Submitted By
Steve Drazner, CFO
Agenda Item Title
Title
Finance Committee Review of the Draft Recommended Fiscal Year 2022 Budget
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Overview
Overview
On October 11, 2021, staff provided the Finance Committee with a general overview of the FY22 Recommended Budget and discussed in greater detail the following:
1) Enterprise Funds (Water/Sewer, Parking, and Environmental Services)
2) Internal Service Funds (Debt Service, Health Insurance, Self-Insured Retention Funds)
3) Special Revenue Funds (non-specific overview and questions addressed)
The following remaining budgets will be discussed under this agenda item:
D
1) Fire Department
2) Public Works
3) Health
4) IT
5) Community Relations
6) Adjudication
7) Law
8) Finance
9) VMO/Sustainability
10) Clerk's Office
11) Village Board
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Anticipated Future Actions/Commitments
Several meetings of the Village Board are schedule for public review and consideration of the Recommended FY21 Budget.
1) October 25, 2021: Finance Committee Continued Discussion General Fund Budget
2) November 1, 2021: Truth in Taxation Hearing
3) November 8, 2021: Special Budget Meeting Full Board
4) November 11, 2021: Special Budget Meeting Full Board
5) November 15, 2021: Budget Public Hearing
6) December 6, 2021: Board Adoption of Budget, Levies, and Abatements
Body
Report
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 with recommended expenditures in conformity with good fiscal management practice.
The use of F...
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