Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
LKS
Agenda Item Title
Title
A Motion to Accept the Five Year Capital Improvement Plan (2019-2023) as Reviewed and Discussed by the Finance Committee of the Village Board on October 8, 2018 and Amended by the Village Board on December 3, 2018
End
Overview
Overview
The Finance Committee of the Village Board met on October 8, 2018 to review the detailed Capital Improvement Plan for fiscal years 2019 through 2023. Only the first year of the CIP will be incorporated into the FY19 operating budget which, when adopted by the Board, will become the legal appropriations for the Village next fiscal year.
Body
Staff Recommendation
Approve the Motion.
Budget Impact
The first year of the plan (2019) will serve as the foundation for all capital expenditures in the FY19 budget while the outer years are for informational and strategic planning purposes only.
Background
While the CIP document by itself is not a legal appropriation document, Village Board approval of this document will allow staff to include such capital expenditure amounts budgeted in FY19 to become incorporated into the Adopted Operating Budget. The CIP document serves the important purpose of providing details of those capital amounts grouped together in the operating budget and may also be used for strategic planning purposes for the outer years FY20-FY23.
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 ...
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