Village Of Oak Brook Implements Fiscal Changes Amid Economic Crisis

Press release from the Village of Oak Brook:

Posted on: April 2, 2020

Posted on: April 2, 2020

Fiscal Responsibility In Challenging Times

Over the last month, the Village has been working to operate fiscally responsible, in a rapidly changing economic environment. Significant operational changes have been made in expenditures and a number of major capital and infrastructure projects have been delayed to help offset the lack of revenue we will receive in sales tax, use tax, replacement tax, utility tax and income tax. Immediately, a number of preemptive financial reductions were initiated which included; 1) Freezing all hiring, 2) Freezing all non-essential spending, and 3) Delaying or placing on hold major capital infrastructure projects.

With the Governor’s extended shelter in place mandated extension until the end of April, other steps have been taken in our operations to further reduce expenditures. Beginning on Friday, April 3rd through Friday, May 1st; furloughs have been initiated for all part-time employees, full-time, non-bargaining unit staff will take 4 unpaid furlough days, and the Village Hall will be closed for all operations every Friday starting Friday, April 8th through and including Friday, May 1st. Additionally, it is extremely important for our residents to know, that the Village is financially positioned to withstand the economic decline we are experiencing due to excellent fiscal planning over the prior years.

The Village has a General Corporate Fund Cash Reserve balance of 11 months, totaling over $20 million dollars for operating expenses to be used in difficult financial times such as these. It is all our hope that we can overcome this medical and economic pandemic in the next month and get back to doing business as usual. Thank you for understanding and your support.

This press release was produced by the Village of Oak Brook. The views expressed here are the author’s own.