What is a Capital Project?
A capital project is a project that helps maintain or improve a Village asset, often referred to as infrastructure. The coming year (2021) has been planned for a large year financially to expend capital funds. The current projected total expense within the Capital Projects fund is listed at $22,016,500 which is up significantly from the prior year when it was adopted at $6,074,250. The main reason for this is to construct the new Public Safety Center which will house the Fire & Rescue, Municipal Court, and Police Departments. Without that expense, the remainder of the expenses are generally in line with what might be customary from year-to-year for our capital needs at $5,716,500, a decrease from the prior year. The main revenue source for this budget remains borrowed money as it pays for a majority of these expenses that are long term capital improvements. State aid is being shifted to this fund for the first time and in return the levy reduced proportionately.
Read more about the Capital Projects Fund within the 2021 Budget (PDF). Utilize the hyperlinked table of contents to navigate to various pages within the document.