The Village of Bourbonnais could see losses this year of up to half a million dollars due to the pandemic.
The announcement came during Monday night during the Village of Bourbonnais Board Meeting while a new budget was presented for 2020-2021.
Finance Director Tara Latz says the new budget is a guideline for internal use only while the newly announced budget does not reflect legal spending limits for the village.
“The General Fund operating budget has revenues at 12,289,541 and expenditures at 11,848,084 dollars. However, as it stands now with revenues for the coming year a bit uncertain, we budgeted our expenditures very conservatively due to the economic downturn expected from COVID-19,” said Latz Monday.
According to the Finance Director, the Village has already begun projecting estimates in revenue due to the ongoing pandemic. “Some preliminary estimates show that we could be losing anywhere from 350,000 to 550,000 dollars in revenues, compared to what we were expecting before the pandemic started,” Latz said.
The new budget includes what was described as a ‘very robust road program’ for the upcoming year, putting three-quarters of a million dollars into village streets for fiscal year 21’. Nearly two million dollars has been committed to infrastructure projects for that same year.
The new general operating budget was passed unanimously following the presentation.