Schaumburg budget plan reflects guarded optimism

Schaumburg trustees Tuesday recommended approval of a $244 million annual budget to take effect May 1 that continues the extra caution of the past year while anticipating steps toward a restored normality after the pandemic.

Officials cut costs last year by more than $23 million in response to a $38 million revenue loss over the two fiscal years.

But having adjusted to avoid the worst forecasts of a year ago, the village is poised to cautiously restore some programs and improvement initiatives, Village Manager Brian Townsend said.

“There is still a long way to go, and vigilance will be required,” he added.

Just like last year, this will take the form of monthly reviews of the budget's assumptions and quarterly adjustments.

But a week before the formal approval of the budget, village staff members contemplate a 2.8% increase in revenues and other financing sources for an estimated total of $248 million for the year ahead. This is due to both a planned one-time sale of 55 acres in the southwest corner of the village to Alsip-based Experior Transport for the trucking firm's new headquarters as well as higher consumer tax revenue as people frequent businesses more often.

However, the budget includes no increase to the property tax levy or village fees in an effort to keeping residents' cost of living manageable, officials said.

The village currently expects to gradually restore programming by its Cultural Services Department over the course of the year, with a traditional performance of “The Nutcracker” in December planned to mark the return of indoor events at the Al Larson Prairie Center for the Arts.

Similarly, the grounded Woodfield Trolley that serves a number of locations in Schaumburg's main commercial district is anticipated to return on weekends beginning in July before resuming a daily schedule for the holidays.

Major capital improvement projects planned include the first phase of an urban-style park on the former Motorola campus as well as the improvement of the nearby major intersection of Algonquin and Meacham roads. Across Meacham, the village will demolish the Woodfield Village Green office complex to clear the way for an entertainment district north of the Renaissance Hotel and Schaumburg Convention Center.

Also planned are $8 million of work on residential streets, $6.1 million on major streets, and $2 million for water main replacements.

In the absence of Frank Kozak, trustees voted 5-0 to recommend next week's formal approval of the budget while Mayor Tom Dailly told Townsend of his own happiness with the financial plan.

“I think the staff under your direction has done a phenomenal job in the past year,” Dailly said.

“You've used that experience to build on this budget.”