Title
FY2025 Budget Amendment #4 - 2024 Rollovers and Budget Transfer
History
A detailed spreadsheet (by fund) reflecting budget adjustments is attached.
Project Rollovers
As a result of delayed 2023 audit, the closing of the 2024 fiscal year occurred at the end of May 2025. Since then, a rollover amendment was passed to recognize several projects that were anticipated to be completed during 2024 but were delayed for a variety of reasons. Upon further cleanup of encumbrances and carryovers from closing of fiscal year 2024, the attached are the remaining projects for rollover. These rollovers do not result in an overall increase in Village spending as this spending was projected to have occurred in 2024. All items listed have been reviewed to ensure that the funds have not in fact been spent in 2024.
Property Acquisition
17101 Wolf Road PIN 27-29-300-034 is a 5.95-acre piece of property on the east side of Wolf Road, currently located in unincorporated Cook County. The property was previously utilized for a school bus storage lot. The property currently has a gravel parking lot and small office building with a former auto shop. The Village intends to restore the property to its natural condition as the property currently lies in the floodplain and floodway. The Village has recently purchased the property. The original budget amendment estimated a purchase price for the property of $1.3 million. The budget amendment (amendment #3) allocated the funds to the Capital Fund. Since the last amendment, more details have been available regarding the storm land redevelopment of this property and has been determined to be a function of the Water & Sewer Fund. This amendment #4 is requesting to move these funds from the Capital Fund to a more appropriate allocation within the Water & Sewer Fund.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
I move to approve a net expenditure increase in the General Fund by $267,495.56, a decrease in the Capital Improvement Fund expenditures by $1,207,298.71 and increase in Water & Sewer Fund expenditures by $2,825,911.45 in a net total amount of $1,886,108.30 as detailed on the FY2025 Budget Amendment #4.