Submitted By
Cara Pavlicek, Village Manager
Agenda Item Title
Title
Finance Committee Review of the Draft Recommended FY17 Budget
End
Overview
Overview
The FY17 Village Manager’s Recommended Budget is being presented for review and discussion by the Finance Committee of the Village Board. The October 10, 2016 meeting will focus on the Fire and Police Pension Funds.
d
End
Anticipated Future Actions/Commitments
Recommendation
The Finance Committee is scheduled to meet on October 10, October 19, and October 24, 2016 in advance of the FY17 Budget’s review by the full Village Board.
On Wednesday, October 19, 2016, Wednesday the Finance Committee will be asked to review:
a. Review of Enterprise Funds
i. Parking
ii. Water & Sewer
iii. Environmental Services
b. Review of Special Revenue Funds
On Monday, October 24, 2016, the Finance Committee will be asked to review:
a. Review of General Fund
b. Review of Internal Service Funds
i. Review of Health Insurance Fund
ii. Review of Self Insured Retention Fund
iii. Review of Debt Service Fund
Body
Report
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.