Title
Budget Adjustments 2nd Quarter 2016 - Approval
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $13,949,965 and an increase in expenditures of $71,921.
The increase in revenues is due to the following:
--Membership and Donation revenue for the Orland Park History Museum in the amount of $1,250.
--Transfer from General Fund to the Orland Park History Museum Fund in the amount of $39,837.
--Rollover of Line of Credit Proceeds unspent in FY2015 in the amount of $13,908,878.
The increase in expenditures is due to the following:
--Transfer to the Orland Park History Museum Fund from the General Fund in the amount of $39,837.
--Elimination of Orland Park History Museum expenses from the General Fund due to the creation of a new Fund in the amount of ($25,703).
--Creation of new Orland Park History Museum Fund due to 501C(3) status in the amount of $41,087.
--Additional funds for copier maintenance at the recreation facilities in the amount of $16,700.
On July 5, 2016, this item was reviewed by the Finance Committee, recommended for approval, and referred to the Village Board of Trustees for consideration.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
I move to approve increasing the FY2016 revenue budget by $13,949,965 and increasing the FY2016 expenditure budget by $71,921.