Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
AMZ
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2021 Annual Budget
End
Overview
Overview
An ordinance is hereby presented to appropriate funds for FY21. On a continuous basis, staff evaluates all expenditures and certain adjustments must be made based on various circumstances. On a quarterly basis, these adjustments (amendments) are recommended to the Village Board for approval.
For the Q4, 2021, the attached amendments for Board consideration includes reclassifications between or among accounts (new money is not requested), as well as a few new money requests. The details for each requested amendment are presented herein and summarized by Fund below.
Body
Staff Recommendation
Adopt the Ordinance.
Fiscal Impact
The new funding amendments as presented for Board consideration are summarized by Fund as follows:
General Fund $669,949
American Rescue Fund $10,000
Health Grants $23,000
TOTAL $702,949
Of the new funding requests totaling $702,949, a total of $544,349 is being requested so staff may enter an accounting adjustment to transfer Affordable Housing Reserves from the General Fund to the new Affordable Housing Fund via an interfund account amendment. This will not draw down overall reserves or reduce cash in any manner.
The second largest new funding budget amendment is $80,000 needed for posting Passport fees. Similarly to the amendment requested for affordable housing, this amendment is also needed for an accounting adjustment and will have no effect on fund/reserve balance or cash. This adjustment is required to split out Passport fees netted against revenue to the external support account. This expense is directly related to the amount of revenue collected from Passport.
In addition, there are several budget amendments which merely reclass appropriations between or among accounts and this have no net effect on the total budget.
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