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New Fiscal Year May Mean Tax Hike

Projected budget anticipates increase in property tax levy.

A four percent increase in the Village’s portion of the property tax levy is part of the preliminary proposed budget for Deerfield’s next fiscal year starting May 1.

 gave his initial presentation to a Committee of the Whole meeting of the Village Board Monday explaining the Village’s projected revenue from all sources as well as expected expenditures. In December Fialkowski was able to .

The Village will collect approximately $52.3 million and plans to spend in the vicinity of $56.4 million, according to Fialkowski. Mayor Harriet Rosenthal and the Village Trustees will review the budget and could make suggestions for changes.

Fialkowski expects the current year to end with revenue in the approximate amount of $56.1 million against expenses of $53.3 million with about $2.8 million going into reserves.

The difference between anticipated revenue and expenses in the new fiscal year will be taken from Deerfield’s cash reserves which are projected to be approximately $31 million by April 30.

As those funds are used to cover the projected deficit, Fialkowski expects to end the next fiscal year on April 30, 2013, with about $27 million in the bank.

The largest projected expense is for the continuing work on the water treatment plant in the projected amount of $15.5 million, representing 28 percent of all expenditures.

“Some expenses may be this year depending on how much work is done by the end of April,” Fialkowski said. “Everything else is pretty much status quo,” he added about the rest of Deerfield’s anticipated spending.

The public will have its say April 2 at the public hearing on the budget. A draft of the budget will be on the Village’s website soon.

RB March 01, 2012 at 11:56 AM
The Mayor and Board spent over $600,000 (just how much did we really spend after paying Metra and other off project estimate expenses?) of Village Taxpayer Money to grab some of our Federal Taxpayer dollars to widen the underpass at Deerfield Road. Now, we hear about another tax increase. It was unwise then, and remains so....spending Village so that they can get some Federal money on a needless project reflects fiscal irresponsibility by Village Government.

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