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.
WANT MORE LOCAL NEWS?
Get daily news headlines delivered to your inbox!Sign Up Today!