Title
Gasoline and Diesel Fuel Purchased for 2011 Fiscal Year
History
The Public Works Department estimates the budgets for gasoline and diesel fuel used by the Departments in the Village fleet for the coming fiscal year. Since the beginning of the 2011 Fiscal Year, unleaded fuel has increased from $2.77/gallon in December 2010 to $3.80/gallon by March 2011. Diesel fuel has increased from $2.96/gallon in December 2010 to $3.56/gallon by March 2011. As a result of these higher than anticipated price increases, there was a shortage of funds in the 2011 Fiscal Year Budget for fuel. To correct the shortage, the Public Works Department is requesting a budget adjustment for fuel purchased for the 2011 Fiscal Year.
On January 16, 2012, this item was reviewed and approved by the Public Works and Engineering Committee and referred to the Board for approval.
Financial Impact
The 2011 Fiscal Year Budget had a Board approved line item (Account #010-5006-431.62-10) for the purchase of gasoline and diesel fuel in the amount of $617,041. A budget adjustment in the amount of $59,272.70 is necessary to pay for the fuel purchased for the remainder of the 2011 Fiscal Year.
Recommended Action/Motion
I move to approve a budget adjustment in an amount not to exceed $59,272.79 for the gasoline and diesel fuel purchased for the remainder of the 2011 Fiscal Year.