Describing River Forest’s financial condition as “remaining strong,” Rosemary McAdams, finance director, presented a balanced FY2027 general fund budget at the April 13 village board meeting.
Covering non-recurring expenditures with cash reserves, as has been done in previous budgets, balances the budget. Estimated revenues of $22,496,285 increase 6.89% from $21,046,487 in FY2026 and estimated expenditures of $23,291,316 increase 6.72% from $21,249,031. Covering the difference between estimated revenues and expenditures with $795,031 in non-recurring expenditures leaves a balance of $4,914.
Non-recurring expenditures include $310,000 for a portion of the annual contribution to the Intergovernmental Risk Management Association for liability insurance; $129,945 for police, fire and public works equipment and services; and $360,000 for pedestrian safety improvements on Lake Street.
The budget presentation by McAdams and Matt Walsh, village administrator, was followed by a public hearing at which no member of the public spoke. The village board is expected to vote on adopting the budget at its April 27 meeting. The fiscal year begins on May 1 and ends on April 30, 2027.
Estimated revenues from taxes, which total 66.06% of the budget, include $8,065,640 in property taxes, up from $7,937,975; $3,164,366 in sales taxes, up from $2,636,379; and $1,506,882 in non-home rule sales tax, up from $1,175,404.
McAdams said the village receives only a portion of the property taxes that River Forest residents and businesses pay. Approximately 88 percent of the average property tax bill can be attributed to other taxing districts, such as schools, library, forest preserves, township and county government, she said.
Additional revenue includes licenses and permits, $1,849,920; charges for services, $2,834,335; fines, $349,473; and grants and contributions, $68,274.
McAdams said film production fees increased $200 for the base fee plus an increase of $250 per day of production and a fee was added for the electric vehicle charging station and the overstay fee maximum was increased $70. She also said officials anticipate additional permit fees from the Madison Street development project.
“We’re always looking for grant revenue,” said McAdams.
Almost 90% of expenditures go to salaries and benefits and contractual services.
For FY2027, estimated salaries and benefits expenditures are $15,642,592, up from $15,031,999; and estimated contractual services expenditures are $5,655,616, up from $5,195,454.
McAdams said all union employees are under contract and the budget includes 3 percent salary increases for all non-union employees.
Police pension contributions increase by $26,311 or 1.29% and fire pension contributions increase by $20,355 or 1.10%. McAdams said the consolidation of statewide police and fire pensions, which went into effect in 2021, has improved the village’s pension investments.
She said that although the village continues to beat industry trends with health insurance premiums through its membership in the Intergovernmental Personnel Benefit Cooperative, health insurance premiums are expected to “significantly” increase overall, with an increase in PPO of 17.7%; HMO of 21.3%; and 8.8% for dental premiums.
“We budget conservatively,” McAdams said.
Village President Cathy Adduci and several of the village trustees thanked McAdams, Walsh and other staff members for their contributions to the budget process.
“Thank you so much,” Adduci said. “Overall, this is fabulous.”
McAdams, in turn, thanked her co-workers.
“It was a team effort,” she said. “Many thanks to all who contributed.”