Understanding Village Finances​

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“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.

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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.

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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.

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Property Taxes

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Property taxes are the second largest source of revenue for the Village Corporate Fund and represent 17% of the total Corporate Fund revenues. 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. The Village receives most of its property tax revenue corresponding to the two installment due dates of these taxes, which have typically been March 1 and August 1.

 

The property tax levy historically has been assigned to pay for a portion of the Corporate Fund operating expenditures, specific debt obligations and the Village portion of the Police, Fire and IMRF pension contributions.

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For a more detailed discussion of property tax, see Appendix A. 

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Village Budget

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Here is the link to the Village website with a more detailed view of the budget,  Scroll down the page to see links to the budget documents for several years. 

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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.  

 

Tax Increment Financing Districts

 

Tax Increment Financing (TIF) is an economic redevelopment tool used by communities to spur investment in a specific geographic area over a limited period of time. Often, this area is considered abandoned or blighted – but not always.

 

Currently, Glenview currently does not have a TIF district.  ​

• The Glen TIF was concluded in December 2021.

• The Waukegan Road/Golf Road TIF was concluded on December 31, 2023.

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Guide Table of Contents

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More About Property Taxes

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Section 7: Beyond the Village–Other Units of Government

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