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 #: ORD 22-26    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 12/5/2022 Final action: 12/5/2022
Title: An Ordinance Amending the Fiscal Year 2022 Annual Budget
Attachments: 1. Budget Amendment Ordinance Q4, 2022, 2. Q4, 2022 Budget Amendment

Submitted By                     

Steven Drazner, Chief Financial Officer

 

Reviewed By

A.M. Zayyad

 

Agenda Item Title

Title

An Ordinance Amending the Fiscal Year 2022 Annual Budget

 

End

Overview

Overview

An ordinance is hereby presented to appropriate funds for FY22.  Continuously, staff evaluates all expenditures and certain adjustments must be made based on various circumstances.  On a quarterly basis (and sometimes more often if needed), these amendments are recommended to the Village Board for approval.

 

End

Recommendation

Recommendation

Adopt the Ordinance.

 

Fiscal Impact

A summary of the amendments presented for Board consideration by Fund are summarized are as follows:

 

General                                                                                    $411,100

Madison St. TIF                                                               $404,247

Health Grants                                                                                    $3,930

Parking                                                                                    $10,500

CDBG (Carryover from FY21)                                          $81,000

 

TOTAL                                                                                                         $910,777

 

The top two amendments include adding $300,000 for firefighter overtime and to amend the Madison TIF budget by $404,000 in order to draw down on the remaining reserves in the current year and close out the TIF Fund.

 

In addition, there are several amendments that reclassify money from one account to another but in total, net out to zero.  

 

Please refer to the detailed budget amendment sheets attached to this agenda item for in-depth information on each of the amendments being recommended by staff for Board approval.

 

Background

The annual budget which provides a ceiling on spending by account, department, and fund is approved each December for the subsequent fiscal year.   While every effort is made during the budget process to project and forecast spending for the following year, there are instances when a budget amendment may be required in the following situations:

 

1)                     Funds were not entirely spent in the preceding year and it is thus necessary to shift the unspent budget into the current fiscal year (a “Carryforward” budget amendment).

 

2)                     Unforeseen expenditures which were not budgeted are necessary (a “New Money” budget amendment).

 

3)                     Funds are merely moved from one account to another within the budget (a “Reclassification” budget amendment). 

 

Alternatives

Additional information will be provided upon request.

 

Previous Board Action

Ordinance 22-25 was adopted on October 17, 2022

 

Citizen Advisory Commission Action

N/A

 

Anticipated Future Actions/Commitments

N/A

 

Intergovernmental Cooperation Opportunities

N/A