2017-03-20 - Ordinance 2017-006 - AMENDING FISCAL 2016 BUDGET ORDINANCE NO.2017-006
AN ORDINANCE AMENDING FISCAL 2015 JANUARY 1-DECEMBER 31 2016 BUDGET FOR THE VILLAGE OF
BUFFALO GROVE
WHEREAS, in accordance with Section 8-2-9.1 et. Seq. of the Illinois Municipal Code, 65 ILCS 5/8-2-9.1 et
seq., and Section 2.08.043 of the Village of Buffalo Grove Municipal Code,the President and Board of Trustees of
the Village of Buffalo Grove have adopted the budget officer system;and
WHEREAS, pursuant to Section 8-2-9.4 of the Illinois Municipal Code, 65 ILCS 5/8-2-9.4 and Section 2.08.43
of the Village of Buffalo Grove Municipal Code, the Village adopted an annual budget for fiscal year 2016, by
Village ordinance number 2015-73,on December 7, 2015 in the amount of$74,908,608;and
WHEREAS, the President and Board of Trustees of the Village of Buffalo Grove find that an amendment to
the annual budget ordinance is necessary at this time to more accurately reflect the experience of the 2016 fiscal
year.
NOW,THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE,COOK AND LAKE COUNTIES, ILLINOIS that:
SECTION 1. That in order to more accurately reflect the experience of fiscal year 2016, certain budget
amendments are necessary per the attached.
SECTION 2. That these amendments should reflect actual revenues and expenditures for fiscal year 2016
and will increase the total amount of the budgeted revenue by $6,477,806 and budgeted expenditures by
$7,248,637
SECTION 3. That the following amendments be made to the various department and line item accounts as
specified. (Exhibit A)
SECTION 4. Additional funds are available to effectuate this revision,
SECTION 5. That this ordinance shall be in full force and effect after the passage and publication pursuant
to the laws of the State of Illinois and the Village of Buffalo Grove.
AYES: 4—Berman, Trilling,Stein,We_idenfeld
NAYES: 0-None
ABSENT: 2—Ottenheimer,Johnson
PASSED March 20. 2017.
APPROVED: March 20,2017.
PUBLISHED: March 21, 2017.
APPROVED:
6440FT RNMW
Beverly Sussm6h,Village President
ATTEST:
Janet Sirabian,Village Clerk
Exhibit A
Budget Adjustments Amount Description
Revenue
MFT
130.410.60 50,000.00 Additional revenue above forecasted budget amount
Debt Svc
140.460.05 87,447.00 2016 bond issue interest payment funding
Capital Projects Street
160.470.05 6,125,000.00 2016 bond issue
160.470.06 100,779.00 2016 bond issue
School and Park Donations
240.435.90 18,831.00 Unbudgeted funds from development projects
240.435.91 12,198.00 Unbudgeted funds from development projects
240.435.92 10,670.00 Unbudgeted funds from development projects
240.435.93 67,881.00 Unbudgeted funds from development projects
240.435.94 5,000.00 Unbudgeted funds from development projects
Expenditure
MFT
Additional expenditures incurred using additional revenue
130.75,560.20 50,000.00 received.
Debt Svc
140.85.565.20 87,447.00 2016 bond issue interest payment
Capital Projects Street
160.75.560.20 6,002,377.26 2016 bond issue proceeds spent on road infrastructure
160.75.560.25 135,955.00 2016 bond issue proceeds spent on road infrastructure
160.75.570.20 87,446.74 2016 bond issue interest payment funding
Fire Pension
230.505.61 341,368.00 Additional expenditures for new retirees
School and Park Donations
Payments requested from Governmental units for funds
240.90.580.05 386,845.00 collected from development projects.
Retiree Health Savings
250.91.505 157,198.00 Unbudgeted payments made to new retirees