Village Approves $95.5M Budget for New Fiscal Year

Village Approves $95.5M Budget for New Fiscal Year

In its April 9 meeting, the Village Board approved Northbrook’s budget for fiscal year 2019/20. The balanced budget of approximately $95.5 million required no new taxes despite the continued pressure of declining sales tax collections. Noting that the sales tax revenue estimates for FY2018/19 were 3% below budget expectations, Village staff planned for a continuation of this downward trend moving into the new fiscal year. Sales taxes remain the primary revenue source providing 31% of the general corporate fund.
Overall operating expenses for the Village have remained stable, with only a modest 4% increase over the past three fiscal years. New sources of revenue include anticipated building permits associated with Northbrook Court and other projects.

The budget includes a continuation of the longstanding partnership between the Village and Chamber for ongoing marketing and economic development efforts that benefit the entire community. The partnership is funded by a distribution of approximately $83,000 from local hotel taxes. &’ type=’text/javascript’>

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