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Fiscal Services Division
Budget & Expenditures The Village of Oak Park's fiscal year runs from January 1 through December 31. The budget represents the Village's spending plan for the upcoming fiscal year and contains detailed cost information regarding Village programs and activities. The budget and the review process are organized into cost centers by program with performance data detailing each Department's activities and budget in a consistent and detailed framework. The timeline for development and consideration of the next year's budget varies from year to year. However, the budget review process typically begins internally in July with the discussion of goals, parameters and guidelines for the budget. The Village Manager then works with department heads to develop proposed budget levels. The Village Manager's proposed budget is submitted at the beginning of October to the Village President and Board of Trustees for review. Notice to the public of availability of the proposed budget also is made at this time in the process. Copies of the proposed and approved Village budgets are available for review at the Oak Park Public Library and the Office of the Village Clerk in Village Hall. The Village Board typically holds several Committee of the Whole Study Sessions to review the proposed budget for the next year. The budget review process concludes with a public hearing before the Board held in November and the adoption of the budget at the first Board meeting in December. Taxes The Village of Oak Park depends on a wide range of taxes and fees to support public services. The largest sources of funding are property taxes, utility taxes and sales taxes. Rates and collection amounts vary from year to year. The phrase sales tax actually refers to several tax acts. Sales tax is a combination of occupation taxes that are imposed on sellers’ receipts and use taxes that are imposed on amounts paid by purchasers. Sellers owe the occupation tax , but reimburse themselves for this liability by collecting use tax from the buyers. Sales tax is the combination of all state, local, mass transit, water commission, home rule occupation and use, non-home rule occupation and use, park district and county public safety taxes. For information on sales tax rates in Oak Park, just click here. For more information on other local tax rates and collections, e-mail the Finance Department
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Copyright © 1997 - 2006 Village of Oak Park, All Rights Reserved |
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