Posted: Wednesday, April 22, 2015 1:59 pm
The Romeoville village board unanimously passed a total budget 0f $91 million for the fiscal 2015-16 year, representing a 1 percent decrease from last year.
While staying well under the inflation rate, the typical homeowner’s property tax bill will be slightly less than last year’s and significantly less than 2008.
“This new budget is a reflection of our commitment to ensuring that the residents receive the quality services they deserve. We will continue to be fiscally responsible as we enter this new budget year,” said Mayor John Noak.
The village receives 13 percent of a homeowner’s property tax bill, down from 15 percent in 2008. Romeoville expanded services with no new fees, charges or taxes to residents.
“This shows the hard work that everyone has put in, keeping impact on residents as low possible given all the costs pressures that exist like unfunded state mandates and the money they want to take from us,” said Noak.
Village Manager Steve Gulden said that is a small decrease of 5 cents for the average home owner, explaining that despite the rate of inflation rising by 1.52 percent, the village is maintaining the same tax dollars as last year.
“We have tried to focus on what the actual impact is to residents; the village portion of tax bill, real dollars to average resident again this year is actually a reduction albeit small 4 to 5 cents it is still a reduction,” said Noak. “As total percentage, village has been in a decline and has continued in downward path over those years since 2008.”
If kept up with inflation, the average homeowner would be paying a higher amount of taxes. In 2008, the average home owner paid $755 in taxes; today the average home owner pays $739. If the village kept up with inflation, an average homeowner would be paying nearly $100 more.
This year’s budget reflects nearly $3.7 million in street resurfacing including street projects for Crossroads Parkway and Belmont Road; and the purchase of four new squad car and one new fire engine.
“We are able to do this because of the increased growth and retail we have and the diversity in our tax base,” said Gulden. “It helps that we are not one-dimensional. We are commercial, residential and industrial; if one sector goes down we still have the other sectors to keep us at a good revenue rate.”
Gulden said the budget does take into account possible sweeping state funding cuts, anticipating a worst-case scenario, which would result in a nearly $2 million cut.
“I want to point out that while we were able to account for the potential large cut in state funding, won’t be able to continue to do that, said Gulden. “If the Governor does make long term cuts, residents will see it. We won’t be able to work this magic again.”