Submitted By
Craig Lesner, Chief Financial Officer
Reviewed By
CLP.
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2015 Budget.
End
Overview
Overview
This Ordinance amends the Adopted FY15 Budget for the Harlem Garfield TIF Fund to appropriate available fund balance to the redevelopment of Volvo Oak Park by the Autobarn Group pursuant to the Agreement proposed under a separate agenda item.
Body
Staff Recommendation
Approve the Ordinance.
Fiscal Impact
The amendment adjust the budget to the extent that the combination of fund, department, program and account potentially differ from the original budgeted amount.
Specifically, the current fund balance of $1,120,383.92 will be reduced by $1,000,000.
Background
At the time of adoption of the FY15 Budget, it was anticipated that during FY15 the Village would distribute existing TIF increment within the Harlem Garfield TIF. Subsequently, the Village accepted the recommendation of the Oak Park EDC to support the sale of Volvo Oak Park to Autobarn with economic incentives. Volvo Oak Park has consistently been one of the top ten sales tax generators in Oak Park and the Village's use of TIF funds for business retention protects Oak Park's sales and property tax base.
Alternatives
The Board could request additional information and defer the amendment to a later date. However, the funds may not be paid out until the appropriation is approved.
Previous Board Action
The FY15 Budget was adopted on December 8, 2014
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
N/A.