Lowering the Tax Levy

Naperville’s good economic news was reflected in the city’s budget, which was discussed at a recent city council meeting.

The city’s Finance Director Karen DeAngelis provided a financial update.

“Overall, Fiscal Year 14 is $3.3 million better than what we had expected,” said DeAngelis. “In the budget for FY14 we thought we were going to need to use $4.3 million of fund balance to finish balancing. This now means we’re within $1 million of this fiscal year currently being balanced on its own.”

At the meeting they discussed the five-year plan and the financial status of the city’s water and electric departments. While water will end the next five years with more than $9 million in the bank, electric will finish in the red.

Council will weigh their options as to how to balance that deficit at future meetings.

And council came to a consensus to lower the tax levy for the fourth year in a row. The city gets between 10 and 12% of residents property taxes, totaling about $930 a year. By lowering the levy by 1.5%, the average resident will see about a $100 reduction in their bill since 2009.

This was the first of many meetings about the budget. The next will be in December where they talk about the general budget.

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Virtual FUNdraiser on Thursday, October 22 at 7 PM.

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