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 Fin...
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