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 14, 2020, the Mayor and Village Board approved the Fiscal Year 2021 Budget in the total amount of $151,587,401. The General Fund budget, which contains most of the Village's traditional services such as Fire, Police and Public Works, was approved at $65,349,420.
In 2019, Elk Grove Village continued to experience financial progress and stability through strong business development activity. The industrial vacancy rate closed out the year at 4.36%, marking four years that the Village has sustained a vacancy rate below 5%, which is considered essentially full, taking into account natural vacancies for businesses that are moving in and out of properties. As a result, the General Fund has experienced overall positive balances for the past several years. This is predominately resulting from rising sales taxes as well as above average receipts of building permit fees.
The Elk Grove Technology Park–an 85 acre light industrial development with a planned 1.25 million in new building square footage--is finalizing its first phase of construction, with four new buildings nearing completion. Notably, Microsoft has acquired the eastern half of the Technology Park, nearly 40 acres of land. The Village also has underway a redevelopment agreement to bring a modern, 4 story hotel at the Tech Park, and construction is already underway for a redevelopment project bringing two new hotels just down the road from the Technology Park at Higgins and Busse. Moreover, Love’s Travel Stop is building a modern truck fueling station near a planned tollway on-ramp into the Industrial Park.
The Elk Grove “EGV 2025” capital investment program, an 8-year, $125 million plan launched by the Village Board as an investment to ensure the community thrives for decades to come, is now in its fourth year. In the first three years of the program, the Village has invested $62 million in major capital projects, including major rehabilitation or construction of four Village facilities. The rehabilitation of the Biesterfield Public Works Facility and new construction of the award-winning James Paul Petri Public Works facility are completed and fully operational. Moreover, two new fire stations (one tear-down/rebuild on Meacham and one on a new site at 700 Fargo) were completed in April of 2019. The FY2021 adopted budget includes nearly $3 million in EGV 2025 projects, most notably sidewalk drainage improvements and street rehabilitation of Vermont Drive from Gibson Dr. to Meacham Rd.
On March 9, Governor JB Pritzker issued a Disaster Proclamation in response to the global outbreak of COVID-19, also known as Coronavirus. While Elk Grove Village is responding swiftly to mitigate the effects, the Village is also at the frontlines of providing service and relief to our residents and businesses. The approved FY2021 budget includes the Village’s $2.8 million Coronavirus relief package, which provides a waiver of all business licenses due June 1, and a credit of $200 to all residential water bill accounts beginning in May. The Village is proud to be able to provide this relief to our community using the budget surplus from FY2020. We are able to do so because the Village is financially strong, and we have planned for hard times.
As the COVID-19 pandemic situation continues to evolve, it remains uncertain what the fiscal impact will be; however, the Village is committed to maintaining exceptional standards and being fiscally responsible. Village leadership has identified approximately $6 million in FY2021 budgeted expenditures that can be delayed, if needed to maintain a balanced budget. Overall, the approved FY2021 budget reflects the Village’s value driven approach to providing high quality services.