Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2020 Annual Budget
End
Overview
Overview
An ordinance is hereby presented to appropriate funds for FY20. On a continuous basis, staff evaluates all expenditures and certain adjustments must be made based on various circumstances. On a quarterly basis, these adjustments (amendments) are recommended to the Village Board for approval.
For the Q3, 2020, the attached amendments for Board consideration includes reclassifications between or among accounts (new money is not requested), as well as a few new money requests. The details for each requested amendment are presented herein and summarized by Fund below.
Body
Staff Recommendation
Adopt the Ordinance.
Fiscal Impact
The new funding amendments as presented for Board consideration are summarized by Fund as follows:
General Fund $382,650
Federal RICO $18,700
Emergency Solutions Grant $10,768
CDBG $305,680
Sustainability $55,000
Capital Fleet $3,000
Self-Insured Retention $250,000
Health Insurance $46,000
TOTAL $1,071,798
Included in the above numbers, the three largest new funding requests are Affordable Housing at $260,000, CDBG CARES Act business assistance at $250,000, and workers compensation in the Self Insured Retention Fund for $250,000. These three amendments total $760,000 of the total $1,071,798.
In addition, while staff does not typically amend a budget for a reduction unless it is related to a reclassification, one sole budget reduction for $15,000 is also included related to Holiday D?cor.
Finally, a handful of reclassification amendments are being presented which have an overall zero effect on total Village-wide expenditures.
For the new money requests, there is adequate fund balance available and please note that the Affordable Housing amendment has sufficient restricted reserves set aside while the CARES business assistance is fu...
Click here for full text