ELMWOOD PARK — As the Village of Elmwood Park and its roughly 505 residents prepare for a major road reconstruction project that will cost millions over the next few years, the village’s 2021 budget is set to be presented this week.
At 6:30 p.m. on Thursday, Oct. 8, the budget will be presented during a Board of Trustees meeting at 3131 Taylor Ave.
Entering that presentation, the village is expected to have a 31% increase in its tax levy revenue, because the village is beginning borrowing for its debt obligation related to the road reconstruction project. That borrowing, of $815,000, was approved by the Village Board in August. And that borrowing led to a principal and interest payment of around $60,000, Village Administrator Christophe Jenkins explained in an email, which “is the reason for the 1.5 increase in the Village tax rate.”
That multiyear project will replace all of