Submitted By
Donna M. Gayden, Interim CFO
Reviewed By
Ahmad M. Zayyad, Deputy Village Manager / Interim Neighborhood Services Director
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2024 Annual Budget
End
Overview
Overview
An Ordinance is hereby presented to modify selected appropriations in the FY24 Adopted Budget. On a continual basis, staff evaluates both revenues and expenditures. However, in most cases only expenditure overages to budget require an amendment.
End
Recommendation
Recommendation
Adopt the Ordinance.
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)
Fiscal Impact
The amendments summarized by fund are:
Carryforwards by Fund
4,868,205
Capital Improvement Fund
4,270,552
Water Fund
2,065,300
Fleet Replacement Fund
1,121,565
Madison TIF Fund
1,066,223
Motor Fuel Tax Fund
426,918
Rebuild IL IDOT Fund
392,832
Building Improvement Fund
167,192
Equipment Replacement Fund
162,197
ARPA Fund
209,365
General Fund
136,497
Sustainability Fund
14,886,846
SUBTOTAL
New Funding
21,192
Health Grants
21,192
SUBTOTAL
Reallocations
-
Net to Zero
14,908,038
TOTAL ALL BUDGET AMENDMENTS
DEI Impact
None
Alternatives...
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