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Schaumburg s Budget Crafted with Both Optimism & Caution
Updated 4/13/2021 9:21 AM
The Village of Schaumburg has emerged from the Fiscal Year 2020/21 having reduced expenditures more than $23 million during the year to address a revenue loss of $38 million. Additionally, the village reaffirmed its AAA bond rating from Standard and Poor s Global Ratings Agency and restructured outstanding bonds to achieve a savings of $25 million.
The proposed Fiscal Year 2021/22 budget begins the process of reinstating some operations and programs that were reduced in the previous year because of the impact of the COVID-19 pandemic. No new increases in property tax or other taxes are included in the budget. Although the budget charts an optimistic financial plan given vaccine distribution and restrictions being lifted on local businesses, the village remains cautious based on a fragile economy that is at the early stages of what is expected to be a gradual recovery.
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Schaumburg Village Board Approves Capital Improvement Plan
Updated 1/18/2021 11:40 AM
Schaumburg s village board voted unanimously to approve a $185 million, multiyear Capital Improvement Plan, which includes $40 million in improvements for the next fiscal year, beginning May 1.
The Capital Improvement Plan is a comprehensive plan that sets the direction and priorities for the village s capital improvement projects and associated funding for the next five years. The CIP is updated annually and represents the village s commitment to maintaining its infrastructure and capital assets in an appropriate state of repair.
The village continues to maximize available grant funding, which for the five-year plan is anticipated at $44 million, leaving $141 million to be funded through local sources.