Title
FY2023 Budget Amendment #1 - 2022 Rollovers
History
A detailed spreadsheet (by fund) reflecting budget adjustments is attached.
Project Rollovers
Several projects were anticipated to be completed during 2022, but were delayed for a variety of reasons. There is no overall increase in Village spending, as this spending was projected to have occur in 2022.
Parks Master Plan - Schussler and Centennial Park West
We recently received bids for Schussler Park and Centennial Park West. We budgeted $19,750,000 in the Capital Projects Fund and $3,055,000 in the Water & Sewer Fund, for a total budget of $22,805,000 for these projects. Total bid costs, including $2,068,429.70 in contingency, is $24,402,320.53, which is $1,597,320.53 or 7.0% over the budgeted amount.
Final bid amounts call for more Water & Sewer fund expenses ($2,258,969.29) and less in the Capital Projects Fund ($1,437,572.46). As such, we will increase the Water & Sewer fund budget, lower, the Capital Projects Fund budget, and transfer the budget savings from the Capital Projects Fund to the Water & Sewer Fund.
Five Year Plan Revenues
This budget amendment includes changes in revenue sources that were detailed in the five year financial plan. Utility Tax revenue in the amount of $981,250 will be collected for last quarter of 2023 and collected in the General Fund. Vehicle sticker revenue will no longer be collected, with total reduction of $925,000. Investment income assumptions for 2023 are also increased by $250,000. There is no budget amendment for changes in the Home Rule Sales Tax rate because that will be effective January 1, 2024.
Water Meter Replacement Program Acceleration
The original 2023 budget planned on a two year meter replacement program. Since the budget was adopted, this program is being accelerated and with a majority, if not all, of the project being completed in 2023. In order to accommodate this change, the purchase of all meters, the meter replacement contract, and Finance Department temporary staffing also needs to be increased for 2023. These expenses were planned for 2024.
Police Range / EOC Construction Document Preparation
To continue the Police Range / EOC project, it is necessary to develop construction contract documents beginning in 2023. Anticipated costs for construction documents is $376,000.
Summerfest Fencing
For improved event security, the Village will be utilizing 8’ fencing for this event. Budget impact is $6,750.
Conceptual Design, Schussler Park All-Inclusive Playground
In order to commence conceptual design, this budget amendment will allow work to begin in 2023 for a total cost of $26,500.
Public Works Part Time Position
Public Works would like to move one part time maintenance position from Utilities (Water & Sewer Fund) to Streets (General Fund). There is no increase in overall staffing with this change.
ComEd Efficiency Grant - JHC Wiring Upgrades
Funded by a ComEd Efficiency Grant, Public Works would like to use the funds to make some additional repairs to the ballfield lighting at the JHC to prevent frequent outages. These repairs will be beneficial for the complex in order to get through two more seasons until the Musco LED upgrades are completed for the 2025 season.
Budget Corrections
In the final days of budget preparation, the GL Line item for Parks Maintenance was inadvertently modified from the planned $500,000 to $50,000. This amendment also adjusts Office Furniture and Office Supplies to help track purchases relating to facility renovation projects. Other changes include adding in Parking Meter Maintenance and Meter Reading Software systems, which were omitted from the budget. In reviewing the part time Recreation Department wages, we have found that the budget did not include minimum wage adjustments and increases in pay for Centennial Park Aquatic Center employees.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
I move to recommend the Village Board to approve expenditure increases in the Insurance Fund, General Fund, Capital Improvement Fund, Recreation & Parks Fund, Commuter Lot Fund, Water & Sewer Fund, and Parks Development Fund in a total amount of $14,693,374.13, expenditure decreases in the General Fund, Recreation & Parks Fund and Water & Sewer Fund in the amount of $743,146.76, and a revenue increase in the General Fund and Water & Sewer Fund in the amount of $1,929,358.76 and decrease in the General Fund revenue budget in the amount of $925,000 as detailed on the FY2023 Budget Amendment #1.