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Elgin’s council members held the first of two annual hearings for changes to the city’s tax rate and proposed budget expenditures, allocating funds that reach just over $26 million.
The proposed annual budget is predicated on adoption of the “voter approval” property tax rate of $.498/$100 valuation, a reduction of nearly $.05 over the current rate, and only $.03 lower than the city could adopt without automatically triggering an election.
This results in the city having a reduced property tax rate of almost 25% from four years prior, and contributes 31% of general fund revenue for the 20232024 budget of $26 million-plus, followed closely by the 27% from developmental services.
“Developmental services continues to be a big piece of the pie,” said City Manager Thomas Mattis. “What fees we’re generating from that won’t always stay that big, but we’re continuing to benefit from that.” Elgin is slated to maintain this growth, with more than 10,000 homes in the city’s service area that are in some phase of development, according to the council.
Three new residential projects were started in the last 60 days, and over 1,200 new homes will have been constructed in Elgin since 2020, a near 40% growth of population during that time.
New commercial developments are anticipated to follow.
The vast majority of the budget will be going to public works and public safety projects, around 60%.
This is the first time in Elgin’s history where the budget for its police department exceeds five million.
All operating expenditures are supported by revenue generated during the fiscal year, developed through a comprehensive review of all existing programs, operations and services, said the council.
Members clarified that their primary goal is to maintain existing service levels, but they remain focused on enhancing them further.
