Gee, why don't they use e-flash for other substantive information, like Special Board Meetings, votes taken, recommendations of other Commissions, and so on?
Long Term Finance Committee Recommendations
Congratulations to the Long Term Financial Security Plan Committee for completing their task. At their meeting on September 18, the Committee finalized their report which is scheduled for review at the October 15 Village Board meeting. The development of a long-term financial security plan will help shape the Village Board's approach to addressing the revenue-expense gap. The gap will occur in the operating budget during the 2008 fiscal year.
The group evaluated many different strategies and concluded with a prioritization of those that they felt applicable to the Riverside situation. Members of the committee strongly agreed that the gap needed to be addressed and soon. Immediate recommendations are: raising the Village vehicle sticker fees to $65; increase building fees (already accomplished); sell Northgate property; use fund balance for capital improvements; consider shared services regularly to control expense; borrow for capital improvements.
Additionally, the Committee ranked these Long Term Financial Strategies:
* Use Economic Development Tools to increase the Property tax and Sales tax base
* Adopt a Real Estate Transfer Tax (this does require Home Rule adoption as well)
* Establish a Conservancy to operate and fund the maintenance of parks, plantings, gaslights, etc
* Reduce the Operating Budget (reduce expense side of the equation)
* Raise the Village's portion of the Property taxes
* Establish special districts for Fire or Recreation
Some of us know at least one person highly ranked economic development tools without being told this meant TIF. I don't know from the hours I watched whether they gave any consideration to whether we legally qualify for a TIF. I don't know which night, if any, they considered the vote-down of the TIF. At least one trustee thinks their TIF problem was communication, not substance.
Other than the anomaly of ten of them substituting their own judgment for that of the voters, I am sure we are all in awe of the long hours they put in. They know a lot about village finances. This does not mean they know a lot about TIFs. Apparently it was decided that dissecting the operating budget was not within their ambit. Show up to the October 20 budget discussions if you are interested in this topic.