By Charlie Feldman
The budget and two tax levies were approved at the Tuesday, December 8 Glen Carbon Village Board meeting, the last of the year 2020.
Due to COVID-19-related concerns, the meeting was held on Zoom.
The board passed the fiscal year 2021 budget with a total revenue of $28,796,305 and $33,552,960 in expenses.
“Keep in mind that is for all our funds,” Scott Borror, Village Director of Finance, explained. “We have roughly 4.8 million dollars more in expenses than we do revenues.
“Now, on the surface that might be concerning, but you need to remember that we did a bond issue last summer,” he said. “$7.4 million we received from the bond issuance. So that was revenue that was recognized in 2020.
“In 2021, we’ll start spending that money,” Borror said. “So that gives the appearance that we have an unbalanced budget in 2021 when in reality we are just spending cash reserves.”
Issues related to the COVID-19 pandemic complicated the process of drawing up the budget this year.
“This was the most challenging budget that I have put together in my career so far,” Borror said. “With everybody working together we managed to come up with a reasonable plan and I appreciate everybody’s help on this.”
The village’s levy for tax year 2020 is $2,934,687. This overall amount will be divided by the Equalized Assessment Value when those numbers are released from the tax assessor’s office in spring and individual property owners taxed accordingly. This is the village’s portion – other bodies such as the county and the school district will be taxing property owners as well.
The village also voted to set its levy for tax year 2020 for property owners in the Cottonwood Five Special Service Area at $5,058.54 and charge the same amount every year until the end of the SSA, roughly 20 years from now.
In other action, an extension of the development agreement for Savannah Crossing Development Inc. was approved with the stipulation that the developer pay the required Green Space fee for the balance of the development.