Village Communications. Visit us at

Transcription

1 Village Communications Sign up: E-Stream Newsletter Smart 911 CodeRed Find us: Facebook Twitter: Carol_Stream YouTube Visit us at

2 2018 State of the Village MAYOR Frank Saverino

3 Financial Challenges Loss of Sales Tax from Major Retailers Office Depot Village Market New Collection Fee from State of Illinois 2% of Home Rules Sales Tax receipts The State reduced the income tax money we receive 10% of our income tax dollars diverted to the State Resulting in a $2.6 Million loss in revenue!

4 Addressing Challenges in FY 18 Consumed Budgeted Surplus $1.5 Million budgeted surplus decimated by revenue losses NO transfer to Capital Improvements Fund FY 18 Cuts and Deferments $1.4 Million Positions kept vacant or hiring deferred Equipment rehabs/purchases delayed Reduced Training Delayed building improvements Reduced community support programs And more

5 Village Finances: Est. Fiscal Year that Ended April 30, 2018 General Corporate Fund: Estimated Revenues Expenses $ 26.4 M $ 26.2 M SURPLUS $ 200K * * NO transfer to Capital Improvement Fund for road & facility projects.

6 Moving Forward FY 19 First Budget Draft $1.56 Million Deficit Continued Cuts & Deferments Necessary Delay hiring two Police Officers Delay purchasing two Police Vehicles Reduced Training Reduced Tree Plantings Reduced community support programs Delayed facility improvements And more

7 New Revenue Needed Property Tax Discussed NOT Selected Home Rule Sales Tax Increase by 0.25% Rate remains the same or lower as 7 of 10 of our peers Motor Fuel Tax $0.04 per gallon Proceeds can only be used for roads Water & Sewer Rates Increase of $0.90 per 1,000 gallons, about $5.40 per month Proceeds can only be used for Water/Sewer system

8 Village Finances Projected General Corporate Fund Budget YR 1: FY Projected Revenues: $27.66M Projected Expenditures $27.22M Projected SURPLUS $445K

9 EST. FY18-19 General Corp. Fund Revenues INCOME TAX 12.9% OTHER 28.5% UTILITY TAX 12.3% SALES TAX 46.3% 71.5% of General Corporate Fund Revenues come from the 3 Sources shown. SALES TAXES are critical to funding basic services. Keep Shopping Carol Stream! State Shared Revenue Income Taxes must be protected from direct threats, including Springfield. Village continues to operate WITHOUT a property tax & remains DEBT-FREE.

10 Water & Sewer Fund Major Factors Impacting this Fund: Aging Water System Equals Increased Maintenance Schmale Rd. Water Main $2.7 M North Ave. Sanitary Sewer Rehab $770 K Automatic Meter Reading System: aging out $312 K May 1 st Combined Rate Increase:+90 to $11.97/1,000 gallons COST IMPACT to Average Customer - $5.40/Month One of the LOWEST Water Rates of DuPage Water Commission Also one of the LOWEST Sewer Rates

11 Capital Improvements Fund Infrastructure Maintenance $10.6 Million Roadways Bike Paths Village Facilities Stormwater System Funded by Reserves No Debt Revenue and Reserves Unsustainable Federal and State funding unlikely Fewer grants, more unfunded mandates New Revenues Passed $0.04 per gallon Motor Fuel Tax Proceeds can only be used for roads 4 of 10 peers have Motor Fuel Tax All have a municipal property tax while we do not

12 Municipal Center Renovation Temporary Facility- 505 E North Ave. On Schedule Under Budget Completion by December 2018 Full Project Cost $19M Paid With Reserves! No Debt!

13 Peer Comparison Only 1 of 10 without Municipal Property Tax or Debt On average our peers get 23% of their revenue from property taxes New Sales Tax Rate the Same or Less Than 7 of 10 peers 0.25% Home Rule Sales Tax increase effective July 1, Expenditures per Capita were $691 Second lowest of ten $142 less than average Water & Sewer Rates Still Low After Increase 3 rd lowest of the 24 Water Commission Communities Lowest of 12 sanitary sewer peers Above Average 2016 Police Pension Fund Status State average 57.9% funded Carol Stream 59.4% funded

14 New Businesses Recruited Woodspring Suites extended stay hotel Gary Ave. North of Lies Rd. Completion expected early September Bucky s Express Gas station/convenience store/carwash Army Trail & County Farm Completion expected mid September Goddard School Day Care Geneva Crossing Shopping Center Completion expected mid July

15 QUESTIONS