The Innsbrook Board of Trustees approved the village’s 2025-26 budget at their June 17 meeting in a unanimous vote following a public hearing. 

While it is only a proposed budget and is subject to change from the board, it does provide a guide for how the village intends to spend its money in fiscal year 2025. 

The village’s fiscal year runs from July 1, 2025 to June 30, 2026. 

The proposed budget approved at the meeting sets projections for revenue in fiscal year 2025 at roughly $254,000 and expenditures at just over $252,000 in the general fund. 

This does represent a significant decrease from fiscal year 2024’s projected year-end revenue at just under $513,000 although those numbers are skewed as the village entered into a lease financing agreement with First State Community Bank for up to $500,000 in 2024. 

The board pulled $250,000 from that line of credit in fiscal year 2024 to shore up reserves as they completed their new village hall. 

Even with the decrease in revenue, the village is projecting a minimal surplus in the general fund budget for fiscal year 2025 of roughly $2,000. Although revenues from fiscal year 2024 were up due to the lease financing, expenditures were also higher with costs from the new village hall project covering at least $935,000 as part of a roughly $977,000 transfer from the general fund to the capital projects fund. These expenses placed the village in a projected deficit of roughly $615,000 in fiscal year 2024. 

At the June 17 meeting Board Chairman Cynthia Bowers said the total costs of the new village hall project are still being tallied and will be announced at a later date. 

The village is projecting that tax revenues will remain steady going into fiscal year 2025. The projected year-end sales tax and real estate tax revenues from fiscal 2024 total to $235,000 and the village budgeted for $230,000 in fiscal year 2025. 

Revenue from business permits increased significantly in fiscal year 2024 and the village projects those revenues to remain high as well. 

In fiscal year 2023, the village brought in $5,500. The projected year-end total for fiscal 2024 is just over $21,000 and the village estimated those revenues will be steady at $20,000 in fiscal year 2025. 

Innsbrook residents voted to increase the fee for business permits to $100 in the April 2024 election. 

The village will also begin payments on the lease financing agreement and plans to dedicate $45,000 to the principal of the agreement and an additional $13,500 on the interest in fiscal year 2025. 

Per the agreement, the village has five years to pay back the funds in full at an interest rate of 5.33%. The village can pay the amount in full in three years without additional penalties but will be forced to refinance if they cannot cover the loan within the five-year term.