Proposed Schaumburg Budget FY2014/2015 

For Immediate Release
Contact: Kathleen Tempesta
May 13, 2014
To view the actual proposed budget for FY 2014/15, click here.
Proposed Budget Demonstrates Responsible Fiscal Planning
and Reduced Tax Burden
On Monday, April 21, the fiscal year (FY) 2014/15 budget will be presented to the Village Board by Village Manager Brian Townsend and Director of Finance Lisa Happ. The budget will demonstrate that village finances are sound and fund balances meet or exceed policy requirements. Additionally, the village is well positioned to continue to reduce the property tax levy as sales tax revenues slowly recover after the Great Recession.
The FY 2014/15 budget will total $210 million in revenue and other financing sources and $203 million in expenditures and other financing uses. For the General Fund – the village’s main operating fund – revenues (without transfers) are expected to be $94 million and expenditures (without transfers) will be $87 million.
The budget forecasts that the village will receive $21 million in Home Rule sales tax revenue. This is a 0.1% increase over the FY 2013/14 projected receipts. An additional $32 million in State sales tax is estimated for FY 2014/15, which represents a 1.6% increase over the FY 2013/14 projected receipts. “The village is cautiously optimistic about recovering sales tax. However, the I-90 construction is expected to impact revenues temporarily, so we are planning accordingly,” stated Director of Finance, Lisa Happ.
Additionally, at $31 million, the FY 2014/15 budget includes one of the largest capital improvement plans in recent history. These improvements include a special emphasis on street repair, resurfacing, and reconstruction with $20 million of this amount dedicated to road improvements, including the funding for new and improved access to I-90 at Meacham and Roselle roads. An additional $3.2 million will be spent on streets through pass-through grants making the total expenditure on roads in the village this year $23 million.
“As our revenues continue to recover, the village is able to allocate additional funds to capital needs such as street reconstruction and mitigating the infestation of the Emerald Ash Borer. These are typically high cost projects and Schaumburg is very fortunate to be able to accomplish these projects without having to incur debt,” Village Manager Brian Townsend noted.
The village’s budget is a financial planning document that represents a balance between available revenues, structural responsibilities, and the tools needed to provide a high level of service to our residents, visitors, and businesses. The budget includes a citizen survey to measure aspects of civic satisfaction and an internal employee survey to determine existing organizational climate. In the FY 2014/15 budget, Schaumburg is able to maintain or improve existing services, reduce the tax burden and enhance economic development efforts. The assessments and projects planned in FY 2014/15 will provide the feedback and groundwork needed for continued future success.
For more information, please visit the Village of Schaumburg website or contact Lisa Happ, Director of Finance, at or dial 311.
101 Schaumburg Court, Schaumburg, IL 60193-1899
P: 847.895.4500

Dial 311 for non-emergency requests