Submitted By
Donna M. Gayden, Interim CFO
Reviewed By
Ahmad M. Zayyad, Deputy Village Manager / Interim Director of Development Customer Services
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2023 Annual Budget
End
Overview
Overview
An Ordinance is hereby presented to modify selected appropriations in the FY23 Adopted Budget. On a continual basis, staff evaluates both revenues and expenditures. However, in most cases only expenditure overages to budget require an amendment.
End
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
There are several amendments which merely reclass amounts from one appropriation to another which net to zero in aggregate.
The detailed explanations for all requested amendments are attached to this agenda item.
DEI Impact
None
Alternatives
N/A
Previous Board Action
On October 16, 2023, the Village Board adopted ORD 23-95, an Ordinance Amending the Fiscal Year 2023 Annual Budget.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A