Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2019 Annual Budget
End
Overview
Overview
An ordinance is hereby presented to appropriate funds for FY19 which were not originally budgeted totaling $8,689,041 (includes a carryover from 2018 of $4,517) as well as reclassifying various budgeted amounts between or among accounts in the amount of $163,628. The reclassification amendments are not seeking new funding but rather, merely moving budgeted funds from one account or accounts to another account or accounts.
Body
Staff Recommendation
Approve ordinance
Fiscal Impact
New money amendments are typically needed due to unforeseen costs or required for accounting purposes only which do not actually involve increased cash expenditures. One example of this might be when a change order is required or a situation when an adjustment is being recommended as an interfund transfer. However, in the vast majority of cases, these new money requests will either reduce a budgeted surplus or increase a budgeted deficit. The attached Q3, 2019 new money budget amendments total $8,696,624 for the following Funds:
General Fund $3,065,2601
Foreign Fire $1,380
Community Dev Loan $1,176
State RICO $1,380
Federal RICO $1,380
Motor Fuel $400,963
Emergency Solutions Grant $972
SSA#1 $972
CBG $972
SSA#7 $1,392
Downtown TIF $2,200,0002
Health Grants (various) $7,680
Equipment Replacement $63,301
Main CIP $137,996
Sustainability $10,800
Debt Service $2,801,000
Again, it must be noted that of the $8,696,624 in "new money" requests, $5,500,000 is an increase in budgetary accounts for accounting purposes only (i.e. fund transfers) and are completely non-cash in nature (no additional funds will be paid out to external parties). In addition, another $2,801,000 is requested to pay off early Series 2016C bonds estimated to save the Village approximately...
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