-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.
Capital Improvement Plan
Every year, the Village of Schaumburg establishes a 5-year Capital Improvement Plan, or CIP. The plan prioritizes investments that will be made to roadways, water and sewer utilities, street lights, sidewalks, parking lots, traffic signals, and buildings. Projects are evaluated based on feasibility, priority, and available funding. The 5-year plan represents a significant undertaking and serves as a catalyst for maintaining a high quality of life, supporting the local economy and fostering economic growth.
The Overall 5-year Plan
The 5-year plan totals $146 million or approximately $29 million per year, on average. Of the $146 million, the village anticipates receiving at least $35 million in grant funding to help offset the village’s investment. The 5-year plan focuses on improving the long-term viability of our infrastructure with future generations in mind.
On the Horizon for Fiscal Year 2015/2016
The list of capital projects for 2015-16 totals approximately $30 million, and the village is expected to receive about $5 million in grant funding.
Approximately $5.5 million of this year’s $30 million capital investment will be dedicated to maintaining and rehabilitating residential streets through the Residential Street Repair Program. Approximately 9.3 miles of streets will be improved in 2015, representing a 30% increase over the amount completed in 2014.
The village will invest $7.2 million in improvements in the North Schaumburg Tax Increment Financing (TIF) District. Improvements there include the new I-90 interchange at Meacham Road and the enhanced interchange at Roselle Road.
New to the plan this year is the creation of the Vital Streets Program that will account for costs associated with reconstructing major roadways including the reconstruction of Salem Drive between Golf and Bode Roads in 2015. The program also includes design work for the future reconstruction of Plum Grove Road, Woodfield Road, and State Parkway and National Parkway.
Schaumburg will continue to remove EAB diseased trees through its Emerald Ash Borer (EAB) program and begin reforestation with the planting of 1,200 new trees to replace trees that were lost to the devastating insect.
Finally, 2015-16 will be the first year in a 4-year process to replace 12,400 water meter data transmitters that have reached their expected life. This program is designed to ensure uninterrupted meter reading.
The village’s Capital Improvement Plan was approved at the January 13 village board meeting. View the Capital Improvement 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.