cover
TO: Mayor Thomas J. Weisner
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: May 20, 2014
SUBJECT:
An Ordinance Amending the Annual Budget for the Fiscal Year Beginning January 1, 2013 and Ending December 31, 2013 (Amendment #2 for the 2013 Fiscal Year).
PURPOSE:
To obtain the City Council's approval of a proposed amendment to the 2013 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 2013 budget on December 11, 2012 through the passage of Ordinance No. O12-102.
While the city attempts to anticipate all potential expenditures for the 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.
The City Council approved one previous amendment to the 2013 City Budget on March 26, 2013.
DISCUSSION:
The attached, proposed ordinance, including its Exhibit A, would provide for certain changes in the 2013 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.
Items 1 and 6 through 15: HOME Program Fund (Offsetting Revenue and Expenditure Increases Totaling $809,004). These items serve to adjust for the remaining funds available in the HOME Program.
Items 2 and 16: Neighborhood Stabilization Program (NSP) Fund (Offsetting Revenue and Expenditure Increases of $492,500). These items serve to adjust for the remaining funds available in the NSP Program.
Items 3 and 17 through 27: Community Development Block Grant (CDBG) Fund (Offsetting Revenue and Expenditure Increases Totaling $1,160,498). These items serve to adjust the budg...
Click here for full text