Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Amending the 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 budget amendments hereby increasing the budget by $5,297,491.45 among the following Funds:
General $3,381,665.24
CDBG $120,000.00
Downtown TIF $1,051,295.29
Health Grants $18,132.00
IDOT Grant $15,000.00
South Harlem $2,548.92
Debt Service $1,500.00
Water/Sewer $45,000.00
Parking $12,350.00
Risk Management $650,000.00
In addition, there are several requested budget amendments which merely move funds between or among account budgets. These amendments do not increase the overall budget on a net basis.
Background
The annual budget which provides a ceiling on spending by account, department, and fund is approved each December for the subsequent fiscal year. While every effort is made during the budget process to project and forecast spending for the following year, there are instances when a budget amendment may be required in the following situations:
1) Funds were not entirely spent in the preceding year and it is thus necessary to shift the unspent budget into the current fiscal year (a "Carryforward" budget amendment).
2) Unforeseen expenditures which were not budgeted are necessary (a "New Money" budget amendment).
3) Funds are merely moved from one account to another within the budget (a "Reclassification" budget amendment).
Alternatives
Additional information will be provided upon request.
Previous Board Action
Ordinance 18-376 adopted on July 23, ...
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