Elk Grove Village
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Elk Grove Village annually adopts a budget to guide the financial operations of the Village. The Village operates on a May 1 – April 30 Fiscal Year.
On April 9, 2024, the Mayor and Village Board approved the Fiscal Year 2025 Budget in the total amount of $229,562,697. The General Fund budget, which includes most of the Village's operational services (Fire, Police and Public Works), was approved at $75,963,259. This represents a decrease of 4.6% from the previous fiscal year (with pension pass-throughs and transfers removed).
In 2023, Elk Grove Village continued to experience positive financial conditions and stability through strong business development activity despite ongoing high inflation, supply chain issues, and a tight labor market. The industrial vacancy rate in 2023 closed out at 1.39% which marks seven consecutive years the Village has sustained a vacancy rate below 5%. In the first quarter of 2024, Elk Grove Village maintained a near-record low vacancy rate at 2.04%. Rising sales tax as well as consistent building permit fees is a reflection of a strong business climate.
An investment of $387 million in private sector construction was permitted through the Village in Calendar Year 2023. On the horizon, several development projects are under way highlighted in places such as 1905 Lunt Avenue where Equinix plans to construct a 195,000-square-foot, two-story data center next to their current building. Another major development is TA Realty, which has designed a 45-acre data center campus at the corner of Elmhurst Road and Old Higgins Road. The overall development consists of four, two story buildings totaling over 1,000,000 square feet of new buildings along with an electrical substation. These type of investments in the community are what help the Village maintain a strong commercial tax base.
The Elk Grove 2025 capital investment plan, a $125 million program designed to ensure the community thrives for decades to come, is now in its eighth year. In the first seven years of the program, the Village invested in major capital projects, including rehabilitating the Huntington Chase and Devon O’Hare lift stations and completing construction of a new 500,000-gallon elevated water tank at 1601 Oakton Avenue. The FY2025 adopted budget includes several EGV 2025 projects, most notably $10.3 million into the Roadway Maintenance Program. The program improves 9.43 miles of streets in the Village, including $1.8 million for resurfacing and concrete rehabilitation of 6.57 miles of residential streets.
Community events and public education outreach programs will continue in 2024 after a successful return in 2023. We are planning, and have budgeted, for a full season of special events as we look forward to engaging with the community once again.
The development of the Fiscal Year 2025 Budget was guided by the goals of delivering high quality customer-focused services to residents while offering a beyond business friendly approach to doing business in the Village. The budget serves as our road map to be the Exceptional Community.
Previous Adopted Budgets: