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The original item was published from 12/6/2022 3:20:00 PM to 2/1/2023 1:00:02 AM.

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Posted on: December 6, 2022

[ARCHIVED] Village Budget and Tax Levy Approved

wooden letter and number blocks depicting 2023 budget

The Lombard Village Board recently approved the 2023 Budget and 2022 Tax Levy. This balanced budget continues the Village’s commitments by efficiently allocating resources to public safety, investment in infrastructure, community development, and enhancing the lives of Lombard residents.

The budget is approved annually by the Village Board and serves as a forecast of revenues it will receive and expenditures it will incur during the year. Guided by the policies, priorities and goals of the Village Board (including the Village’s Strategic Plan, financial policies and source documents), the budget is the single most important policy document produced by the Village each year. The budget is both a spending plan for the Village's financial resources and the legal authority for Village departments to spend the resources for public purposes. Village services are provided through these resources to meet the community's needs.

The $105.8 million 2023 budget provides funding for day-to-day operations and maintenance, grants, insurance, pensions, legal obligations, fleet, water and sewer operations, facilities and infrastructure (capital improvement program budget). Additionally, the owner of a $300,000 home will pay $561.74 in property taxes to the Village, up from $534.33 the previous year, or an increase of $2.28 per month.  These property taxes pay for all of the services provided in the budget.  While it is a common misconception that the majority of property taxes go to the Village, the Village of Lombard receives approximately 7.53 percent of property tax dollars or 7.53 cents of each property tax dollar paid. 

The Village remains committed to providing excellent and responsive governmental services, addressing future needs and issues related to public safety, maintaining a proactive stance in monitoring financial resources, as well as continuing financially prudent planning for capital improvements.

For more information about the Village of Lombard budget process and to review supporting budget materials, visit www.villageoflombard.org/budget. For information about property taxes and the proposed tax levy, visit www.villageoflombard.org/propertytax.     

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