Submitted By
Donna M. Gayden, Interim Chief Financial Officer
Reviewed By
Ahmad M. Zayyad, Deputy Village Manager / Interim Director of Development Customer Services
Agenda Item Title
Title
Department Presentations Regarding the Fiscal Year 2024 Proposed Budget
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Overview
Overview
This is the first review of the proposed operating budget for Fiscal Year 2024. Staff will be available to review and answer questions on any of the following budgets:
1. General Fund:
Village Manager's Office, Human Resources, Law, Finance, Adjudication, Information Technology and Village Clerk's Office
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Report
The meetings pertaining to and leading up to the adoption of the FY24 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 was formally adopted on October 30th. Please note that the first budget year (2024) of the five-year capital plan has been incorporated into the operating budget document.
The General Fund as presented in the FY24 Proposed First Draft Budget has been balanced with a fund balance appropriation of approximately $6,261,172. This transfer was due to the following:
1. The balanced budget reflects a property tax levy increase of 3%; which equates to an overall increase of $711,763 excluding debt service. The corporate levy has a decrease of ($618,460) or 3% from fiscal year 2023, whereas the police pension levy has an increase of 13% or $846,927 and the fire pension levy has an increase of 8% or $483,296. Both pension increases are reflected on the current actuarial report.
2. There is an appropriation of fund balance of $6,261,172. The fund balance at the end of fiscal year of 2022 was $38,913,187 and the 2023-year end projected fund balance is estimated at $43,663,734. The current policy states that the General Fund Balan...
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