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Review of the 2026 Fiscal Year Budget
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Introduction
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This is the first review of the proposed operating budget for Fiscal Year 2026. Staff will be available to review and answer questions on any of the following budgets.
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Recommended Action
There is no recommended action at this time.
Prior Board Action
There is no prior Board action associated with this specific item.
Background
The meetings pertaining to and leading up to the adoption of the Fiscal Year 26 budget will include a review of the major Funds (i.e. General, Parking, Water/Sewer, Health Insurance, and Self-Insured Retention Funds).
The capital improvement project funds were thoroughly discussed on September 11th, September 25th, and November 4th, and the CIP Document. Please note that the first budget year (2026) of the five-year capital plan has been incorporated into the operating budget document.
The General Fund, as presented in the Fiscal Year 26 Proposed First Draft Budget, is balanced, which includes an increase in fund balance appropriation of approximately $26,288,974. This transfer is for the Capital Improvement Plan projects, which include the Oak Park Streetscape.
Other changes within the budget are as follows:
1. The balanced budget reflects a property tax levy increase of 4.96%; which equates to an overall increase of $450,575 excluding debt service. The corporate levy has an increase of $595,478 or 3.21% from tax year 2024, whereas the police pension levy has an increase of 8.34% or $637,159 and the fire pension levy has an increase of 9.69% or $650,561. Both pension increases are reflected on the current actuarial report.
2. The fund balance at the end of Fiscal Year of 2024 was $45,874,149 and the 2025 Fiscal Year end projected fund balance is estimated at $43,852,062. The current policy states that the General Fund Balance objective is to have on-hand unreserved fund balance between ...
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