2023 Draft Budget provides another 0% property tax levy increase
« 2023 BUDGET HIGHLIGHTS »0% increase to the property tax levy
While it’s normal to see your property tax bill increase every year, you can take comfort in knowing that the Village has kept its levy flat since 2019. That means the Village’s portion of your property tax bill (approximately 10%) won't increase under the proposed 2023 budget. All of the long-term planning has paid off, and BG's robust economy helps bring in additional revenues to offset the need to increase property taxes.
Village maintains AAA bond rating
The Village holds the highest possible, AAA, bond rating from Standard & Poors on all current bonded general obligation debt, which funds BG's Infrastructure Modernization Program and the acquisition of a building to house the public works department. BG is one of few municipalities in the state to earn this rating. And having a AAA rating means your tax dollars go further. We can receive lower interest rates to fund debt used to complete projects and initiatives that enhance the quality of life here in BG.
Strongly funded pensions
State statute mandates the Village fund public safety pensions at the 90% level by 2040. Similar to a balance owed on a credit card or loan, paying more sooner rather than later can save a lot of money in the long run. And that's why the Village is proactively funding its public safety pensions above the minimum in order to meet the state mandate ahead of time.
Continued progress on capital reinvestment
The Village has a very strategic approach to funding its infrastructure costs that minimizes the overall impact on the property tax levy and need for long-term debt, Capital reinvestment efforts also seek to minimize disruptions to residents and businesses. You will notice an increase to water and sewer rates in 2023, which allows the Village to continue progress on replacing core infrastructure without long-term debt obligations. With the Village's conservative budgeting strategy, any excess funds are committed to capital programs, rather than operations.
Continued focus on strategic goals
Open Space and Land Management
Public Works will continue open space and land management activities, including natural area landscaping, watershed stormwater quality improvement and median beautification of major corridors.
The redevelopment of the former Town Center, spanning 22 acres and an investment of $150 million, will create the Village’s first mixed use, pedestrian oriented development project. Significant construction progress is expected in 2023.
The Village will complete several ongoing technology and innovation priorities to foster better cross-departmental collaboration and improve processes for public-facing services like permitting and licensing.
The Village has hired a consultant to facilitate the development of a new community-wide strategic plan focused on developing more effective governance processes and identifying community aspirations. This process will set the community and organizational goals for the next five years.
In 2023, the Village will embark on a community-focused branding initiative to help define the community and where it is going. The branding process is expected to take 6-8 months and include several community engagement sessions. The process will also include the creation of an implementation plan and other deliverables such as a new logo, branding guidelines and stationary templates.
« BUDGET HEARING »Staff presented the 2023 Draft Budget to the Village Board on Monday, November 14. The meeting video can be viewed on demand on here. The budget hearing will be open November 14 through December 5, when approval is anticipated. Budget input can be submitted to firstname.lastname@example.org with the subject line: 2023 Budget.
Village of Buffalo Grove | www.vbg.org
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