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Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ID 24-526    Name:
Type: Report Status: Regular Agenda
In control: President and Board of Trustees
On agenda: 11/4/2024 Final action:
Title: Review of the Fiscal Year 2025 Proposed Budget
Attachments: 1. DRAFT FY2025 Recommended Budget Book, 2. FY25 - Operating Budget - Neighborhood Services, 3. FY25 Operating Budget - HR, 4. FY 25 Operating Budget - Finance, 5. FY25 Operating Budget - Law, 6. FY25 Operating Budget - IT, 7. FY25 Operating Budget - VMO - Adjudication, 8. FY25 Operating Budget - VMO - Communications and Engagement, 9. FY 25 Operating Budget - VMO - DEI, 10. FY25 Operating Budget - VMO - Sustainability and Resiliency, 11. FY 25 Operating Budget - VCO
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Submitted By                    

Donna M. Gayden, Interim Chief Financial Officer

 

Reviewed By

A.M. Zayyad - Deputy Village Manager

 

Agenda Item Title

Title

Review of the Fiscal Year 2025 Proposed Budget

End

Overview

This meeting is the second meeting of the Finance Committee to review the recommended budget for fiscal year 2025. Staff will be presenting their requested budget as follows:

 

1.                     Neighborhood Services

2.                     Human Resources

3.                     Finance

4.                     Information Technology

5.                     Law

6.                     Village Clerk’s Office

7.                     Village Manager’s Office

a.                     Adjudication

b.                     Communications

c.                     Economic Vitality

d.                     DEI

e.                     Sustainability

 

Anticipated Future Actions/Commitments

Additional meetings of the Village Board are scheduled pertaining to adoption of the FY24 operating budget as follows:

 

November 12, 2024: Adoption of CIP

November 19, 2024: Truth & Taxation Hearing

November 19, 2024: Full Board to review budget                 

November 21, 2024: Budget Public Hearing

November 21, 2024: Special Budget Meeting for continued operating budget review (if needed)

December 10, 2024: Board Adoption of Budget, Levies, and Abatements

 

 

Report

The meetings pertaining to and leading up to the adoption of the FY25 budget will include a review of the major Funds (i.e. General, Parking, Water/Sewer, Health Insurance, and Self-Insured Retention Funds).

 

The capital improvement project funds were thoroughly discussed on September 11th, September 26th and October 16th and the CIP Document is scheduled to be presented to the Village Board on November 12th for formal adoption. Please note that the first budget year (2024) of the five-year capital plan has been incorporated into the operating budget document.