At the 2024 Budget Public Hearing on October 19, 2023, Village staff presented a balanced operating budget with a surplus of $229,178 to the Village Board of Trustees.
“The Village of Riverside has a long history of being fiscally prudent while planning for the community’s future needs. Current and past administrations have managed our finances so that we are able to spend past surpluses on current capital needs. This week’s article in the Landmark indicates that our budget “shows a $740k deficit” for 2024. It is inaccurate to describe our 2024 budget as a deficit,” said President Pollock. “Rather, we have been fiscally responsible by saving over the years in various other funds in preparation for capital expenses in 2024 and in future years. It is no different than one saving to send their child to college, then using those funds to pay for college. It is not a deficit but rather it is responsible budgeting.”
Below is a table illustrating Fiscal Year 2024 total revenue and expense for the General Fund.
Based on the planned use of reserves for capital improvements, the Village anticipates a decrease in the Parks and Recreation Fund, Capital Projects Fund, Water and Sewer Fund and the Parking Lot Fund. It is important to note that all other funds have a projected surplus for Fiscal Year 2024.
Below is a table illustrating Fiscal Year 2024 total revenue and expense for all other Village funds.
The draft budget is available for public inspection at Village Hall.
The Village anticipates completing several exciting capital projects in 2024 utilizing fund balance reserves. These reserves are created from operational surpluses, grants, and a late 2023 debt issuance. A few noteworthy projects and capital purchases include:
- Purchase of a fire engine;
- Purchase of an ambulance;
- Reconstruction of Parking lot 8 along the south side of railroad tracks with permeable pavers and
- Replacement of water main, sewer separation and resurfacing improvements to Herbert, Gage and Olmsted Roads.
To learn more about the budget process and upcoming capital projects, please subscribe to the Village’s E-flash https://www.riverside.il.us/380/Lets-Keep-in-Touch or follow the Village’s social media pages.
To watch the Public Hearing on RiversideTV go to https://youtu.be/XUvWN00FXNQ