Title
4th Quarter Fiscal Year 2009 - Budget Adjustments
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $12,972,009 and an increase in expenditures of $9,000,472.
The increase in revenues is due to the following:
· Transfer of funds from Home Rule Sales Tax Fund to General Fund for layoff severance and accrual payouts in the amount of $141,903.
· Transfer of funds from closed out 2000 General Obligation Bond Fund in the amount of $158,250.
· Increase in transfer from Home Rule Sales Tax Fund to Capital Improvement Fund due to suspension of tax rebate program in the amount of $4,500,000.
· Transfer of funds from closed out 2001 General Obligation Bond Fund in the amount of $386,856.
· Issuance of 2009 General Obligation Refunding Bonds in the amount of $7,785,000.
The increase in expenditures is due to the following:
· Severance and accrual payments for retirees and layoffs in the amount of $334,154.
· 401A payment for Police Officer retirement in the amount $35,534.
· Consulting services for the renewal of the water contract with Oak Lawn in the amount of $20,000.
· Transfer of funds from closed out 2000 General Obligation Bond Fund in the amount of $158,250.
· Transfer of funds from closed out 2001 General Obligation Bond Fund in the amount of $386,856.
· Suspension of tax rebate program decreasing the tax rebate in the amount of ($4,500,000) and increasing the transfer to the Capital Improvement Fund in the amount of $4,500,000.
· Transfer of funds from Home Rule Sales Tax Fund to General Fund for layoff severance and accrual payouts in the amount of $141,903.
· Engineering related to Virginia Graeme Baker Act pool renovations in the amount of $9,875.
· Interest and paying agent fees for the 2009 General Obligation Refunding Bonds in the amount of $128,900.
· Transfer to escrow for advance refunding of 2001 General Obligation Bonds in the amount of $7,785,000.
On December 14, 2009, this...
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