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TO: Mayor Richard C. Irvin, Mayor
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
Stacey L. Peterson, Assistant Director of Finance
DATE: March 26, 2020
SUBJECT:
An Ordinance Amending the Annual Budget for the Fiscal Year Beginning January 1, 2019 and Ending December 31, 2019 (Amendment #3 for the 2019 Fiscal Year)
PURPOSE:
To obtain the City Council's approval of a proposed amendment to the 2019 City Budget.
BACKGROUND:
Pursuant to 65 ILCS 5/8-2-9.1 through 9.10, the City of Aurora operates under the budget system of government finance. The City Council adopted the 2019 budget on December 11, 2018 through the passage of Ordinance No. O18-099.
While the city attempts to anticipate all potential expenditures for a fiscal year when that year's budget is developed, circumstances occasionally arise that require expenditures that were not contemplated in the original financial plan. 65 ILCS 5/8-2-9.6 permits a municipality operating under the budget system to amend its annual budget by a two third's vote of its governing body.
DISCUSSION:
The attached, proposed ordinance, including its Exhibit A, would provide for certain changes in the 2019 City Budget. Below is an explanation for each change. The item numbers discussed below correspond to the item numbers assigned to each change detailed in Exhibit A.
Amendments Impacting the Budget
Items 1 and 13: Grants/Other, General Fund (Offsetting Revenue and Expenditure Increase of $10,000). These items adjust the budget to account for sponsorship donations for the Homeownership Expo.
Items 2 and 3, 32 and 33: Gaming Tax Fund (Revenue Increases $9,800,000 and Expenditure Increases $8,034,100). These items adjust the budget to account for the Lines of Credit used for the purchase of the Bilter Road properties, which will be used for future economic development projects.
Items 4 through 6 and 34 through 35: Economic Development, TIF #10 Galena/Broadway Fund (Revenue Increases $1,429...
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