The Village of Oak Park | 123 Madison St.  Oak Park, IL 60302 | village@oak-park.us

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Goal 3: Financial and Fiscal Responsibility

  1. Budget: 
    • Continue to work with staff to ensure that budget and all financial documents are transparent and understandable 
    • Strive for revenue to exceed expenses 
    • Commit to accurate budget forecasting
    • Less than 3% differential between budget vs. actual
    • Strive to limit levy increases to below 5% annually
    • Strive to grow the Village’s General Fund Balance above the minimum policy of 10 percent
  2. Debt:
    • Determine acceptable debt levels according to the following metrics:
      • Total net debt per capita not to exceed [15%] of per capita personal income for Village
      • Total net debt not to exceed [10%] of EAV, unless cost benefit analysis weighs in favor of increased debt for major infrastructure improvements on an emergency/critical needs basis
  3. Collaboration: 
    • Work with other taxing bodies to minimize the annual property tax increases  in Oak Park
    • Research high impact solutions to stabilize the total tax burden
    • Promote multi-jurisdictional policy that enhance efficiencies
    • Establish a task force to evaluate redundancies amongst all local taxing bodies by February 20, 2018.
  4. Spending: 
    • Prioritize spending projects based on need and impact 
    • Provide key services and invest in infrastructure in a fiscally responsible manner
  5. Partner Agencies: 
    • Establish performance metrics to evaluate and determine funding and increase financial transparency
    • Work with partner agencies and others to establish a plan for promoting affordable housing in Oak Park in the following ways:
      • Allocate existing affordable housing funds
      • Generate on-going affordable housing funds
  6. Enterprise Funds:
    • Maintain a positive balance in the parking fund 
  7. Revenue & Fees:
    • Charge appropriate fees for services
    • Identify new revenue sources
  8. Pensions:
    • Fund pensions by a minimum of 90% by 2040