Elk Grove Village annually adopts a budget to guide the financial operations of the Village. The Village operates on a May 1 – April 30 Fiscal Year.
On April 24, 2018, the Mayor and Village Board approved the Fiscal Year 2019 Budget in the total amount of $147,005,964. The General Fund budget, which contains most of the Village's traditional services such as Fire, Police and Public Works, was approved at $64,796,527.
Elk Grove Village is experiencing continued financial progress and stability through an increase of business development activity. The first quarter of 2018 industrial vacancy rate stands at a low 2.87%. As a result, the General Fund has experienced positive balances for the past several years. This is predominately resulting from rising Sales Tax as well as building permit fees. While we appreciate less-trying economic times, the Mayor, Village Board, and Department Heads continually explore innovative methods of delivering services in a cost effective manner.
In keeping with the Village’s commitment to high and consistent standards, the Fiscal Year 2019 Budget was guided by the goal of enhancing customer service for both residents and the Village’s business park. To that end, the recommended budget represents a value driven approach designed to increase the Village’s flexibility to continue enhancing customer service.
Several important steps were taken during fiscal year 2018 to lay the foundations for fiscal year 2019. The Village's Information Technology Department is preparing for implementation of the fourth phase of a new enterprise-wide (ERP) computer system. The multi-year transition to this new system is intended to result in increased worker productivity and efficiency. Moreover, a number of capital items remain contemplated in the Capital Projects, Water/Sewer Fund, as well as the Business Leaders Forum Fund.
In December 2017, the Village annexed a greenfield subdivision to be developed as the “Elk Grove Technology Park” – an 85 acre light industrial development that included the Busse Farm and neighboring properties. We look forward to construction commencing in the spring of 2018, with a planned 1.25 million new square footage of new industrial development.
After having celebrated its 60th birthday, the Village Board is planning for the future with a new capital program entitled: “EGV 2025”. This program is an 8-year, $125 million capital investment program designed to prepare the community for its next 60 years. Thus far, the Biesterfield Public Works garage rehabilitation has been completed. Today, two new fire stations are in development (1 tear-down/rebuild on Meacham and 1 on a new site at 700 Fargo) along with one new Public Works garage on Devon Ave. The construction of these projects should be completed at the tail end of Fiscal Year 2019.
In light of the recent positive fiscal health of the Village, the Village Board also eliminated the annual vehicle sticker program for residents in March 2018. The economic success of the Village presented this opportunity to give back to the residents of Elk Grove Village.