Submitted By
Steve Drazner, CFO
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
An Ordinance Adopting the Budget for All Corporate Purposes of the Village of Oak Park, Cook County, Illinois in Lieu of the Appropriation Ordinance for the Fiscal Year Commencing on the First Day of January, 2023 and Ending on the Thirty-First Day of December, 2023
End
Overview
Overview
The Village Board held a Public Hearing on the Proposed FY23 Budget along with several Finance Committee and/or Special Board meetings to discuss the budget in detail with elected officials. This item is the final action for adoption of the FY23 Budget.
Body
Staff Recommendation
Approve the Ordinance.
Fiscal Impact
The Ordinance legally appropriates the required funding for Fiscal Year 2023 spending.
Background
The final document presented as the FY23 Budget includes numerous schedules, narratives, graphs, and detailed financial information which provides the legal authority for Village expenditures in FY23. As in prior years, budget amendments may be brought forth for Board approval on a quarterly basis to adjust certain accounts as deemed necessary.
The final recommended budget incorporates discussions held during meetings held November 3rd, November 17th, November 21st (public hearing), and November 29th. Please note that two other additional, separate meetings were held to specifically review and discuss capital improvement plan projects.
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 estimate...
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