After learning recently that the capital renovations program has given Glendale Heights an unexpected cash windfall of $1.8 million, trustees will decide whether the village will pay off loans faster or approve more capital projects.
Trustees Wednesday night began deliberating the happy dilemma as they completed preparations of the 1999 fiscal year budget. The spending plan for the fiscal year beginning July 1 is expected to be ready for public hearing and adoption next month.
The windfall has come from interest earned on the unspent portion of the $16 million in bonds issued over the past 2 1/2 years, said Bill Burger, the village’s finance director. The funds paid for renovations at Village Hall, a new public works building, the Sports Hub, Camera Park, the closing of Armitage Ditch and new water and sewer lines along North Avenue. Eight of the capital projects came in under bid.
The money, however, must be spent on work related to those projects.
