With the village’s new sales tax going into effect this week and the start of next year’s budget process less than five months away, village leaders say the window for gaining “long-range” vision on finances is closing.

At the Village Board’s next scheduled meeting July 13, trustees will discuss — and possibly decide — what sort of guidance they will seek on the village budget.

During his campaign earlier this year, Village President Mark Pfefferman proposed a finance commission that would look at longterm funding issues and report to the Village Board.

Now, with the start of the board’s 2010 budget process set to begin in November, the time for action is approaching, Pfefferman said. Trustees also will have to decide next spring whether to continue the 1 percent village sales tax that goes into effect Wednesday, July 1.

“This isn’t a long-range thing,” Pfefferman said. “We have to get going.”

Much still is undecided about what form the finance advising body would take. The model Pfefferman is proposing would imitate the Village Board’s other nonbinding advisory bodies, such as the Plan Commission, which often have more time to delve into complex issues than the Village Board.

“It’s a formula that works,” he said. “I see the finance commission working just like those tapping really great volunteer expertise in our community.”

Leaders also might consider going with a Committee of the Whole makeup, composed of the Village Board and finance advisers.

Some on the Village Board are unconvinced about the finance commission. Trustee Peter Cooper said he agrees longterm planning is important, but he wants to ensure any finance commission does not create an added layer between public officials, village staff and residents.

“I think we need to be certain this finance commission won’t just create additional burdens,” he said.

Unfortunately, Cooper said, the faults of the group might not be apparent at the onset.

“I don’t think it’s something you can design around,” he said. “I think it’s something you really have to see if it works. … We have to be prepared to say, ‘It’s an experiment. It didn’t work.’”

If the finance commission were to struggle, Pfefferman said he would be open to heading back to the drawing board.

“We have to be flexible,” he said. “I’m willing to disband it if it does not work.”