Latest / Kendall County News - Shaw Local / ‘Strong’ five-year financial outlook projected by Yorkville staff as city approves 2027 budget

Transcript

‘Strong’ five-year financial outlook projected by Yorkville staff as city approves 2027 budget · Kendall County News - Shaw Local

• 0:05
  Speaker 1: Strong five year financial outlook projected by Yorkville staff as
• 0:09
  Speaker 1: city approves twenty twenty seven budget. Written by Joey Weslow,
• 0:15
  Speaker 1: This article is being read by an automated voice brought
• 0:18
  Speaker 1: to you by Everlett. The City of Yorkville passed a
• 0:22
  Speaker 1: budget for fiscal year twenty twenty seven, the city finance
• 0:25
  Speaker 1: director said, sets Yorkville up for a strong five year
• 0:28
  Speaker 1: financial outlook. In the budget, the city's revenues are expected
• 0:32
  Speaker 1: to cover its expenses at a general fund match at
• 0:35
  Speaker 1: twenty seven million, nine hundred and twenty six thousand, four
• 0:37
  Speaker 1: hundred and seventy four dollars. The new budget year, which
• 0:40
  Speaker 1: starts in May, was approved by the City Council during
• 0:42
  Speaker 1: its April fourteenth meeting. Finance Director Rob Frederickson said the
• 0:47
  Speaker 1: city's general fund is projected to break even through fiscal
• 0:50
  Speaker 1: year twenty twenty nine. He said the city's fund balance
• 0:53
  Speaker 1: is projected to maintain at twelve million dollars through fiscal
• 0:57
  Speaker 1: year twenty twenty nine, before dipping for a year before
• 1:00
  Speaker 1: recovering again. He said the budget is a result of
• 1:04
  Speaker 1: careful management of expenditures and healthy reserve levels. Fredericson said,
• 1:09
  Speaker 1: while an uncertain national economic outlook could lead to some downturn.
• 1:14
  Speaker 1: The city is in a strong position looking into the future,
• 1:18
  Speaker 1: with continued general fund performance, improved aggregate fund balances, and
• 1:22
  Speaker 1: significant plan capital investment. The city's five year budget outlook
• 1:26
  Speaker 1: is slightly improved from last year's proposal, Fredrickson said in
• 1:30
  Speaker 1: city documents. Last year, the city budgeted for two massive
• 1:34
  Speaker 1: infrastructure overhauls, the new thirty thirty five million dollars Public
• 1:38
  Speaker 1: Works and Parks Facility and the two hundred and twenty
• 1:41
  Speaker 1: four point four million dollars Lake Michigan Water Sourcing project.
• 1:45
  Speaker 1: Yorkville is covering the water infrastructure project with a one
• 1:48
  Speaker 1: hundred and seventy million dollars Illinois Environmental Protection Agency loan
• 1:52
  Speaker 1: and through water rate hikes. The city recently approved higher
• 1:57
  Speaker 1: water rates for users. Residents will face about twenty percent
• 2:00
  Speaker 1: annual increases for at least five years. Fredrickson said the
• 2:04
  Speaker 1: water rate hikes will help the water fund remain financial
• 2:07
  Speaker 1: sustainable as the city's infrastructure investments move forward. He said,
• 2:12
  Speaker 1: even with some heavy capital expenses, the city's five year
• 2:16
  Speaker 1: financial outlook remains well positioned. The city's greatest financial risk
• 2:21
  Speaker 1: continues to be potential cost overruns on major capital projects,
• 2:25
  Speaker 1: Frederickson said in city documents. Historically, however, this risk has
• 2:30
  Speaker 1: been well managed through competitive bidding and careful project oversight.
• 2:35
  Speaker 1: Frederickson also noted the city's undertaking of a special census
• 2:38
  Speaker 1: that is expected to generate around one million dollars in
• 2:42
  Speaker 1: additional revenues for the city annually by documenting the city's
• 2:45
  Speaker 1: population increase before the next official US census. The approved
• 2:50
  Speaker 1: budget includes projected new sales tax revenues coming from the
• 2:54
  Speaker 1: city's costco The shopping warehouse is expected to generate around
• 2:58
  Speaker 1: one million dollars in annual sales taxes for the city's coffers.
• 3:02
  Speaker 1: The projected revenues within future budgets do not yet contain
• 3:06
  Speaker 1: any potential tax proceeds from any possible data center development,
• 3:10
  Speaker 1: according to city documents.