Sycamore city preps for fiscal year ahead of 2023 budget vote

SYCAMORE - The Sycamore City Council got its first look at a full draft of the city’s 2023 plans for a $20 million budget, as city officials look to garner feedback from the public before a final vote.

During a recent City Council meeting, Sycamore City Manager Michael Hall presented a draft of the fiscal 2023 city budget.

Ahead of its upcoming April 4 meeting, the Sycamore City Council will look for public comment related to the drafted fiscal 2023 budget, Hall said.

“We will have the first reading of this budget on April 4, public comment during that time as well, but I just want to make sure everybody got a chance to see it,” Hall said.

The FY23 budget will take effect May 1 and run through April 30, 2023. According to the proposed budget draft, the city of Sycamore expects to collect $20,180,013 in revenue and spend about $20,260,134.00 in the next year.

Over 62% of the revenue from the city would come from sales and use tax and property taxes, according to documents. An additional 14% will come from intergovernmental agreements that are funds received from another government, either in the form of a grant or as reimbursement for costs.

The remaining amounts are collected from minor revenue sources, such as fees, fines and other miscellaneous revenues.

According to the budget draft, almost half of the city’s budget will go to personnel costs, while remaining funds will be used for city contracts and other services.

The proposed general fund revenue also includes costs the city expects to pay for three pension programs, including police, fire and Illinois Municipal Retirement fund, according to documents. Sycamore’s general fund also is used for day-to-day operations, including for department salaries.