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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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