Montgomery, IL – At the March 13 Board Meeting, Director of Finance Jennifer Milewski announced the favorable financial position of the Village of Montgomery in a short presentation to the Board. A public hearing on the Annual Budget of the Village (Kane and Kendall Counties) for the fiscal year beginning May 1, 2023, and ending April 30, 2024, will be held April 10 at 7P at Village Hall (200 N. River St.).
Milewski discussed the Village's mission-drive budget process, which follows closely with the community's strategic plan created in collaboration between the Village Board and staff, last amended in January 2020. The Village projects a continued increase in sales tax for FY2024 (estimated at 6.1 million), the largest revenue stream for the municipality. A chart shared during the presentation demonstrates the portion of property tax revenue collected by government and state-funded entities. “On average, for every $100 in equalized assessed property value (EAV), $0.43 comes back to the Village of Montgomery to cover core and essential services the Village provides, such as streets, public safety, snow services, and community development.
For FY2024, the Village is budgeting $14,268,469 in general fund revenues and $14,265,430 in general fund expenditures. On March 27, the Village Board will review and discuss the Village’s FY2024 capital and special revenue funds, and on April 10, the water fund. FY2024 budgets include infrastructure improvements, police and public works vehicle replacements, water main replacement, gateway signage, Montgomery Park upgrades, and dollars to fund an updated master plan for the downtown Mill District.
A copy of the proposed budget is available for review online at montgomeryil.org, or a hard copy is available at Village Hall during regular business hours, 8A-4:30P, Monday through Friday. In addition, any person desiring to appear at the public hearing and present to the Village Board may contact Deputy Village Clerk Hameeda Hashim at 331-212-9003.
For more information, visit montgomeryil.org or the Village’s social media pages.