On December 2, 2021, the Hanover Park Village Board approved the Fiscal Year 2022 Annual Budget, which establishes the authorized expenditures and sources of revenues from January 1, 2022 through December 31, 2022. For the sixth year in a row, the budget was approved with a zero percent (0%) property tax increase, and no water and sewer rate increase (seventh year in a row); however, the service charge (infrastructure fee) was increased from $12.50 a month to $18.75 a month, a $6.25 increase, to fund the 30 to 40 year water main infrastructure replacement. Our current water main infrastructure lines have already exceeded their useful life of 50 years. The Village continues to maintain Village services at the levels residents have come to expect. Despite continued economic challenges, the Village enters FY2022 on stable financial footing.
The budget document meets the needs of the citizens and business community of Hanover Park, and is designed to provide a comprehensive overview of the Village’s financial activities during the next twelve months. It is a balanced budget that meets the Village’s fund balance policies, and all current levels of service. The Fiscal Year 2022 Budget also reflects the Village’s efforts to diversify revenues.
The total Village Budget expenditures for Fiscal Year 2022 equals $97,807,088 and the total Village Budget revenues equal $92,885,034. The General Fund Fiscal Year 2022 expenditures total $49,774,338 and the General Fund revenues total $44,211,311. The budget includes a new Fire Station #16 to be built at 2355 Schick Road, Hanover Park, IL. 60133. The Village is building the much-needed new Fire Station #16 using General Fund reserves, which means we are not borrowing money for the construction, and not increasing the property tax of the residents to pay for it.
The complete budget book can be viewed on the Village’s website at www.hpil.org.