Resident's Guide to the Village Budget
At the December 15, 2022 meeting, the Village Board approved the Village's Calendar Year 2023 Budget - view it here. Comments and questions regarding the budget should be sent to email@example.com.
Annual Budget Development Overview
The budget is approved annually by the Village Board in compliance with the Village Charter and municipal code. The adopted budget serves as a forecast of revenues it will receive and expenditures it will incur during the year. Guided by the policies, priorities and goals of the Village Board (including the Village’s Strategic Plan, financial policies and source documents), the budget is the single most important policy document produced by the Village each year. The budget is both a spending plan for the Village's financial resources and the legal authority for Village departments to spend the resources for public purposes. Through these resources, services are provided to meet the needs of the community.
In conjunction with the budget, the Illinois Compiled Status (ILCS) requires the Village to adopt an appropriations ordinance, which sets forth the legal maximum spending limits for the Village for the fiscal year. The appropriation authority requested represents the budgeted amount plus 10%, which accounts for possible changes to planned expenditures that may take place in a given year. Revenues and expenditures are monitored through the year to determine whether actual performance is within the target allocations.
As depicted in the graphic below, work on the annual budget begins with staff’s review of capital and infrastructure needs, circulation and evaluation of a fee survey, development of a financial forecast and scheduling of a public hearing to consider the proposed tax levy ordinance for the coming year. Staff summarizes findings into reports, which are reviewed by the Finance Committee and considered in accordance with financial policies and other critical documents, as the Village’s annual spending plan is drafted. Such documents are included within the budget for reference. Feedback from each step, including the budget workshops to review the draft budget, is incorporated into the final budget document.