Title
FY2021 Budget Amendment #5 - Approval
History
A detailed spreadsheet (by fund) reflecting budget adjustments is attached. This is the fourth budget amendment for FY2021.
General Fund
Staffing changes
Development Services
At the May 3, 2021 Village Board meeting, following an RFP process the Village awarded a contract to Safebuilt for Professional Plan Review. Inspection and Support services on an as-needed basis. At the Village's request, Safebuilt submitted a proposal to provide a 40-hour per week on-site employee to undertake the responsibilities of the Development Services Office Support Supervisor. The total estimated increase for the balance of 2021 is $3,705.
Development Services
The Village is planning to implement a Zoning Coordinator responsible for review of all zoning requirements related to permit application submittals for both residential and commercial permit applications, including but not limited to, setbacks, allowable height, lot coverage, any other aspects of the Land Development Code. This cost will be offset by the elimination of the Building and Information Coordinator positon. The estimated decrease for the balance of 2021 will be ($5,394).
Finance
Lauterbach & Amen, LLP submitted a proposal to provide a 40-hour per week, on-site employee to undertake the responsibilities of the Accounts Payable Coordinator position that is vacant due to retirement. The estimated increase for the balance of 2021 is $1,560.
Public Works
The Village is planning to reestablish the Fleet Manager position to oversee the fleet functions. This cost will be offset by the elimination of the vacant part-time Public Works Management Analyst position. The estimated increase for the balance of 2021 is $26,565.
Plan Reviews
With the additional need for outsourced plan reviews and the contract approved with Safebuilt, it is necessary to include a budget amendment to cover the anticipated costs for their services for the remainder of 2021. Total estimated cost for 2021 is $142,000, based on early utilization, and is offset by the document scanning project ($300,000) that was deferred in budget amendment #4. Additionally, development fees are collected to pay for these costs.
Capital Projects Fund
New cabling for digital camera upgrades at the Police Department are needed. To complete the work, a contract amendment will be required and will be considered at an upcoming board meeting.
G.O. Bonds
Budget amendments are required as a result of Bond Refundings that occurred earlier this year. The 2012A Bonds (Fund 423) were replaced by 2021A, which are being paid from the Water & Sewer Fund as well as the newly created Debt Service Fund, which will eventually account for all governmental debt service payments. The 2021B bonds include property tax revenue and an interest payment in 2021. In addition, the Village needs to amend the budget to reflect the early redemption payment for the 2022 TIF Bond.
Financial Impact
The attached spreadsheet identifies the budget impact. Also, the 2021 budget summary has been updated to reflect these amendments (although not attributed to various expenditure types).
Recommended Action/Motion
I move to approve an increase in the General Fund expenditure budget in the amount of $168,437, an increase in the revenue and expense budgets for the Water and Sewer Fund in the amount of $211,565, an increase in the expenditures budget of the Capital Projects Fund in the amount of $35,000, a decrease in the revenue and expenditure budgets for the Bonds & Interest 2012A GO Bonds Fund in the amount of $894,300, an increase in the revenue and expenditure budget for the new Debt Service Fund in the amount of $667,625, and an increase in the expenditure budget of the Bonds & Interest 2012B&C GO Bonds Fund in the amount of $8,025,000, as detailed on the FY2021 Amendment #5