Title
Budget Adjustments 4th Quarter 2017 - Approval
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $45,145,669 and an increase in expenditures of $52,000,453.
The increase in revenues is due to the following:
• Excess proceeds from the 9750 liquidation event in the amount of $14,338,977.
• Issuance of 2017 General Obligation Refunding Bonds in the amount of $2,645,000.
• Premium on the 2017 General Obligation Refunding Bonds in the amount of $236,289.
• Transfer of funds from the 2009 General Obligation Bond Fund to the Bond Project Fund in the amount of $147,000.
• Transfer of funds from the Main Street Triangle TIF Fund to the 2012B&C and 2013A&B Taxable Bond Funds in the amount of $27,778,403.
The increase in expenditures is due to the following:
• Additional purchase of equipment from DUI fine revenue in the amount of $40,000.
• Pay off the line of credit/term loan due to the 9750 liquidation event in the amount of $21,011,062.
• Transfer of funds to the Bond Project Fund from the 2009 General Obligation Bond Fund in the amount of $147,000.
• Transfer of funds to the 2012B&C and 2013A&B Taxable Bond Funds from the Main Street Triangle TIF Fund in the amount of $27,778,403.
• Transfer to escrow for refunding of 2009 General Obligation Bonds in the amount of $2,972,988.
• Bond issuance costs for the 2017 General Obligation Refunding Bonds in the amount of $51,000.
On December 4, 2017, this item was reviewed by the Finance Commitee, recommended for approval and referred to the Village Board of Trustees for consideration.
Financial Impact
The financial impact is shown on the attached sheet.
Recommended Action/Motion
I move to increase the FY2017 revenue budget in the amount of $45,145,669, and to increase the FY2017 expenditure budget in the amount of $52,000,453.