Submitted By
Kevin J. Jackson, Village Manager
Donna M. Gayden, Interim Chief Financial Officer
Reviewed By
Erin E. Baynes, Assistant to the Village Manager
Agenda Item Title
Title
Fiscal Year 2025 Budget Kick-Off Session
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Overview
Overview
As part of the annual budget process, the Village Board holds a preliminary budget kick-off meeting before the Village Manager presents the draft recommended fiscal year budget in late September/early October. This session provides an opportunity for the CFO to communicate a tentative timeline for the development of the budget document and general parameters for the budgeting process.
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Recommendation
Recommendation
This presentation is for informational purposes only.
Background
A preliminary meeting with the Board at the start of the budget season has traditionally served as the initial step in the budget process. This meeting is an opportunity for the Board to receive an overview of the budgeting process with the CFO and Village Manager available to answer any questions. Over the next month, the Village Manager and CFO will meet with each department director to discuss their requested capital and operating budgets. In accordance with the form of government and Chapter 2 of the Municipal Code, the Village Manager will submit a recommended budget to the Board in October as the first version of the budget for discussion.
Chapter 2 of the Village Code establishes the foundation for the budget process, including:
• Utilizing a calendar year (1/1-12/31) for the budget.
• The Board adopts the upcoming year’s budget prior to the start of the new year.
• On or before the Village Board’s first regular meeting in November, the Village Manager shall submit to the Board an annual municipal budget which contains estimates of revenues together with expenditures presented in conformity with good fiscal management.
Typically, the Village Manager will use a variety of resources to identify priorities for the next fiscal year’s preliminary budget. These include Board goals, citizen surveys (if any), the five-year capital plan, police/fire actuarial contributions, operating guiding principles and values, core services, and any unique or special issues anticipated for the budget year.
Fiscal Impact
N/A
DEI Impact
N/A
Alternatives
N/A - this is informational only.
Previous Board Action
ID 23-326 (July 23, 2023)
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A