Submitted By
Donna M. Gayden, Interim CFO
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
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, 2024 and Ending on the Thirty-First Day of December, 2024
End
Overview
Overview
The Village Board held a Public Hearing on the Proposed Fiscal Year 2024 Budget along with several Finance Committee and/or special Board meetings to discuss the budget in detail with elected officials. This item is the final action for adoption of the Budget.
Body
Staff Recommendation
Adopt the Ordinance.
Fiscal Impact
The Ordinance legally appropriates the required funding for Fiscal Year 2024 spending.
Background
The final document presented as the Fiscal Year 2024 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 held October 26th, November 20th (public hearing), and November 28th. Please note that three additional meetings were held to specifically review and discuss capital improvement plan projects.
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 revenu...
Click here for full text