Sugar Grove budget expected to be in the red in mid-2020
After beginning 2020 with a budget surplus, Sugar Grove's budget could fall into deficit mid-year.
Matt Anastasia, the village’s finance director, gave an overview highlighting the state of the finances at Tuesday night’s Village Board meeting. When the budget was passed, the village had a surplus of $25,145.
Anastasias said what’s projected in six months is a general fund deficit of $5,131.
“What this is, is there’s an increase in revenues of roughly $128,000, but also an increase of expenses of $158,000,” he said.
Officials believe the surplus funding should pay for equipment replacement at a rate of 100% instead of 50%.
The village has fund balances to cover the general fund’s deficit, officials said.
The village’s water and sewer fund also is projecting a deficit of $285,000, which Anastasia said is going to be covered by fund balance from the general fund.
Property tax levy approved
In other developments, trustees adopted an ordinance levying for property taxes for fiscal year 2020-21.
The levy, as proposed, totals $4,180,250 and is estimated to amount to $1,766,879, should the county reduce the village’s request during the extension process under the Tax Cap Act.
The Village Board’s deci