Capital Improvement Fund

Village of Northfield, IL FY2023-24 Approved Budget

Function

Established to account for and accumulate funds expressly for the future replacement of Village vehicles and equipment. The level of funding is based upon a depreciation schedule of all equipment. This process allows for a more consistent level of funding for vehicles and equipment on an annual basis. This fund is also used for other capital projects such as sidewalks, GIS enhancements, and streetscape projects.

FY 2023/24 Highlights

  • The FY 2022/23 budget and year-end projections reflect the additional $355,000 transferred to this fund, from the General Fund, to cover the Special Board projects.
  • The FY 2023/24 budget proposes an additional $300,000 transfer from the General Fund to the Equipment Fund to bring this fund into a stronger financial position and to cover several large equipment purchases, pending in the next 3-5 years. This transfer is reflected as an expense in the Administration and Finance budget. Staff is recommending the additional transfer be planned annually for the next 3-4 years.
  • The FY 2023/24 budget also proposes a substantial increase in transfers from departments to account for some dramatic increases in vehicles, equipment, and computer costs due to continued supply chain issues.
  • The plan contemplates the purchase of 1 police squad car, UPS batteries, BolaWrap devices for police, annual lease payments associated with public works trucks and equipment, replacement of the command van in fire, payment to Glenview for our 10% share of the new ladder truck, fire protection equipment, and ALS squad equipment in fire.
  • The plan also includes a number of IT initiatives including upgrading to Office 365 Upgrade, backup system replacement, network switch replacements, Disaster Recovery Plan, server replacements, Board Room Listener Assist, Village Hall security monitoring, phone controller upgrade, and computer replacements.
  • A short compensation assessment is planned for our non-police or fire team members. There have been a lot of changes in these positions since the last assessment was conducted and we want to make sure our employees are appropriately categorized and compensated, based on daily work functions.
  • Funding is also being maintained to continue to re-paint our decorative light poles and to provide for the replacement of parkway plantings that have died or are declining.
  • There are revenue and expenses budgeted for the Happ Road Project. The project is being funded by Cook County and IDOT (Surface Transportation Fund). The grants are budgeted as revenues and are then offset by the project costs.
  • There are revenue and expenses budgeted for the Skokie Valley Trail. The grants are budgeted as revenues and are then offset by the project costs.

Capital Improvement/Equipment Revenues and Expenses for Fund/Dept 12-00


CIP Fund Balance

Vehicle Rotation Plan