns, the village is seeing growth. increased retail trade.
She said the suspension of sales tax on groceries did not affect the local budget.
The admins asked few questions, although admin Marc Spacone wanted to make sure the IT position could be funded in the future.
“I want to make sure that we plan to make this a long-term position that we can budget for in the future,” he said.
Sparkowski said yes.
“We will include this in our 2023 budget with the idea that we can maintain it,” Sparkowski said. “I believe it is absolutely necessary.”
At the end of the brief discussion, the directors voted to approve the budget change.
Also at the meeting, directors approved expenditures of up to $567,000 for parking improvements at the Village Hall, Buffalo Creek Park and the Quentin Road Lift Station. The improvements were already budgeted for and the village contracted the work to Chicagoland Paving.
An ambitious 20-year community investment plan that could see Lake Zurich commit nearly $300 million to infrastructure and capital improvement projects also got the green light from the Village Board. The plan doesn’t call for the village to spend the money directly, but it does allow money to be set aside in the coming decades for specific improvement projects around the town.
Sprawka said waiting for infrastructure to break down can often be more costly and inconvenient than planning ahead for expenses.
“Replacing these items as they age can be a financial drain on the financial resources of the village, especially when they compete for limited resources against more immediate service needs,” he said. “Emergency repairs and replacement costs are significantly more expensive than planned purchases, demonstrating a fiscally prudent necessity to maintain financial stability.”
Jesse Wright is independent.