Title
Budget Adjustments - 1st Quarter 2019 - Approval
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $537,477 and an increase in expenditures of $537,477.
The increase in revenues is due to the following:
• Increase transfer from General Fund to Capital Improvement Fund in the amount of $600,000.
• Reduce transfer from General Fund to Recreation & Parks Fund in the amount of $245,000.
• Increase revenue for rebates received from ComEd for LED street light conversion in the amount of $182,477.
The increase in expenditures is due to the following:
• Transfer funds related to the Village Hall main entry plaza rehabilitation from the General Fund to the Capital Improvement Fund in the amount of $200,000.
• Transfer funds related to the soccer turf replacement at the Sportsplex from the General Fund to the Recreation and Parks Fund in the amount of $155,000.
• Increase transfer from General Fund to Capital Improvement Fund in the amount of $600,000.
• Increase expenditures for LED street lighting upgrade project in the amount of $182,477.
• Reduce transfer from General Fund to Recreation & Parks Fund in the amount of $245,000.
• Transfer funds related to the John Humphrey Complex improvements and the play unit replacement from the Recreation and Parks Fund to the Capital Improvement Fund in the amount of $400,000.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
I move to approve increasing the FY2019 revenue budget by $537,477 and increasing the FY2019 expenditure budget by $537,477.