Romeoville Boasts $400,000 Budget Surplus Midway through Fiscal Year
Mayor John Noak says a 41 percent increase in building permits has helped, and may be an indicator of an improving economy.
The village of Romeoville issued the following news release:
During the December 12, 2012 meeting, Mayor John Noak and the Village Board were provided a mid-year comprehensive review of the Village's financial status as well as its goals, programs and accomplishments for the 2012/13 fiscal year.
"We are fortunate to be in a position to complete many new projects as well as implement non-monetary initiatives," said Mayor John Noak. "We are also seeing an increase of approximately 41% in building permits which is an indication that the economy may be improving," Noak added.
A few of the projects which have been completed include over $2 million dollars for the in-house street resurfacing program, upgrades to the Woods Lift Station, Murphy Drive resurfacing, purchase of a new street sweeper, purchase of 5 squad cars, the renovation of the Dale Blum Football Field and the purchase of 9 Rock Road. The Village also provided a property tax rebate to residents and implemented a new youth police academy.
Major projects currently underway include Phase II of the Veteran's Memorial/Murphy Park Project and the Downtown Redevelopment including an $8 million dollar Athletic and Event Center.
Village finances were presented as sustainable and staff estimates a $400,000 budget surplus in the Corporate Fund for the current budget year.
Mayor Noak commended staff for their diligence in maintaining a balanced budget. A preview of the upcoming 2013/14 budget requests was also provided.