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 23, 2019, the Mayor and Village Board approved the Fiscal Year 2020 Budget in the total amount of $139,003,750. The General Fund budget, which contains most of the Village's traditional services such as Fire, Police and Public Works, was approved at $60,688,774.
Elk Grove Village is experiencing continued financial progress and stability through an increase of business development activity. The 2018 industrial vacancy rate stands at a low 2.7%. 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 2020 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 2019 to lay the foundations for fiscal year 2020. The Village's Information Technology and Finance Departments completed the fourth phase of implementation of a new enterprise-wide (ERP) computer system. The multi-year transition to this new system is intended to result in increased worker productivity, efficiency and customer service. Moreover, a number of capital items remain contemplated in the Capital Projects, Water/Sewer Fund, as well as the Business Leaders Forum Fund.
The "Elk Grove Technology Park" is under construction--this development serves as an 85 acre light industrial Tech Park redevelopment that included the Busse Farm and neighboring properties with a planned 1.25 million new square footage of new industrial property.
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. The Village finalized its own construction of public buildings. The James Paul Petri Public Works facility was occupied in January and includes 85,000 square feet of office and garage space. The 8 acre development also includes a salt storage barn and fueling station. Two brand-new fire stations opened for operations at the end of April 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.