Politics & Government
Palatine Presents $108.8 Million Balanced Budget; Reduced Levy
Fully funded budget proposed for 2014 reflects no property tax increase and no new fees or taxes.
A public hearing for the 2014 proposed budget was held at Monday's Palatine Council meeting. No public comment was offered.
The annual budget and capital investment plan totals $108.8 million, which is a $2.97 million or 2.81 percent increase over 2013.
"It's an incredibly remarkable, impressive budget with a reduction in the levy and no new taxes," said council member Greg Solberg, who chairs the village's Business Finance & Budget Committee.
The budget includes an $86,000 reduction in the property tax levy over 2012. The total proposed levy is $21.8 million. This is the third consecutive decrease in the levy, representing a total reduction of $200,000 over the past three years.
Additionally, the budget anticipates 2014 will mark the eleventh consecutive year that the general fund will end within or above the village's targeted reserve range of three to four months operating costs.
Highlights of the proposed capital investment plan include an investment of more than $3.1 million in improvements to the village's water and sewer systems and $2.6 million in direct investment in the street system.
The council will vote to adopt the 2014 proposed budget and levy at its Dec. 2 meeting.
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