During a thorough review of the budget in a Committee of the Whole meeting on Monday, October 7, 2024, various high impact options were approved to be used by staff to compile the 2025 budget plan. The resulting budget final draft will be presented and reviewed by the Village Board this coming Monday.
Due to a culmination of economic, financial, and infrastructure impacts on the budget process for 2025, the Village considered various high impact options to fund an initially projected budget shortfall. The options, meetings and corresponding documents can be reviewed on the 2025 Budget Communications webpage here. The options considered and their estimated revenues included in the 2025 budget are as follows:
Vehicle Registration Fee at an estimated revenue of $234,000
- Village will coordinate and has begun process of filing with the Wisconsin Department of Revenue.
Streetlight Charge at an estimated revenue of $700,000
- Village will evaluate calculation and collection of charge during the 2026 fiscal period.
- Additional memo provided in Board packet.
Parking Fund Available Balance for Budget Deficit
- As necessary, the Village will transfer funds out of the Parking fund’s available resources not to exceed $475,000.
- The current Village budget for 2025 does not show a transfer for this balance since updated project costs removed the deficit as originally presented in the draft budget.
- If actual costs are closer to original estimates, the Village will make a transfer of funds to finance the budget gap as necessary.
An overall increase in property taxes to fund operations by 6%.
- Increase in the General Fund is approximately $516,000.
- Including the Debt Service levy as forecasted in the Long-Range Plan, the overall increase to the levy will be approximately 6.7% as indicated in the budget summary posted.
- The Library has requested a 2% increase in the property tax levy as part of the 2025 budget process.
Actions related to the budget will be taken in the fiscal period of financing beginning in January of 2025. A public hearing on the budget will be held at the meeting and all public comments are welcome.