2023 Budget for Village of Lake Zurich
Lake Zurich's 2023 budget is presented as a balanced operational plan for the next year with a projected operating surplus of about $8,000 for the Village General Fund. Expenditures in the General Fund next year are expected to total $33.52 million, ending 2023 with a solid 35% fund balance.
The 2023 budget includes a reduction of the Village’s bond debt by $3.6 million. Ten years ago, in 2012, this bonded debt level was at $36.4 million. At the end of next year, this total debt is projected to be $20.67 million.
This is an impressive debt reduction of 43% over a decade. This is a significant accomplishment that allows for AAA bond ratings and lower interest rates for taxpayers.
Among all Village Funds, the 2023 budget totals $73.9 million to fund a full-service municipality with 163 full-time employees.
This budget blueprint was created with an eye on sustaining multi-year progress towards strategic goals and includes $19.8 million in infrastructure improvements and major equipment replacements for public safety and public works services.
Budget Workshop
During the November 16, 2022 Lake Zurich budget workshop meeting, Village Manager Keller and Finance Director Sparkowski provided an in-depth overview of the 2023 proposed Village Budget to the Board of Trustees meeting as the Committee of the Whole.
The presentation slide-deck and proposed budget are available online for review at the below link.
https://lakezurich.org/759/2023-Budget-Workshop
A public hearing on the proposed 2023 budget is scheduled for the December 5, 2022 Village Board meeting.