Section 6: Watching the Dollars -- Glenview Finances
Understanding Village Finances
“My property taxes are too high!” “The Village is spending what?” It comes as no surprise that the property tax and Village spending are some of the things residents are most frequently concerned about.
While it is not the purpose of this Guide to provide a deep dive into municipal finances and the property tax system (see the Appendix, “A Closer Look At Your Property Taxes”, at the end of this Guide for more), a basic understanding of where the Village gets its money–and spends it–can help make you a more effective advocate.
How the Budgets Gets Built
Glenview’s fiscal year is congruent with the calendar year: January 1 – December 31. Historically, the Village has been in good fiscal shape: Moody’s Investors Services gives it an AAA credit rating, which allows the Village to take advantage of lower interest rates when it borrows money.
Preparing the Village budget encompasses significant staff time for preparation and analysis and significant Village Board time for coordination and review. The budget is debated and discussed by the Board typically at three public Budget Workshops and a Capital Improvement Program (CIP) Workshop for resident input in the fall. The final budget is voted on at a December Board Meeting. If you want to add your two cents and really know where your money is going, attend these workshops and meetings. Information is posted on the Village website.
Property taxes are the second-largest source of revenue for the Village Corporate Fund and represent 17% of the total Corporate Fund revenues. However, with increases in the Police and Fire Pension portions of the prior year and the current year’s levy, the portion of the levy assigned to Corporate Fund operating expenditures has fully declined to zero. This means that none of the property taxes pay for Village operations.
The Village Board approves a tax levy in December each year, and the following year the Cook County Treasurer collects the funds from the property taxpayers and remits them to the Village. Source: Village of Glenview Adopted 2022 Budget.
For a more detailed discussion of property tax, see Appendix A.
Where the Money Comes From and Where it Goes
Village revenue comes from several sources as you can see in the following chart. You can also see where the Village allocates its spending. Source: Village of Glenview Adopted 2022 Budget.
It’s important to remember: your tax dollars pay for the services you value. Glenview enjoys an attractive neighborhood and business environment, well-maintained streets and sidewalks, a high level of public safety, excellent first responder services, and many other amenities. Without our tax dollars, many of those amenities wouldn’t be affordable. Here’s where the Village allocates its spending based upon the Village of Glenview Adopted 2022 Budget.
Section 7: Beyond the Village–Other Units of Government