Submitted By
Steve Drazner, CFO
Reviewed By
AMZ
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, 2022 and Ending on the Thirty-First Day of December, 2022
End
Overview
Overview
The Village Board held a Public Hearing on the Proposed FY22 Budget as well as held several Finance Committee and Special Board meetings to review the budget in detail. This item is the final action for adoption of the FY22 Budget.
Body
Staff Recommendation
Approve the Ordinance.
Fiscal Impact
The Ordinance appropriates fund for the FY22 Budget.
Background
The final document presented as the FY22 Budget includes numerous schedules, narratives, graphs, and detailed financial information which provides the legal authority for Village expenditures in FY22. 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 recommended budget incorporates discussions held during meetings held October 11, 21, 25 as well as on November 8, 15, and 22, 2021.
Chapter 2 of the Municipal Code establishes the foundation for the Municipal 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 revenues together with recommended expenditures in conformity with good fiscal management practice.
The use of Fund Accounting for the Village's revenues and expenditures is required as the Village of Oak Park is e...
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