Northlake expects to spend 4.9 percent more in its 2015 budget, though the city will be reimbursed for a chunk of its capital projects.
The city expects to bring in $16,542,022 according to the budget approved by the city council on Dec. 1. It anticipates spending a bit less: $16,507,146.
On the revenue side, the city anticipates an increase in sales tax revenue from $3.7 million this year to $4.4 million in 2015.
“They are just estimates but based on past experience,” said Finance Director Carol Lampard. “We’ve seen a rebound with [sales tax].”
Mayor Jeff Sherwin agrees.
“Right now it looks like the economy is continuing to improve,” Sherwin said. “If gas prices continue to go down, I think it will continue to stimulate the economy.”
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The city will see a reduction in revenue as its tax increment financing or TIF district for Walmart and Sam’s Club expires this month. That’s good news, however, for the library, schools, park districts and other local taxing bodies that will split the $1.5 million in property tax revenue with the city government. The expiration of the TIF will not impact taxpayers.
On the expense side, the city will see a $2.2 million drop in bond payments.
“It’s how the bonds were structured,” said Lampard. “It’s a huge reduction.”
The overall cost of the police department will increase from $5.4 million to $5.9 million. That’s due to a decision to add two police officers, replace squad cars and buy other equipment.
The cost of police administrators, however, will decrease slightly as Chief Dennis Koletsos retires at the end of this December.
The city expects to spend $700,000 on the design for an off-ramp from southbound interstate 294 to eastbound North Avenue in 2015 (that’s in addition to the $1,063,733 it has already spent). The city will be reimbursed 80 percent of the cost from IDOT and another 10 percent from the city of Elmhurst.
There are several capital projects scheduled for 2015. Those include:
Prater Bridge replacement. IDOT will pay 80 percent of the estimated $550,000 cost with the remainder being split between the city and the Addison Creek Conservancy District. Bids will go out in March.
Flood mitigation. Excavation along Addison Creek on the south side of Northlake. The Addison Creek Conservancy District will split the estimated $440,000 cost with Northlake.
Repaving. $1 million to be spent on repaving all of Westward Ho Drive, all of Medill Avenue, the 300 block of Lyndale Avenue, the 200 block of Dewey Avenue and part of frontage road on North Avenue just west of Wolf Road.
Pump station improvements of $100,000 per year in 2015 and 2016.
Extension of bicycle path. About $800,000 with 80 percent coming from IDOT for the almost mile-long extension. The path will be extended on the north through King Arthur Street and Creekside Park onto Rhodes Avenue. On the south end, it will loop around the south side of Grant Park.