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 18-999    Name:
Type: Report Status: Consent Agenda
In control: Finance Committee
On agenda: 10/25/2018 Final action:
Title: Finance Committee Review of the Draft Recommended FY19 Budget
Attachments: 1. FY19_Budget_10.17.18, 2. 2019 OPEDC Budget Request (Final) 08-10-18, 3. OP Residence Corp 2019 VOP Funding Request, 4. Visit Oak Park 2019 Budget Request, 5. OP Housing Authority 2019 VOP Funding Request, 6. OPRF Chamber 2019 Budget Request, 7. OP Area Arts Council 2019 Budget Request, 8. Downtown Oak Park budget 2019 request, 9. 2019 OPRHC Request for VOP Support, 10. CORRECTED Page 31 of 371 - Partner Agency Summary, 11. 10-25 2018 Employee Vacancy Report
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Submitted By                     

Cara Pavlicek, Village Manager

 

Agenda Item Title

Title

Finance Committee Review of the Draft Recommended FY19 Budget

 

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Overview

Overview

The FY19 Village Manager’s Recommended Budget is being presented for review and discussion by the Finance Committee of the Village Board.   The October 25, 2018 meeting will be the Fourth meeting of the Finance Committee and will focus on the General Fund and Enterprise 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 FY19 Budget’s review by the full Village Board which will begin in November.

 

Thursday, October 25, 2018, 6:30 p.m. at the Public Works Center the Finance Committee will be asked to review:

a.                     Review of General Fund Revenues

a.                     Review of General Fund Expenditures

b.                     Review of Enterprise Funds

i.                     Water & Sewer

ii.                     Environmental Services

iii.                     Parking 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.