Submitted By
Steve Drazner, CFO
Agenda Item Title
Title
Village Board Review of the Recommended Fiscal Year 2022 Budget
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Overview
Overview
This meeting is the first meeting of the full Village Board, after the Finance Committee's review, to review the recommended budget for FY22. Staff will be available to review and answer questions on any of the following budgets:
1) General Fund
2) Special Revenue Funds
3) Capital Improvement Funds
4) Enterprise Funds
5) Internal Service Funds
6) Fiduciary Funds
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Anticipated Future Actions/Commitments
Recommendation
Additional meetings are set-aside on the Board's calendar in November and December, if required, to review and discuss the FY22 budget recommendations. An updated recommended FY22 budget document will be issued by staff for the November 15, 2021 Public Hearing on the budget as part of the Regular Village Board meeting to incorporate updated information as reported during Finance Committee meetings. In addition, the document will contain two years (FY22 and FY23) revenues and expenditures.
It is anticipated that the FY22 Budget will be presented for adoption on Monday, December 6, 2021.
Body
Report
Annually the Village Board begins the budget preparation process in the summer for the following fiscal year. This work began with the Village Board's official receipt, review and acceptance of the Comprehensive Annual Financial Report (CAFR) for the year ending December 31, 2020 on June 21, 2021. The Village Board then held a Special Meeting on July 12, 2021 to review the Police and Fire Pensions and on July 26, 2021, the Village Board additionally held a special meeting to hear from Village Departments regarding their anticipated priorities for FY22. The Finance Committee of the Village Board held two (2) meetings in Sept/Oct to review the recommended FY22-26 CIP budget and three (3) meetings to review the FY22 Operating budget. In addition, a public hearing for Truth in Taxation wa...
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