At its meeting on Monday, April 28, the Bradley Village Board approved a spending plan for the fiscal year that begins on May 1. The total combined expenses for the Capital and General Funds are $61.6 million, with only a third of that going to the general fund for daily operations. For the general fund, anticipated revenues are $22 million, according to Bradley Finance Director Rob Romo.
The reasons for the high amount of capital expenditures include paying the bills for the soon-to-be completed sports complex and for the construction of the waterpark at the old Northfield Square Mall. Other capital expenditures will include replacement of village vehicles and road improvement projects.
Also during the meeting, Finance Director Romo announced Bradley will end the current fiscal year with a budget surplus of $3.4 million. Romo says a large portion of that, along with funds from reserves that currently total $15 million, will be used to fund capital expenses in the coming year.
Romo said the budget estimates anticipate a surplus of $500,000 for the next fiscal year, but he noted about the same outcome was predicted for the current budget, while, in fact, revenues far exceeded expectations. Romo said it’s always good policy to underestimate revenues, in case economic conditions worsen