cover
TO: Mayor Thomas J. Weisner
FROM: Brian W. Caputo, Ph.D., C.P.A.
Chief Financial Officer/City Treasurer
DATE: May 16, 2016
SUBJECT:
An Ordinance Amending the Annual Budget for the Fiscal Year Beginning January 1, 2015 and Ending December 31, 2015 (Amendment #2 for the 2015 Fiscal Year).
PURPOSE:
To obtain the City Council's approval of a proposed amendment to the 2015 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 2015 budget on December 9, 2014 through the passage of Ordinance No. O14-070.
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.
The City Council approved one previous amendment to the 2015 City Budget on July 28, 2015.
DISCUSSION:
The attached, proposed ordinance, including its Exhibit A, would provide for certain changes in the 2015 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 21: Transfer from the General Fund to the Hotel-Motel Tax Fund (Offsetting Revenue and Expenditure Increases of $300,000). These items provide for establishment of the Hotel-Motel Tax Fund to segregate resources for tourism promotion purposes. The amount of the transfer represents hotel-motel taxes that were not spent for tourism purposes at the end of 2014.
Items 2 and 28: Transfer from the Library Capital Projects & Technology Fund to the 2012A GO Bond Project Fund (Offsetting Revenue and Expenditure Increases of $400,000). These items provide res...
Click here for full text