Northbrook Projects General Fund Surplus of $1.37M
Light winter, a recovering economy and increased construction activity in Northbrook has helped the village budget.
Though it’s hard to believe with Tuesday’s snowfall, a light winter and a recovering economy has led the Village of Northbrook to project a surplus of $1.37 million in its general fund budget, Northbrook Star reported.
"We didn't end up spending as much for overtime for public works for snow and ice removal," Northbrook's finance director, Jeff Rowitz, told Patch. Likewise, the village is contractually obligated to purchase a minimum amount of salt every year, and it did not have to buy additional salt this winter.
The 2012-2013 fiscal budget was projected to have a general fund surplus of $32,600 for the year but increased due to sales tax receipts exceeding projections, increased construction activity, savings attributed to personnel costs and declining retail shopping center vacancy rates, Northbrook reported.
"It's an indicator of strong policy decisions by the village board," Rowitz added.
The surplus also helps Northbrook's AAA credit rating with Moody's and S&P, according to Rowitz.
"They like seeing strong balance sheets," Rowitz said of the rating agencies, though he clarified that the village budget is just one of many factors that go into Northbrook's credit rating.