2018-03-19 - Ordinance 2018-017 - AMENDING FISCAL 2017 BUDGETORDINANCE NO. 2018 - 017
AN ORDINANCE AMENDING FISCAL 2017 JANUARY 1-DECEMBER 31, 2017)
BUDGET FORTHE VILLAGE QFH P
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 2017, by Village Ordinance number
2016-62, on December 5, 2016 in the amount of $75,120,613; 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 2017 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
2017, certain budget amendments are necessary per the attached.
SECTION 2. That these amendments should reflect actual revenues and
expenditures for fiscal year 2017 and will increase the total amount of the
budgeted revenue by $352,365 and budgeted expenditures by $1,797,842
SECTION 3. That the following amendments be made to the various department
and line item accounts as specified. (ExhibitA)
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: 5 — Stein Ottenheimer, Weidenfeld. Johnson Smith
NAYES: 0 - None
ABSENT: 1 - Berman
PASSED: March 19, 2018.
APPROVED: March 19, 2018.
PUBLISHED: March 20.2018.
MILIVAa��i
1 i
Village President
ATTEST:
Janet M. Sirabian, Village Clerk
Exhibit A
Budget Aojustments Amount Description
Revenue
Arboretum Golf
190.460.05 352,364.55 Transfer to cover excess expenditure over revenue
Expenditure
Capital Projects Street
160.75.560.20
Arboretum Golf
190.84.800
Fire Pension
230.505.61
Retiree Health Savings
250.91.505
1,151,160.90 Road Project Costs and Expenditures
431,731.54 Depreciation Expense
89,530.93 Additional expenditures for new retirees
125,418.56 Unbudgeted payments made to new retirees