Elk Grove Village annually adopts a budget to guide the financial operations of the Village. The Village operates on a May 1 – April 30 Fiscal Year.
On April 25, 2017, the Mayor and Village Board approved the Fiscal Year 2018 Budget in the total amount of $135,971,206. The General Fund budget, which contains most of the Village's traditional services such as Fire, Police and Public Works, was approved at $65,984,110.
Elk Grove Village is experiencing continued financial progress and stability through an increase of business development activity. The 2016 industrial vacancy rate stands at a low 3.98%. As a result, the General Fund has experienced positive balances for the past several years. This is predominately resulting from rising Sales Tax as well as building permit fees. While we appreciate less-trying economic times, the Mayor, Village Board, and Department Heads continually explore innovative methods of delivering services in a cost effective manner.
In keeping with the Village’s commitment to high and consistent standards, the Fiscal Year 2018 Budget was guided by the goal of enhancing customer service for both residents and the Village’s business park. To that end, the recommended budget represents a value driven approach designed to increase the Village’s flexibility to continue enhancing customer service.
Several important steps were taken during fiscal year 2017 to lay the foundations for fiscal year 2018. The Village IT activity implemented the third phase of a new enterprise-wide (ERP) computer system. The multi-year transition to this new system is intended to result in increased worker productivity and efficiency. Moreover, a number of capital items remain contemplated in the Capital Projects, Water/Sewer Fund, as well as the BLF Fund.
In January 2017, the Village issued industrial building permits for new construction in excess of $100 million in value. Over 175,982 square feet of industrial space is currently under construction with another 1.5 million square feet planned for construction starting in the spring of 2017. Modernization continues with the tear down and rebuild of five industrial buildings and the greenfield development of three new modern state-of-the-art facilities.
After having celebrated its 60th birthday, the Village Board is planning for the future with a new capital program entitled: “EGV 2025”. This program is an 8-year, $100 million capital investment program designed to prepare the community for its next 60 years. The “EGV 2025” Program involves repurposing Fire Stations and Public Works facilities as well as rehabilitating streets, improving residential corridors, replacing public sidewalk, enhancing pedestrian mobility, adding roadway lighting, facilitating storm water drainage and similar items.