Algonquin trustees review capital budgets
The Algonquin Village Board discussed proposed motor fuel tax (MFT) and street improvement budgets at its committee-of-the-whole meeting Jan. 26.
The meeting minutes state that within the proposed budgets associated with each fund are maintenance and the village’s overall street improvement plans. It also notes that there are some projects that are included from the previous year. The funds currently have approximately $6.22 million as a projected total. The anticipated costs for projects total approximately $13.1 million, which includes engineering and construction services. Meeting notes state that the deficit is due to payments to be made to the state and other factors.
Anticipated revenues for both funds are approximately $815,500 for MFT and $1.8 million for the street improvement fund.
The discussions were part of a review of the village’s capital budgets that include water and sewage improvement and parks improvement budgets.
The discussions were for informational purposes and for reviewing portions of the village’s annual budget proposal.