Joliet’s 2024 budget estimated at $500 million

The city is getting an early start on its 2024 budget, estimated to total $500 million.

Joliet Finance Director Kevin Sing outlined major aspects of the budget recently, including a schedule that calls for a public hearing on the budget and tax levy on Tuesday, Oct. 17.

The City Council in past years did not begin reviewing the budget until November. But the council’s Finance Committee already had been getting glimpses of budget plans before Sing made his presentation to the full council on Sept. 18.

“Anytime from the 17th (of October) after it’s available for adoption,” Sing said.

Budget elements presented to the council included:

• A $7 million increase in property tax revenue for city operations, while retaining the same tax rate, due to new construction and increased property values

• Recommendations for 15 new positions added to the city payroll, including a deputy city manager and a communications director

• A $726 million unfunded liability in the health insurance fund largely due to future costs for retiree health care

“This is an item we have to start looking at,” Sing said of unfunded liability for health insurance.

Saying the unfunded liability for health care is “growing substantially,” Sing recommended that the city begin allocating $44 million a year with the goal of covering the unfunded liability in 20 years. The $44 million would be in addition to a $32 million budget to cover health insurance costs in 2024.

Property taxes are estimated at nearly $59 million for city and library operations.

The Joliet Public Library has its own board but is funded through a property tax levy approved by the city. That levy is expected to generate $6.3 million in 2024, compared to $6.1 million this year.

Most day-to-day operations of the city are covered by its general fund, which is proposed at $220 million, roughly the same as in 2023. The fund has a proposed $336,000 surplus.

The city’s parking fund, reflecting the costs of downtown parking operations, remains a problem. The $1.6 million parking budget, which is funded from parking fees, is expected to have a $776,000 deficit.

The water and sewer budget, funded primarily by water and sewer fees, is expected to have a $7.2 million surplus with total revenues at $81.4 million and expenses at $74.2 million.

Budget discussions are scheduled for City Council workshop meetings on Mondays and on Oct. 16.