The Village of Schaumburg operates under the Illinois Municipal Budget Law (50 ILCS 330/). The village's fiscal year begins May 1 of each year and ends April 30 for all funds except for the Hotel and Convention Center. The Convention Center operates on a calendar year fiscal year to match Marriott's accounting periods.
In addition to the annual budget the Village Board also adopts an annual capital plan
. The first year of the plan is incorporated into the annual budget and the remaining five years of the plan are used for planning purposes. Projects may change from year to year depending on needs and funding opportunities.