The village of Riverside foresees an overall $740,000 deficit in 2024, the draft budget presented at a public hearing on Oct. 19, showed.  

It is expected that about $26.7 million will come in while the village will spend about $27.5 million.  

Contributing to the deficit is the village’s potential $4.2 million spending in capital improvement projects.  

The village’s capital improvement plans for next year call for funding projects such as sidewalk replacements and the resurfacing of Riverside and Lionel Roads, as was presented to the village board on Aug. 17. It also includes the planned investments in the village’s capital equipment and vehicles for the public works, police and fire departments, and maintenance costs for village facilities.  

The plan also outlines funding for capital improvement projects over the next ten years. From 2024 to 2029, the village needs to replace heavy duty vehicles for the local fire department with a projected cost of about $4 million, although costs could increase due to rising prices. The village will need to identify dedicated funding sources, the capital improvement plan shows.  

The 10-year plan also warns that the village’s funds for parks and recreation are insufficient for large playground redesigns. In 2024, the village has dedicated funding to complete a community survey about the park facilities. If large redesigns are determined to be important, the village needs to identify additional funding mechanisms.  

The village also presented Riverside’s public library budget for the upcoming year, totaling about $1.5 million. It is expected the library, mostly funded by tax funds, will be able to cover all of its expenses, which are projected to be around $1.47 million. Staff and contractual services make up the majority of the expenses incurred by the library, with a total of about $1.1 million.  

The village and library budgets will be approved by the village board of trustees on Dec. 7, before the start of the new year.