Title
Budget Adjustments 4th Quarter 2019 - Approval
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $554,402 and an increase in expenditures of $605,004.
The increase in revenues is due to the following:
• Transfer of 50% of ARC per 12/31/2018 Actuarial Report from Insurance Fund to Retiree Medical & OPEB Fund in the amount of $361,726.
• Transfer funds for payment of Retiree HRA Contributions from Insurance Fund to Retiree Medical & OPEB Fund in the amount of $192,676.
The increase in expenditures is due to the following:
• Transfer of 50% of ARC per 12/31/2018 Actuarial Report from Insurance Fund to Retiree Medical & OPEB Fund in the amount of $361,726.
• Transfer funds for payment of Retiree HRA Contributions from Insurance Fund to Retiree Medical & OPEB Fund in the amount of $192,676.
• Increase in Retiree Medical & OPEB Fund for payment of HRA Contributions to Retirees in the amount of $50,602
• Transfer from General Fund to Recreation & Parks Fund for purchase of new Village signs in the amount of $101,406.
• Transfer from Recreation & Parks Fund to General Fund for RPZ valve & ice rink chiller repairs in the amount of $42,449.
On October 21, 2019 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 FY2019 revenue budget by $554,402 and increasing the FY2019 expenditure budget by $605,004.