Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
LKS
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 $85,500.00 as well as reclassifying various budgeted amounts between or among accounts in the amount of $1,052,731.78. 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 Q4, 2019 new money budget amendments total $80,500.00 for the following Funds:
General $20,000
Federal RICO $3,000
Self-Insured Retention (SIRF) $62,500
Please note that the requested amendment for the Health Insurance Fund is necessary to remain within legal compliance of the appropriation, however, all monies paid for these Health Insurance Fund amendments are covered by employee vision and dental insurance deductions and no additional funds are thus being expended by the Village.
The next type of budget amendment is a reclassification of funds between budgetary accounts and has no fiscal impact on the overall budget. These amendments merely reallocate money already within the approved budget among or between accounts. Total reallocated funds on the Ordinance total $1,052,731.78 although overall, these combined reclassifications net to zero.
The final type of amendment ...
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