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An Ordinance Adopting the Budget for All Corporate Purposes of the Village of Oak Park, Cook County, Illinois in Lieu of the Appropriation Ordinance for the Fiscal Year Commencing on the First Day of January, 2026 and Ending on the Thirty-First Day of December, 2026
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Introduction
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The Village Board held a Public Hearing on the Proposed Fiscal Year 2026 Budget and several Finance Committee and Board Meetings were held to discuss the budget in detail with elected officials. This Ordinance is the final action for the adoption of the Budget.
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Recommended Action
Approve the Ordinance.
Prior Board Action
The Village Board has taken the following prior actions:
• The Village Board adopted the Fiscal Year 25 budget on December 3, 2024.
• The Village Board opened a public hearing for the Fiscal Year 26 budget on November 18, 2025 and continued the hearing to, and conducted the it on, December 2, 2025.
Background
The final document presented as the Fiscal Year 2026 budget includes detailed financial information, which provides the legal authority for Village expenditures throughout the year. As in prior years, budget amendments may be brought forth for Board approval on a quarterly basis to adjust certain accounts as deemed necessary.
The final proposed budget incorporates discussions held during meetings on September 11th, September 25th, October 7th, October 14th, October 23rd, November 4th, November 6th, November 13th, November 18th, and December 2nd (public hearing). Please note that the capital improvement plan projects were discussed at all meetings.
Section 2-6-5 of the Village Code establishes the foundation for the Village’s budget and provides:
• The Village fiscal year is January 1 - December 31 annually.
• The Board of Trustees must adopt the annual budget prior to the start of the Fiscal Year, and passage of the annual budget shall be in lieu of passage of the appropriation ordinance.
• On or before the Village Board of Trustees' first regular meeting in November of each year, the Village Manager shall submit to the Board of Trustees an annual Municipal budget which contains estimates of revenues together with recommended expenditures in conformity with good fiscal management practice.
The use of Fund Accounting for the Village’s revenues and expenditures is required as the Village of Oak Park is established under State Law as a municipal corporation, and the Financial Accounting Foundation (FAF) requires the use of Generally Accepted Accounting Principles (GAAP) established by the Government Accounting Standards Board (GASB). Among the basic principles of governmental GAAP is fund accounting. Because of the diverse nature of governmental operations and the numerous legal and fiscal constraints under which those operations must be conducted, it is impossible to record all governmental financial transactions and balances in a single accounting entity. Therefore, unlike a small private business, which is accounted for as a single entity, a governmental unit is accounted for through separate funds, each of which is a fiscal and accounting entity with a self-balancing set of accounts. When compared to the private sector, fund accounting would most closely resemble a large publicly traded company that consists of a parent corporation and its subsidiaries, where each subsidiary maintains a separate set of accounting records and reports its numbers to the parent, which then consolidates all the information for investor reporting.
Timing Considerations
The Village Board is required to adopt the Fiscal Year 2026 Budget prior to December 31, 2025.
Budget Impact
The Ordinance legally appropriates the required funding for Fiscal Year 2026 spending.
Staffing Impact
There is no staffing impact associated with this item. The item aligns with the department’s core service delivery.
DEI Impact
There is no DEI impact associated with this item.
Community Input
A public hearing for the budget was held on December 2, 2025 to allow for additional Board and public input on the proposed budget.
Staff Recommendation
Approve the Ordinance.
Advantages:
• The Ordinance legally appropriates the required funding for Fiscal Year 2026 spending,
Disadvantages:
• There are no disadvantages to this action.
Alternatives
Alternative 1:
The Board can reject the ordinance and request changes to the FY 26 Budget.
Advantages:
• The Fiscal Year 26 Budget will be modified as requested.
Disadvantages:
• The Fiscal Year 26 Budget must be approved prior to December 31, 2025.
Anticipated Future Actions
There are no anticipated future actions in relation to this item.
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. FY26 Requested Budget Public Hearing 12.09.25
2. FY26 Operating Budget
3. FY26 CIP
4. Ordinance