Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Amending the Second Quarter, Fiscal Year 2018 Annual Budget
End
Overview
Overview
New appropriations are recommended when a reasonable operational need exists but was not contemplated in the original budget document. The attached Ordinance contains budgets modifications which call for reallocations among budgeted accounts as well as unspent carryforward amounts from the prior year budget.
Body
Staff Recommendation
Adopt the Ordinance
Fiscal Impact
The attached Ordinance recommends total budget amendments of $17,174,799. However, only $593,239 of this amount is the result of new appropriation requests, $92,000 is a carryforward request from the prior year which was not spent, and the balance of $16,489,560 are from expenditure reclassification requests.
Background
The Village Board agreed to a process of as they approve an agenda item, the budget amendment will follow on a quarterly basis. The budget amendment form has been revised starting with Q2, 2018 and now shows both the “FROM” and “TO” general ledger accounts and the resulting amended budget amount for each requested amendment pertaining to a prior year carryover or reclassification within the current year budget.
Alternatives
Additional information will be provided upon request.
Previous Board Action
Ordinance 18-356 adopted on April 16, 2018.
This amendment also includes funding the holiday lights program as previously discussed at the last Regular Board Meeting. The funding will come from fund balance.
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
N/A.