Budget surplus in ArlingtonHtsGov could mean $50 property tax savings for average homeowner. Could elimination of vehicle stickers be next?
The $12.4 million budget surplus is being divvied up eight ways, in a proposed transfer of funds recommended by Finance Director Tom Kuehne and endorsed by the village board this week. A formal budget amendment will be voted on at a board meeting next Monday.
The abatement of $1.6 million from the general fund surplus will mean a savings of about $50 for the owner of a $375,000 home, which would be seen on the second installment property tax bill later this year, officials said.• $2 million each to the police and firefighters' pension funds. Each fund experienced market losses of $15 million in 2022, after three straight years of higher returns.
by signing up you agree to our terms of service • $2 million for vehicle fleet replacements. Those costs have risen by 15% over the last two years, and the cash infusion would cover some of the additional expenses of planned purchases over the next couple of years.
• $500,000 for the municipal parking fund, which has continued to see a decline in commuter parking fees due to remote working since the onset of the pandemic. In 2019, village public parking fees brought in $1.3 million. That declined to $883,688 in 2020, and dipped further to $800,104 in 2021. Revenues started going back up again last year to $848,000.
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