The Finance Committee of the River Forest village board, Monday night, held the first of three meetings to wrestle with a 2008-09 budget deficit previously projected to be as high as $500,000.
Trustees Steve Hoke, Patrick O’Brien and Susan Conti heard a presentation by Village Administrator Steve Gutierrez and other administrators covering proposed revenue sources and expenses for the 2008-09 fiscal year, beginning May 1.
The proposed budget, which will be presented to the full village board March 10, shows $11,766,549 in pared-down expenditures against revenues bolstered by a one-time infusion of $250,000 from the sale of village property and the transfer of $277,853 from the Capital Equipment Replacement Fund. In addition, the village is moving $119,000 from the Motor Fuel Tax fund to cover unanticipated, exceptionally high snow-removal and road-salting expenses
The budget also calls for reintroducing a 9-cent per hundred cubic feet of water fee previously cut from the village’s water rates. That additional $66,000, if approved, will go toward street and sewer improvements. Those improvements, scheduled from 2008 to 2010, will cost a total of $1,671,000. Of that figure, $950,000 would come from issuing bonds.
The finance committee will meet again tonight at 7 p.m. to discuss an analysis by the Kane McKenna bond firm of both the ways and means and advisability of a possible retirement of one or more bond issues related to the village’s property tax TIF district, and will discuss proposed contributions to the village’s police and fire pension funds.