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

Budget Vision Statement: Provide services and invest in infrastructure in a fiscally responsible manner

SMART Goals:

  • Limit annual property tax levy increases to below 3%
  • Create accurate, transparent, and understandable budget documents
  • Implement efficiencies in services within Village Hall and among government bodies
  • Maintain the General Fund balance above 10%
  • Identify new revenue sources and review fees for appropriate charges for services

Actions:

  • Prioritize spending based on need and impact
  • Create a 2 year budget plan
  • Strive for revenue to exceed expenditures
  • Strive for a maximum 3% differential between budget and actual budget when forecasting
  • Maintain a positive fund balance in the parking fund
  • Explore options for an alternative budget process such as a program based budget or outcome base budget
  • Refrain from deficit budgets that draw down General Fund balance to balance budget

Debt Vision Statement: Use the best practices as recommended by Rating Agencies on debt

SMART Goals:

  • Maintain fiscally responsible levels of debt. Improve bond Rating
  • Collaborate with other taxing bodies to minimize the annual property tax increases in Oak Park
  • Fund pensions by a minimum of 90% by 2040

Actions:

  • Research sustainable debt levels from a multitude of sources and develop a debt policy
  • Implement intergovernmental service sharing and purchasing where efficient and agreed
  • Review the recommendations of the Taxing Bodies Efficiency Task Force
  • Fund pensions as recommended to achieve 2040 goal