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 #: MOT 19-100    Name:
Type: Motion Status: Passed
In control: President and Board of Trustees
On agenda: 12/2/2019 Final action: 12/2/2019
Title: A Motion to Accept the Five Year Capital Improvement Plan (2020-2024) as Reviewed and Discussed by the Finance Committee of the Village Board on October 14, 2019 and Amended by the Village Board on November 25, 2019
Attachments: 1. CIP Recommended for Adoption 120219
Submitted By
Steven Drazner, Chief Financial Officer

Reviewed By
LKS

Agenda Item Title
Title
A Motion to Accept the Five Year Capital Improvement Plan (2020-2024) as Reviewed and Discussed by the Finance Committee of the Village Board on October 14, 2019 and Amended by the Village Board on November 25, 2019

End
Overview
Overview
The Finance Committee of the Village Board met on October 14, 2019 to review the detailed Capital Improvement Plan for fiscal years 2020 through 2024. Only the first year of the CIP will be incorporated into the FY20 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 (2020) will serve as the foundation for all capital expenditures in the FY20 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 FY20 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 FY21-FY24.

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 wi...

Click here for full text