Park Ridge approved a property tax levy of $18.5 million and a budget of $42.2 million for the coming year at its final City Council meeting of the year Dec. 19.
The spending plan, which was the subject of two workshops in November and December, includes a $2.9 million planned deficit, according to budget documents presented to aldermen and discussed at the workshops.This is the second year that Park Ridge has passed a budget according to the calendar fiscal year, according to a document prepared by the village manager. Its 2021 budget was drawn up as a “stub year” covering only the period from May 1, 2021 to Dec. 31, 2021.
About $2.4 million and $2.1 million of the levy will go to the city’s police and fire pensions, the memo states, while the rest of the money will be divided between the federal payroll tax fund and the municipal retirement and waste funds. Just under half of the city’s money – about $35 million – goes to personnel services, while another 23% goes to contract services, according to staff reports. The rest of the city’s spending is split between supplies and materials, capital spending and debt service payments.eliminates the city’s sale of vehicle stickers
When it does come time to replace the money that would have otherwise come from sticker sales, 5th Ward Ald. Charlie Melidosian estimated the change would boost each household’s property tax bill by about $60.This year’s budget raises the water tax by 10%, the water meter tax rate by 5% and the sewer tax by 15%.
In the meantime, both funds will dip beneath the balance they’re ordinarily required to have under city ordinance for a few years. Lipman told aldermen at previous meetings he was comfortable recommending that dip because the city is in a financially healthy position overall.The 2023 budget also accounts for a number of construction projects and city professional development initiatives.
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