Title
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An Ordinance Amending the Fiscal Year 2024 Annual Budget
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Introduction
overview
An Ordinance is hereby presented to modify selected appropriations in the FY24 Adopted Budget. Staff evaluates both revenues and expenditures on a continual basis. However, in most cases, only expenditure overages to a budget require an amendment.
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Recommended Action
Adopt the Ordinance
Prior Board Action
There is no prior Board action associated with this specific item.
Background
The annual budget provides a ceiling on spending by account, department, and fund. While every effort is made during the budget process to accurately forecast spending, there are times when a budget amendment is needed such as in the following circumstances:
1) Funds were not entirely spent in the preceding year due to the timing of invoicing and it is thus necessary to shift unspent funds into the current year (a “carryforward” budget amendment)
2) Unforeseen expenditures which were not budgeted are now needed (a “new money” amendment)
3) Funds are merely being moved from one account to another account within the budget (a “reclassification” amendment)
Timing Considerations
There are no specific timing considerations associated with this item.
Budget Impact
The new funding amendments as presented for Board consideration are summarized by category as follows:
New funding requests $ 1,719,124
Total $ 1,719,124
The new funding requests summarized by the Fund are:
General Improvements $ 60,000
Bullet Proof Vest $ 3,000
Foreign Fire $ 14,000
Parking $ 740
Federal Rico $ 59,151
Carry Forward $ 1,582,233
TOTAL $ 1,719,124
In addition, there are several amendments that merely reclass amounts from one appropriation to another which net to zero in aggregate.
The detailed explanations for all requested amendments are attached to this agenda item.
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
There has been no community input given in relation to this item.
Staff Recommendation
Approve the Ordinance.
Alternatives
There are no alternatives associated with this item.
Anticipated Future Actions
There are no anticipated future actions associated with 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. Budget Amendment Summary Q4
2. Sort by Fund
3. 2024 Q4 Budget Amendment Request
4. Budget Amendment Ordinance Q4, 2024