Submitted By
Donna M. Gayden, Interim Chief Financial Officer
Reviewed By
Ahmad Zayyad, Deputy Village Manager
Agenda Item Title
Title
Review of the Fiscal Year 2025 Proposed Budget
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Overview
Overview
This is the first review of the proposed operating budget for Fiscal Year 2025. 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, Police, Fire, Public Works, Development Services, Neighborhood Services, Public Health and Village Clerk's Office.
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Recommendation
Recommendation
N/A
Background
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 was formally adopted on November 11th. Please note that the first budget year (2025) of the five-year capital plan has been incorporated into the operating budget document.
The General Fund as presented in the FY25 Proposed First Draft Budget is balanced which includes an increase fund balance appropriation of approximately $26,288,974. This transfer is for the Capital Improvement Plan projects which includes the Oak Park Streetscape.
Other changes within the budget are as follows:
1. The balanced budget reflects a property tax levy increase of 3.06%; which equates to an overall increase of $450,575 excluding debt service. The corporate levy has a decrease of ($201,587) or (1.09%) from tax year 2023, whereas the police pension levy has an increase of 4.01% or $294,832 and the fire pension levy has an increase of 5.53% or $357,300. Both pension increases are reflected on the current actuarial report.
2. There is an appropriation of fund balance of $32,344,959. T...
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