The 1999-2000 budget approved Monday by the New Lenox Village Board starts out the fiscal year with a healthy surplus and is expected to end the year in the same condition.
The village’s fund balance on May 1 is expected to total $18.7 million, according to Kim Auchstetter, village finance director. The fund balance is expected to total $18.2 million when the fiscal year ends April 30, 2000.
Another sign of the village’s financial health is its ability to hold three months’ worth of operating expenses in reserve, Auchstetter said.
Revenues for the 1999-2000 budget are estimated at $25.4 million, and expenses are estimated at $24.8 million.
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The biggest expenditure coming up is the $7.6 million price tag for construction of a water main that will carry Lake Michigan water from Tinley Park to New Lenox.
Another major expense is $135,350 for land purchase and engineering costs for the New Lenox Commons, which is to become a town center.
Planned additions to the village staff include hiring an economic development coordinator, who will promote existing businesses and seek to attract new ones. More inspectors and laborers will be hired.
In a related matter, Trustee Pat Flynn, citing the rosy financial picture, proposed cutting village property taxes by 5 percent, but the motion failed on a 5-2 vote, with only Trustee Gary Mueller siding with Flynn.
Mayor John Nowakowski and Trustees Dave Batson, Annette Bowden, Tom Weigel and David Smith cast negative votes. Nowakowski said the village would lose some revenue if a plan to cut the share of sales taxes remitted to towns is approved by the General Assembly.