The Shorewood Board of Trustees adopted the budget for fiscal 2019-20 during its regular board meeting Tuesday night.
Village Finance Director Anne Burkholder and Assistant Finance Director Sara Prince worked out the numbers, with a letter of transmittal from Village Administrator Jim Culotta.
The budget, which begins at the beginning of the village fiscal year April 1, was balanced, and Culotta said the village’s finances were strong.
He said in the report the general fund was the primary operating fund of the village, and sales tax, the largest tax revenue source, makes up almost one-third of total general fund revenues. Culotta said sales tax revenue increased 5.2 percent in 2018-19 and was projected to increase an additional 5 percent.
The second largest revenue source for the village comes from state income tax.
“Shorewood is the regional leader in the median household income ($93,642). Over the last 10 years, income tax revenue has grown 60 percent,” Culotta said. “The proposed budget projects an 8.9 percent increase.”
Beyond the taxes, building permits and fees are additional general fund sources.
“Shorewood has maintained a robust housing industry with a 10-year average of 103 single-family permits per year. In 2018, the village eclipsed the 10-year average with
119 single-family permits,” Culotta said. “Building permits and fees are conservatively projected to increase 19 percent in the next fiscal year.”
Culotta also said the proposed budget includes changes like the addition of one full-time investigator in the police department; $1.4 million for street improvements; $1 million for sanitary sewer maintenance; $500,000 to design a new unified Public Works facility on village-owned property; and the Major Equipment Replacement Fund, used to create a reserve for future capital equipment purchases, will receive a one-time payment of $200,000.
Total revenues from all funds total $32,335,323, and total expenditures for the 2019 budget total $33,338,635.
The budget in its entirety can be found on the village web site at vil.shorewood.il.us.
Other items passed by the board included intersection capacity and signal analysis at Route 52 and Wynstone Drive and Black Road and Shorewood Drive.