Title
2013 Budget Adjustments 2nd Quarter - Approval
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $51,912,941 and an increase in expenditures of $10,195,298.
The increase in revenues is due to the following:
• Issuance of 2013A & B General Obligation Refunding Bonds in the amount of $20,000,000.
• Issuance of 2013C General Obligation Refunding Bonds in the amount of $9,430,000.
• Premium on 2013C General Obligation Refunding Bonds in the amount of $267,515.
• Proceeds from line of credit for project funding in the Main Street Triangle area in the amount of $22,215,426.
The increase in expenditures is due to the following:
• Reduced interest payment due to the refunding of the 2007 General Obligation Bonds in the amount of ($381,675).
• Principal and interest payments for the 2013C General Obligation Refunding Bonds in the amount of $370,704.
• Interest payments for the 2013A & B General Obligation Refunding Bonds in the amount of $237,381.
• Transfer to escrow for refunding of 2007 General Obligation Bonds in the amount of $9,554,054.
• Bond issuance costs for the 2013A & B General Obligation Refunding Bonds in the amount of $271,373.
• Bond issuance costs for the 2013C General Obligation Refunding Bonds in the amount of $143,461
On June 3, 2013, this item was reviewed by the Finance Committee, recommended for approval, and referred to the Village Board of Trustees for consideration.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
I move to approve increasing the FY2013 revenue budget by $51,912,941 and increasing the FY2013 expenditure budget by $10,195,298.