Title
Budget Adjustments 4th Qtr FY08 - Approval
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $536,000 and an increase in expenditures of $541,000.
The increase in revenues and expenditures is due to the following:
--The purchase of an equipment trailer that was budgeted for in FY07, but not purchased in FY07. The budget should have been included on the FY07 rollover list previously approved by the Board and added to the FY08 budget.
--At the time the FY2008 budget was compiled, the Village had not yet negotiated a contract extension with Waste Management for refuse collection services. Therefore, as had been done in prior years, a rate increase of 3% was included in the FY2008 budget. The actual increase came in at approximately 20%.
On August 25, 2008, 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 amending the FY2008 revenue budget by $536,000 and the FY2008 expenditure budget by $541,000.