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News
Montgomery budget: Less revenues and less spending : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, IllinoisMontgomery budget: Less revenues and less spending
| Orchard Road TIF study funded
| by John Etheredge
| 5/3/2012
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The Village of Montgomery is expected to receive less and spend less in the new fiscal year that began May 1.
Jeff Zoephel, the village's financing director and acting village administrator, said the new budget anticipates $20.7 million in revenues and expenditures of $20.6 million.
The board voted unanimously to adopt the new budget April 23.
Zoephel noted he is estimating the village's revenues will be down 13 percent from the last fiscal year, which ended April 30 while expenditure should be down one percent.
Zoephel said the budget does include funds to allow the village police department to hire two additional officers and the public works department to hire one building maintenance technician.
In addition, he said funds are provided in the budget for the purchase of three police squad cars and truck cab and chassis for the public works department.
Also funded is a study of a proposed TIF (Tax Increment Financing) district along Orchard Road on the village's west side.
Dropped from the budget was a line item for an update of the village's strategic plan, which was recommended by the village's staff.
The board, however, indicated they may consider budgeting funds for the strategic plan update next fiscal year.
Brian Dolan, chairman of the Montgomery Economic Development Corporation's (MEDC) Business Climate Enhancement Committee, thanked board members for including a $20,000 line item in the budget for the TIF district study.
"I want to congratulate the board for bringing this up," Dolan said, adding, "The timing is perfect to start this process. We do see some signs of (economic) recovery and we believe if we can get this TIF (district) underway now we'll be ready to go when the economy gets back."
Dolan and other members of MEDC Business Climate Enhancement Committee are supporting the creation of a TIF district along the Orchard Road corridor to increase the amount of acres in the area that could one day be developed for business use.
Dolan has said previously that proceeds from the TIF district could be used to pay for infrastructure improvements, including a "compensatory (water) storage system" that would make properties now located in the Blackberry Creek flood plain that extends on either side of Orchard Road eligible for development.
Another infrastructure item that could be paid for with TIF revenues would be a bridge that would span Blackberry Creek on a proposed extension of Aucutt Road from Orchard Road, Dolan noted.
The infrastructure improvements would help make the properties more attractive to potential business developers, Dolan and other MEDC members believe.
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