2009 Annual Operating and Capital Budget - Village of Huntley

FY2009 General Operating Fund Summary
In accordance with Village financial and budget policies the proposed budget for the General
Operating Fund is balanced with $8,321,500 in revenues and expenditures. This represents an
$110,300 or 1.3% increase from the FY2008 budget which is largely attributable to the hiring
of two additional patrol officers to offset the loss of two officers to active military duty.
Due to the concern regarding external economic factors and the direct impact of these
factors on Village revenue sources, revenue projections for 2009 are cautious. Based on the
Village’s estimated 20% increase in assessed valuation, property tax receipts are expected to
increase $352,000 from $2,640,000 in 2008 to $2,992,000 in 2009. The increase in estimated
property taxes to be collected does not mean the Village’s property tax rate will increase. In
fact, the opposite is true. It is estimated that the Village’s property tax rate will decrease an
estimated 10% from .4155 per $100 of assessed valuation to .3710.
Since it appears unlikely that the Village will meet its 2008 sales tax revenue target, sales tax
projections for 2009 are flat even with the planned April 1, 2009 opening of the Walmart
Super Center. It is possible that the Village may realize up to $200,000 in sales tax revenue
from the store based on early sales tax revenue projections presented by the developer.
With the Special Census underway, revenue projections for State Shared Tax Revenues were
calculated using a new population estimate of 22,000. Based on the updated population count,
the Shared Tax revenues were increased from $1,795,000 to $2,141,000, an increase of
$346,000 or 19.2%. The proposed emergency legislation pending in the State Legislature and
the increase in unemployment rates are two factors the Village will monitor diligently in 2009.
Village of Huntley FY2009 Budget Transmittal Letter 12