Village of Orland Park, IL
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Five Year Capital Improvement Plan
Orland Park
2023 - 2027
Capital Improvement Plan
and Five-Year Financial Plan
The Village utilizes two forward looking documents to ensure that the Village continues to maintain its financial health while fulfilling its mission:
• Capital Improvement Plan (CIP)
• Five-Year Financial Plan
The Capital Improvement Plan and the Five-Year Financial Plan will be guiding documents used to ensure that the Village systematically proceeds with continuing to provide first class public services. They also provide important data points that guide both expenditure and revenue options.
Capital Improvement Plan (CIP) Summary
A budget document is split into two main parts: (1) The Operating Budget, and (2) the Capital Improvement Budget. The Operating Budget provides access to general financial information for the Village. It contains estimates of the total resources expected to come into the Village and the total appropriations to fund Village services. Each fund and anticipated revenue and expenditure budget are described within the Operating Budget, including explanations of any major increases and decreases of budgeted amounts.
The Capital Improvement Budget contains cost estimates and details regarding capital improvement projects. Examples of capital improvement projects include Village infrastructure projects, information technology improvements and rolling stock. The Capital Improvement Budget also displays the anticipated funding sources and the financing plan of the project.
Five-Year Financial Plan Summary
The Five-Year Financial Plan is a tool to help the Village Board and the community better understand the Village's fiscal outlook and engage in long-term strategic resource planning. Similar to all municipalities, Orland Park has difficult decisions to make every budget year. The Five-Year Financial Plan will help provide context for these decisions and illustrates the fiscal consequences of each policy choice.
The Five-Year Financial Plan presents the causes of projected imbalances and provides a tool for examining various policy options and facilitating dialogue about those choices. The purpose of this Plan is to begin to identify and examine some of the major issues leading up to the budget process and provide a tool for planning to address those issues over a multi-year timeframe.