Submitted By
Donna M. Gayden, Interim CFO
Reviewed By
Ahmad M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2024 Annual Budget
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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 a budget require an amendment.
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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 new funding and carryover amendments as presented for Board consideration are summarized by category as follows:
Carryovers (from FY23) $ 14,640
New funding requests $584,909
Total $599,549
The new funding requests summarized by Fund are:
ARPA-HF Wright Renovation $ 500,000
Capital Imp Fund - Board Approved $ 84,909
TOTAL $584,909
Carryovers, totaling $14,640, are the result of an external support contract which is invoiced after year-end. This carryover does not adversely affect the reserves or the village's financial condition, as it merely shifts unspent appropriations from the prior year to the current year.
The new funding requests of $584,909, are for previously Board-approved ARPA distributions for the HF Wright renovation; the streetscaping, and c...
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