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 #: ID 20-141    Name:
Type: Presentation Status: Regular Agenda
In control: President and Board of Trustees
On agenda: 6/1/2020 Final action:
Title: Discussion to Reduce FY20 Expenses in Order to Address the Fiscal Side of the Emergency Affecting Public Health Related to the COVID-19 Pandemic with an Amended Budget to be Considered at the June 15, 2020 Regular Meeting
Attachments: 1. Proposed Amended FY20 Budget General.pdf, 2. Proposed Amended FY20 Budget Non-General.pdf, 3. Proposed Amendment Summary.pdf, 4. Budget Reduction Detail SORT BY PROGRAM.pdf, 5. Budget Reduction Detail SORT BY ACCOUNT.pdf, 6. Proposed Amended Interfund Transfers.pdf, 7. Memo COVID Related Grants
Submitted By
Steven Drazner, Chief Financial Officer

Reviewed By
LKS

Agenda Item Title
Title
Discussion to Reduce FY20 Expenses in Order to Address the Fiscal Side of the Emergency Affecting Public Health Related to the COVID-19 Pandemic with an Amended Budget to be Considered at the June 15, 2020 Regular Meeting

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
It is recommended that the Board discuss the proposed budget reductions 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 classified as "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.
There remains a great deal of uncertainty for the remainder of the current fiscal year as well as into FY 2021 and 2022. Finance staff has been unable to establish revenue trends due to the pandemic, particularly for sales tax which has a three ...

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