The Village of Woodridge recently joined the Pension Fairness for Illinois Communities Coalition in an effort to address the escalating costs of public safety pensions.  The cost of funding these pensions has more than doubled since 1999 in communities across Illinois; and has increased in Woodridge from $101,092 in 1999 to $1,009,488 in 2010.  The escalating costs of these pensions have made it exceedingly difficult for the Village to address budget shortfalls in its Five Year Strategic Plan, which is a budget plan for the upcoming 5 years. Continued pension increases in an economic climate where tax revenues from sales, income, and utility taxes have declined severely makes it all the more important that pension increases stop.   

Governor Quinn will make his budget address on Wednesday.  His budget director announced yesterday that he plans to reduce the municipal share of the income tax by 30%.  If the Governor makes this reduction a reality, the impact to Woodridge is $830,000.  This is nearly as much as the Village spends over the course of two years in snowplowing and salting.

This money is not a handout from the State, it is the municipal share of the income tax.

Woodridge has made tough choices in order to be fiscally responsible and not push the financial burden onto residents.  The Village has cut $1,800,000 out of the budget in order to balance revenues and expenditures.  We’ve reduced the workforce by almost 15% through attrition and layoffs.  We’ve eliminated pay increases.  We’ve postponed large capital projects.  We’ve reduced day-to-day expenses by 10%.  We’ve acted responsibly in responding to the financial crisis.