With the uncertain economy, the village will hold on to its $16 million surplus despite a policy of spending any uncommitted funds within six months, village officials announced this week.
The money-which sits in the village`s fire, police and corporate funds-might be used in the future for capital construction projects, creating new programs, equipment purchases, or reviewing the village`s property tax levy, said village manager Kurt Bressner.
For now, however, Bressner said he is not advising any new construction projects. The village already is busy with ”some very ambitious” projects.
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The village`s portion of the property tax has remained at $2.5 million since 1985. Since only a small amount of that figure is used for police and fire expenses, Bressner said he wouldn`t recommend reviewing the levy.
”We should be very cautious about entering into any additional expenses, because we`re getting kind of close with funds,” he said. ”We just want to make sure things remain stable when things are as risky as they are out there.”