Village plans special census to boost revenue by millions

During a recent government meeting, officials discussed significant financial strategies aimed at enhancing the village's revenue and managing costs effectively. A key proposal involved conducting a special census, which could potentially yield an estimated $370,000 annually from 2023 until the next census in 2030. This initiative, spearheaded by department heads, would require an upfront investment of approximately $375,000 to $500,000 for hiring census personnel and providing necessary resources. The anticipated revenue is likened to a temporary 2% property tax increase, which could stabilize the village's finances, particularly in the event of an economic downturn.

In another major discussion, the village addressed the financial implications of transitioning to Northwest Central Dispatch after the departure of Des Plaines. This change is projected to save the village around $1.7 million annually, significantly reducing the previous dispatch costs of $2.6 million. The village negotiated a favorable agreement that waived initial capital costs and allowed for the use of existing equipment, resulting in a manageable annual expense of approximately $660,000.

Lastly, officials highlighted the importance of pension funding, noting the goal of achieving 90% funding by 2040. The village is gradually shifting towards a workforce with more Tier 2 employees, whose pension costs are lower than those of Tier 1 employees. This transition is expected to alleviate some financial pressures in the long term. The meeting underscored the village's proactive approach to financial management, aiming to bolster revenue streams while effectively controlling costs.