Title
4th Quarter Fiscal Year 2009 - Budget Adjustments
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $12,972,009 and an increase in expenditures of $9,000,472.
The increase in revenues is due to the following:
• Transfer of funds from Home Rule Sales Tax Fund to General Fund for layoff severance and accrual payouts in the amount of $141,903.
• Transfer of funds from closed out 2000 General Obligation Bond Fund in the amount of $158,250.
• Increase in transfer from Home Rule Sales Tax Fund to Capital Improvement Fund due to suspension of tax rebate program in the amount of $4,500,000.
• Transfer of funds from closed out 2001 General Obligation Bond Fund in the amount of $386,856.
• Issuance of 2009 General Obligation Refunding Bonds in the amount of $7,785,000.
The increase in expenditures is due to the following:
• Severance and accrual payments for retirees and layoffs in the amount of $334,154.
• 401A payment for Police Officer retirement in the amount $35,534.
• Consulting services for the renewal of the water contract with Oak Lawn in the amount of $20,000.
• Transfer of funds from closed out 2000 General Obligation Bond Fund in the amount of $158,250.
• Transfer of funds from closed out 2001 General Obligation Bond Fund in the amount of $386,856.
• Suspension of tax rebate program decreasing the tax rebate in the amount of ($4,500,000) and increasing the transfer to the Capital Improvement Fund in the amount of $4,500,000.
• Transfer of funds from Home Rule Sales Tax Fund to General Fund for layoff severance and accrual payouts in the amount of $141,903.
• Engineering related to Virginia Graeme Baker Act pool renovations in the amount of $9,875.
• Interest and paying agent fees for the 2009 General Obligation Refunding Bonds in the amount of $128,900.
• Transfer to escrow for advance refunding of 2001 General Obligation Bonds in the amount of $7,785,000.
On December 14, 2009, this item was reviewed and approved by the Finance Committee and referred to the Board for approval.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
I move to approve increasing the FY2009 revenue budget by $12,972,009 and increase the FY2009 expenditure budget by $9,000,472.