Happy fiscal new year! The Village of Wellington’s fiscal year runs from Oct. 1 until Sept. 30 each year, and as such, we adopted our annual budget for the coming fiscal year on Wednesday, Sept. 20. As the economy rebalances, uncertainties persist. Higher highs and lower lows have characterized the economic swings that have occurred since the onset of the pandemic and the rebound that followed. Looking ahead, we anticipate a rebalancing of the economy, which will lead to a new set of expectations around stability. These factors permeate to the local level and combine with others that add complexity to the village’s ability to deliver services. Within our organization, we find that it’s never easy to balance the needs of the future with the needs of today. As demands on our resources continue to grow, we must thoughtfully and carefully grow to meet them.
Strategic FundamentalsÂ
We believe that we have accomplished our goals with this recently adopted budget. The foundation of our budget begins with our focus on our five strategic fundamentals of neighborhood renaissance, economic development, protecting our investment, responsive government and respecting the environment. We then develop the budget using insights and information from workshops with the Wellington Village Council focusing on infrastructure and facility maintenance, recreation, youth and family programs, as well as events, residential and community revitalization, and public safety.
The fiscal year 2024 budget continues our commitment to stable budgeting for sustainability. The total budget for the new fiscal year is $137.7 million and maintains the ad valorem millage rate at 2.47 mils. Expenditures increased by $9.14 million from last year as a result of inflationary price increases, expanded recreation programs and events, and infrastructure projects. The same great services are funded with the same millage rate, a $25 annual increase in the Acme Improvement District assessment and a 10 percent increase in water/sewer utility rates from the prior year.
Maintaining Service LevelsÂ
The village conservatively budgets to maintain service levels delivered to residents and businesses while strategically increasing or expanding services as growth and demand warrant. We remain focused on managing labor costs, maintaining village reserves, funding capital rehabilitation programs, and pursuing new revenue and grant opportunities.
This budget has been developed to account for the expected rise in labor and material costs and other unavoidable expenses. It also includes augmentations to maintain service levels and address the council’s top priorities. The budget aims to further ensure the maintenance of necessary capital infrastructure for the long-term benefit of our community.
Significant InvestmentÂ
The budget incorporates a significant investment of $21 million into capital projects. This includes $7.3 million in public works, $7.4 million in utilities, and $6 million in parks and recreation. This capital investment represents a 35 percent decrease compared to last year’s adopted budget and continues to address both growth and rehabilitation of existing capital investments.
Looking Ahead
Our village continues to assess changing circumstances and prepare for the effects they may have on our ability to deliver services. While much remains out of our control, we have a strong grip on what we do control. Sound, conservative financial planning is at the core of our budget development efforts. This approach puts us in a position of strength that allows us to weather storms and leverage the opportunities that emerge.
Our residents and businesses have been valuable partners in this ongoing quest, as have the great team members we have on staff who play an undeniable role in our success. We have a multi-faceted opportunity to refocus on our organizational culture. Between retirements and a competitive labor market, with candidates with new expectations, we are reinvigorating the culture that draws high performers to our organization. As an employer of choice, we will remain open to new ways to support our employees’ success so we can continue to ensure the kind of quality of life our community values so deeply.
While one of the constants in life is change. We know that uncertainty is change’s close companion. Our resiliency lies in our preparation for uncertain times. The Village of Wellington will effectively forge new paths to remain ready to deal with whatever else may lie ahead.
