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A reduction in property taxes and a commitment to paying down the town s debt are among the highlights of Palatine s 2023 budget, village officials say. ....
The village of Palatine ended 2020 in a better financial position than anticipated, officials said. Village Manager Reid Ottesen and Director of Finance and Operations Paul Mehring discussed the village s 2020 comprehensive annual financial report and audit during the village council meeting last week.
Mehring echoed those words, saying, We finished the year in a really strong financial footing. Last year, the village estimated that COVID-19 would have an impact of about $3 million to $7 million on the budget, and had adopted several measures including using reserves and reducing personnel amounting to about $5 million in savings. The actual impact of the pandemic was about $3 million, which means the general fund with revenues of about $61.4 million saw an increase in its end-year balance of about $1.9 million. ....