Submitted By
Steve Drazner, CFO
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2023 Annual Budget
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Overview
Overview
An ordinance is hereby presented to modify selected appropriations in the FY23 Adopted Budget. On a continual basis, staff evaluates both revenues and expenditures. However, in most cases only expenditure overages to budget require an amendment.
The Q1 budget amendment typically includes several carryover requests for appropriated amounts not spent in the prior year. This is especially true of larger public works projects where the work can often span over multiple years. In addition, some requests are for new funding, usually due to re-evaluating costs.
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Recommendation
Recommendation
Adopt the Ordinance
Background
The annual budget provides a ceiling on spending by account, department, and Fund. While every effort is made during the budget process to accurately forecast spending, there are times when a budget amendment is needed such as in the following circumstances:
1) Funds were not entirely spent in the preceding year due to the timing of invoicing and it is thus necessary to shift unspent funds into the current year (a "carryforward" budget amendment)
2) Unforeseen expenditures which were not budgeted are now needed (a "new money" amendment)
3) Funds are merely being moved from one account to another account within the budget (a "reclassification" amendment)
Fiscal Impact
The new funding and carryover amendments as presented for Board consideration are summarized by category as follows:
Carryovers (from FY22) $12,207,998
New funding requests $1,929,351
Total $14,137,349
In addition, there are three amendments which merely reclass amounts from one appropriation to another which net to zero in aggregate.
The amendments summarized by Fund are:
Capital Improvement Fund $5,283,009
Water Fund $2,639,787
ARPA Fund $1,753,773
Madison...
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