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Monee Budget Book Seeks to Make Finances Easier to Understand
- BALANCED BUDGET – The top priority for the village board is to pass a balanced budget annually. We are pleased to report that FY 2023-2024 Corporate Fund Budget is balanced, with revenues slightly higher than projected expenses.
- REBATE PROPERTY TAXES – For the second consecutive year, homeowners will receive a property tax rebate based on the Village of Monee portion of their 2022 property tax bill. The total amount budgeted for this rebate is $550,000. An application for this property tax rebate will be distributed to the homeowners during the summer of 2023. Upon providing proof of payment of the 2022 property tax bill and meeting other requirements, rebates will be processed mid-fiscal year.
- ANNUAL ROAD MAINTENANCE PROGRAM – It is a priority to complete resurfacing of certain roads during the summer months. This budget includes a road program in the Road and Bridge fund totaling $1.5 million. During the past several years, the village has been budgeting for road programs and hopes to complete more than $11 million of road improvements by 2030, without acquiring additional debt.
- PARTNERING WITH DEVELOPERS TO GROW COMMERCIAL BASE – In previous fiscal years, the village has entered into private-public partnerships to expand the commercial tax base and improve blighted areas within the village. The village has brought in Amazon, Thorntons, and a new Dunkin’ Donuts location along Monee-Manhattan Road, with other plans for development in the near future.
- PARKS and RECREATION – The Parks and Recs department recently was awarded the 2023 OSLAD Grant for $600,000. This budget sets aside $975,000 for buildings and ground improvements.
- WATER MAIN REPLACEMENT – This budget sets aside $1.8 million for water main construction and improvements.
- 150th ANNIVERSARY CELEBRATION – The Village of Monee will be celebrating its 150th Anniversary with a full year of celebration. This budget provides funds for signage and other items to display the 150th celebration. The first planning meeting was held on March 25. We look forward to seeing what comes out of all the planning that will occur during this fiscal year.
- ECONOMIC DEVELOPMENT – This fiscal year, the Economic Development department will continue to promote the village by advertising on radio, reaching out to listeners every day and to connect with potential future businesses and residents through digital campaigns.
- POLICE PENSION – Current Police legislation requires municipalities to have pension funds 90 percent funded by the year 2040. The Village of Monee Pension fund is 52.1 percent funded based on the actuarial valuation report as of May 1, 2022.
- VILLAGE REVENUES – The village’s revenue sources have the potential to be impacted by general economic conditions at the local and/or state level. The State of Illinois controls some of the village’s revenue sources. The Local Government Distributive Fund (LGDF) has been a revenue source that has decreased over time. In 2011, the General Assembly reduced the percentage of income tax revenue that is allocated to local governments, promising these cuts would be a temporary shared sacrifice. Over a decade later, LGDF is still not restored. The lost revenue totals $8.28 billion statewide, which is equivalent to receiving zero LGDF dollars for more than four years.
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