Title:
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Fiscal Year 2026 Budget Kickoff Presentation
Introduction
overview
As part of the annual budget process, the Village Board holds a preliminary budget kickoff meeting in advance of the Village Manager presenting a draft recommended FY26 budget in late September/early October. This session provides an opportunity for the Budget Team to communicate a high-level overview of some selected major revenues and other relevant financial data. Also presented will be a tentative timeline for the development of the budget document, along with some general parameters for the budgeting process.
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Recommended Action
Recommendation
There is no recommendation, this item is for informational purposes only.
Prior Board Action
There is no prior Board action associated with this specific item.
Background
A preliminary meeting at the very start of the budget season has traditionally been held each year with the Board as the initial step in the budget process. This meeting will be 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 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 sometime in October as the first version of the budget for discussion purposes.
Chapter 2 of the Village Code establishes the foundation for the budget process, including:
1) Utilizing a calendar year (1/1-12/31) for the budget.
2) The Board adopts the upcoming year’s budget prior to the start of the new year.
3) 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 when identifying priorities for the next fiscal year to be included in the 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.
Timing Considerations
There are no timing considerations associated with this item.
Budget Impact
This item is a report only.
Staffing Impact
There is no staffing impact associated with this item.
DEI Impact
There is no DEI impact associated with this item.
Community Input
There has been no community input given in relation to this item.
Staff Recommendation
There is no staff recommendation, this item is a report only
Alternatives
There are no alternatives associated with this item.
Anticipated Future Actions
This item is a report only.
Prepared By: Donna M. Gayden, Interim Chief Financial Officer
Reviewed By: Ahmad M. Zayyad, Deputy Village Manager
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Budget Kick-Off PowerPoint