Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
CLP
Agenda Item Title
Title
Presentation of Initial Recommendations to Reduce FY20 Expenses in order to Address the Fiscal Side of the Emergency Affecting Public Health Related to the COVID-19 Pandemic with Board discussion recommended on June 1, 2020 and Amended Budget considered on June 15, 2020.
End
Overview
Overview
In response to the economic downturn caused by COVID-19, the FY2020 Budget adopted by the Village Board on December 2, 2019 (ORD 19-90) will become impractical and it is recommended an amended FY20 budget be adopted on or about June 15, 2020 to reflect updated revenue forecasts, expenditures reductions and corresponding fund balance projections.
Body
Staff Recommendation
This is a presentation only. It is recommended the Village Board discuss these recommendations on June 1, 2020 with consideration and adoption of an amended FY20 Budget on June 15, 2020.
Background
The Village Board adopted the FY20 Budget on December 2, 2019.
The current fiscal year budget consists of thirty-four funds, excluding several relatively small health grant funds which are maintained separately for grant and expenditure tracking purposes only. While staff reviewed and analyzed revenues and expenditures for every Fund, the primary focus has been on what are considered "Major" Funds, such as the General, Capital Improvement, Enterprise (Water/Sewer, Parking), and Internal Service (Debt Service, Health Insurance) Funds.
Attached are budget worksheets based on proposed budget reductions submitted by Department Directors and the Chief Financial Officer with review and input by the Deputy Village Manager and Village Manager. These proposed reductions are needed to match up expenditures with the anticipated declining revenue base.
In addition to the Fiscal Year 2017 and 2018 audited actual numbers, the Proposed Amended Budget document includes a column for the Fiscal Year 2019 audited nu...
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