Schaumburg Community News
VILLAGE OF SCHAUMBURG

MUNICIPAL CENTER / 101 SCHAUMBURG COURT / SCHAUMBURG, IL 60193-1899 847.895.4500 / DIAL 311 IN SCHAUMBURG / WWW.SCHAUMBURG.COM


 PRESS RELEASE
 
For Immediate Release
Contact: Allison M. Albrecht
(847) 923-4710
 
4/8/2019

 

 

Schaumburg’s Budget Maintains Path of Progress on Priorities set by Village Board 

Proposed FY 2019/20 Budget Reflects Strong Financial Position.

Schaumburg, IL – The Village of Schaumburg’s proposed Fiscal Year (FY) 2019/20 Budget allocates the resources necessary to maintain the village’s nationally recognized premier services while advancing various priorities which include street reconstruction, redevelopment in North Schaumburg, and operational improvements with total revenues and expenditures balancing and the General Fund showing a surplus.

The Village Manager will present the proposed financial plan to the Village Board at 6:30 p.m. at a Committee of the Whole meeting on Tuesday, April 16. The budget is expected to be formally adopted at the Tuesday, April 23 Village Board meeting.

The FY 2019/20 budget has projected total revenues and other financing sources of $255 million and projected total expenditures and other financing uses of $255 million. The General Fund, which provides resources for essential government services, contains a $1.5 million surplus after transfers out to refuse and recycling services, capital improvement projects, and transit programs.

The village’s property tax levy was lowered by 1 percent in 2018. Property taxes paid to the Village of Schaumburg make up just over 6 percent of the total tax bill and are used to fund public safety services at existing levels and to cover public safety pension obligations.

“The proposed budget is a responsible plan that allows the village to continue on its path of progress by focusing on fundamental services and valuable amenities that are important to community stakeholders,” said Director of Finance Lisa Petersen. “As in year’s past, the village has taken a conservative approach in projecting revenues and has carefully planned expenses so that a plan can be adopted that will best meet the needs and expectations of our residents.”

In developing the budget, the village took into consideration the 2018 National Citizen Survey (NCS) results in which 1,600 residents provided their feedback on village services and operations. Data compiled from the survey helped shape the supporting plan for FY 2019/20 and include four strategic initiatives:

  • Enhancing community engagement and communications
  • Promoting economic development
  • Investing in transportation infrastructure
  • Improving process efficiencies

The budget includes $8 million in funding to make roadway improvements to almost 29 miles of local streets. The village will seek Surface Transportation Program (STP) funding and other grants to assist in funding $26.3 million in roadway improvements to 3.3 miles of major roadways, which will make the village’s share of the program $9.6 million.

Stage 2 of work is currently underway on Progress Parkway connecting Algonquin road to Meacham Road on the former Motorola Solutions campus. This stage will complete the construction of the southbound lanes between Zurich and Motorola's buildings. It will also include the construction of a sidewalk and bike path, landscaped medians, street lighting and the completion of the intersection and traffic signal improvements at Algonquin Road.

Once completed, these investments in infrastructure in the North Schaumburg Tax Increment Financing (TIF) District will provide greater access and allow for more efficient traffic flow, which will accommodate new developments that are forthcoming on the campus. Top Golf is currently under construction and is anticipated to be open by fall 2019. The Boler Company recently announced it will relocate its global headquarters to a 4.2 acre site just north of Zurich American Insurance in 2020. Element at Veridian, a residential development that will include a 260-unit high-end apartment building, is currently under construction and is anticipated to open in the summer of 2020.

The village recently approved the Master Plan for 90 North District East setting the stage for the future Entertainment District next to the Schaumburg Convention Center. A Request for Qualifications/Proposal process will occur to solicit developers for the Entertainment District. The village is also moving forward with a Meacham Road Corridor Study to link the Entertainment District with the new Veridian development on the west side of Meacham Road to support accessibility for pedestrians and motorists.

The budget also includes a plan to enhance community engagement in the village and outreach activities through community-wide communications and social media. Efforts will focus on completing objectives outlined in the village’s Strategic Communications Plan and implementing the village’s new branding and marketing initiatives.

To improve customer service, the village will continue making operational efficiencies such as completing the implementation of a new commuter parking management system; using new asset management software in the Engineering & Public Works Department; and allowing more code and health inspectors to use tablets in the field to streamline services provided to the public.

“The proposed budget is conservative but flexible enough to allow the village to continue making improvements that will provide a high quality life to those who live, work and play in Schaumburg,” said Village Manager Brian Townsend.

The annual budget is a policy document that sets the financial course for the village and defines the service priorities for the community. It is the culmination of months of effort by the entire village staff to balance available resources with the services provided to Schaumburg residents, businesses and visitors. For more information, visit the Village of Schaumburg website at http://bit.ly/2cZqm0p or contact Lisa Petersen, Director of Finance, at lpetersen@schaumburg.com or dial 311 in Schaumburg.





About The Village of Schaumburg
Schaumburg is the largest center of economic development in the State of Illinois, outside the City of Chicago, but it is also very much a community of neighbors and neighborhoods. Quality of life is important to us and we are constantly working to enhance it. Visit www.villageofschaumburg.com for more information.



###