Submitted By
Cara Pavlicek, Village Manager
Agenda Item Title
Title
Village Board Review of the Recommended FY20 Budget
Overview
Annually the Village Board begins the budget preparation process in the summer for the following fiscal year. This work began with the Village Board's official receipt, review and acceptance of the Comprehensive Annual Financial Report (CAFR) for the year ending December 31, 2018 on June 17, 2019. The Village Board then held a Special Meeting on July 29, 2019 to review the Police and Fire Pensions and on August 26, 2019, the Village Board additionally held a special meeting to hear from Village Departments regarding their anticipated priorities for FY20. The Finance Committee of the Village Board held three (3) meetings in October to review the recommended FY20 budget and the five year Capital Improvement Plan (CIP). A public hearing for Truth in Taxation was held on November 4, 2019 and the Public Hearing on the recommended FY20 budget is scheduled for November 18, 2019.
This meeting is the first meeting of the full Village Board, after the Finance Committee's review, to review the recommended budget for FY20. Staff will review the recommended budget in the following order:
1) General Fund
2) Special Revenue Funds
3) Capital Improvement Funds
4) Enterprise Funds
5) Internal Service Funds
6) Fiduciary Funds
.End
Recommendation
Review Anticipated Future Budget Meetings & Meeting Calendar
Additional meetings are set-aside on the Board's calendar in November and December, if required, to review and discuss the FY20 budget recommendations. An updated recommended FY20 budget document will be issued by staff for the November 18, 2019 Public Hearing on the budget as part of the Regular Village Board meeting to incorporate updated information as reported during Finance Committee meetings. In addition, the document will contain two years (FY20 and FY21) revenues and expenditures.
It is anticipated that the FY20 Budget wi...
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