Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ID 17-652    Name:
Type: Report Status: Consent Agenda
In control: Finance Committee
On agenda: 10/9/2017 Final action:
Title: Finance Committee Review of the Draft Recommended FY18 Budget
Attachments: 1. 10-6-17 Memo from Village Manager, 2. FY18 Recommended Budget dated 10617
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Submitted By                     

Cara Pavlicek, Village Manager

 

Agenda Item Title

Title

Finance Committee Review of the Draft Recommended FY18 Budget

 

End

Overview

Overview

The FY18 Village Manager’s Recommended Budget is being presented for review and discussion by the Finance Committee of the Village Board.   The October 9, 2017 meeting will focus on General Fund Revenues and the Village’s Internal Service Funds. 

d

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Anticipated Future Actions/Commitments

Recommendation

The Finance Committee is scheduled to meet on the following dates as detailed below in advance of the FY18 Budget’s review by the full Village Board which will begin in November.

 

Monday, October 9, 2017, 6:30 p.m. the Finance Committee will be asked to review:

a.                     Review of General Fund Revenues

b.                     Review of Internal Service Funds

i.                     Review of Debt Service Fund

ii.                     Review of Health Insurance Fund

iii.                     Review of Self Insured Retention Fund

 

Tuesday, October 10, 2017, 6:30 p.m. the Finance Committee will be asked to review:

a.                     Review of Enterprise Funds

i.                     Water & Sewer

ii.                     Environmental Services

b.                     Review of Special Revenue Funds

i.                     Bullet Proof Vest Grant

ii.                     Community Development Block Grants

iii.                     Community Development Loan

iv.                     Downtown TIF

v.                     Earth Fest

vi.                     Emergency Solutions Grant

vii.                     Farmers Market

viii.                     Federal RICO

ix.                     Foreign Fire Insurance

x.                     Harlem Garfield TIF

xi.                     Health Department Grant

xii.                     Keep Oak Park Beautiful

xiii.                     Lead Hazard Grant

xiv.                     Madison Street TIF

xv.                     Motor Fuel Tax

xvi.                     Special Service Area #1

xvii.                     Special Service Area #7

xviii.                     Sustainability Fund

xix.                     Travel, Training & Wellness

 

Monday, October 23, 2017, 6:30 p.m. the Finance Committee will be asked to review:

a.                     Review of Police and Fire Pension Funds

b.                     Review of Enterprise Funds

i.                     Parking

 

Monday, October 30, 2017, 6:30 p.m. the Finance Committee will be asked to review:

a.                     Review of General Fund Expenditures

 

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.