2024 Budget In Brief.pdf

BUDGET PROCESS

In accordance with State Statutes, the Village is required to adopt a budget prior to the beginning of the Fiscal Year, which begins on January 1, 202 . The attached adopted budget maintains the high quality Village services offered to residents while allowing for capital investment in facilities and improvements, as well as the development of other initiatives to help establish a solid foundation for the community for years to come all while facing the economic challenges posed by inflation and probable recession. The proposed budget continues the funding of General Fund services with a modest use of a General Fund property tax for operations. As a result, Village residents enjoy one of the lowest municipal tax rates in the area. Budgeted expenditures and other uses for all funds in fiscal 2024 total $211,053,570, a decrease of 6.7%. On an operating basis, Village-wide budgeted expenditures total $127,956,464, an increase of $2,550,017, or 2.0% from the 2023 amended budget. BUDGET PROCESS

Budgeted revenues for all funds in fiscal 2024 total $151,617,481, an increase of $12,412,821, or 8.9% (excluding bond proceeds) over the 2023 amended budget. This year’s budget also calls for borrowing $20.5M for capital projects in the Capital Projects and MST TIF Funds and $8.0M in the Water & Sewer Fund. Total bond proceeds are $11.94M more than 2023. New revenues have been earmarked to pay for needed capital improvement as well as debt service for G.O. Bonds that will be issued for capital projects. Revenue changes include a new utility tax on natural gas and electricity, and an increase in Non Home Rule Sales Tax rate (from 0.75% to 1.25%). The new utility tax is anticipated to generate a total of $3,000,000 per year. %VF UP TUSPOH FDPOPNJD QFSGPSNBODF UIFSF JT IJ gher anticipated sales tax revenue (including Home Rule Sales Tax). Sales Tax and Home Rule Sales Tax is budgeted $8.35M (22.3%) higher than the amount projected for 2023.

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Budget worksheets are created in the Village's Financial System. Instructions and deadlines are provided to operating departments.

Meetings are conducted with operating departments to discuss and finalize their budgets. The proposed budgets are then submitted to the Village Board.

Budget preparation process is reviewed at Village Manager staff meetings. The operating department’s budgets are prepared and entered into the financial system.

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VILLAGE OF ORLAND PARK ʴ FISCAL YEAR 2024 BUDGET IN BRIEF