Mayor Glotz's Monthly Message
I'm pleased to report that the Village has recently received more than $6.2 million in funding from the American Rescue Plan Act (ARPA), an economic stimulus plan that Congress passed earlier this year to help communities across the country recover from the economic impacts of COVID-19.
We're planning to use these funds from the United States Department of the Treasury under the Coronavirus State and Local Fiscal Recovery Fund (SLFRF) to help fast-track a few needed projects in the Village, alongside other capital and infrastructure improvements approved through this fiscal year budget.
Projects that will benefit from this money include improvements at two lift stations and repairs to six sections of the water main in the Village. There's also a water meter vault critical to the Village's water supply system that needs to be relocated due to a roadwork project and drainage and flood control improvements through the storm sewer infrastructure.
The Village immediately implemented a new spending plan that cut about $20 million from the budget when the pandemic started. Staff also cut General Fund expenditures by $10.5 million (and more than $47 million across all funds), which helped us stay ahead of the curve. The most significant reduction was in capital expenditures, which reduced the budget by $28.6 million. This, combined with the Village's longstanding policy of fiscal responsibility that established an economic safety net should trouble arise, helped ensure that the pandemic didn't impact our finances nearly as much as it could have. While other communities were struggling, Tinley Park was able to weather the storm. It all speaks volumes about our incredible staff here.
The Village is also refinancing a current bond issue (2013) at a lower interest rate to reduce its financing costs over the remaining life of the bond. We are taking out a $10 million new money issue (to replace another bond series that is ending) for Village-wide improvements to the water and sewer system. These improvements are slated to be finished by 2023. The bond issue will be 100-percent abated and will not increase property owners' tax bills, meaning the Village will fund the bond issue from revenue sources already in place.
Half of this money ($5 million) is earmarked for the LaGrange Road/Loyola property, which will have boosters installed to help the area's low-pressure flow and loops the system to improve the system overall. The project also includes a lift station, which will enhance sewer needs in that area. The remaining $5 million will go toward the water, sewer, and drainage projects throughout the Village. All in all that brings the Village's investment in infrastructure to more than $16 million.
Remember always to shop local because it helps the community! Money spent locally not only helps Tinley Park businesses thrive during a difficult time of staff shortages and supply chain interruptions, but it also helps cycle money back into the community via the sales tax. We can use this money for other vital projects across the Village that benefit everyone.