Aurora, Illinois

File #: 15-00466    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 5/28/2015 In control: City Council
On agenda: 6/23/2015 Final action: 6/23/2015
Title: An Ordinance Amending the Annual Budget for the Fiscal Year Beginning January 1, 2014 and Ending December 31, 2014 (Amendment #2 for the 2014 Fiscal Year).
Attachments: 1. 14BudAmd2v2.pdf
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TO: Mayor Thomas J. Weisner

FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer

DATE: May 27, 2015

SUBJECT:
An Ordinance Amending the Annual Budget for the Fiscal Year Beginning January 1, 2014 and Ending December 31, 2014 (Amendment #2 for the 2014 Fiscal Year).

PURPOSE:
To obtain the City Council's approval of a proposed amendment to the 2014 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 2014 budget on December 17, 2013 through the passage of Ordinance No. O13-112.

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 2014 City Budget on April 8, 2014.

DISCUSSION:
The attached, proposed ordinance, including its Exhibit A, would provide for certain changes in the 2014 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 12: Neighborhood Stabilization Program (NSP) Fund (Offsetting Revenue and Expenditure Increases of $240,000). These items provide for the incurrence of costs to exhaust the remaining funds available in the NSP Program.

Items 2, 3, 14, and 15: Community Development Block Grant (CDBG) Funds (Offsetting Revenue and Expenditure Increases Totaling $116,000). These items adjust for CDBG funds allocated in prior years that remained to be spent in 2014.

Items 4 and 21: Debt Service Fund (Offsetting Revenue and Expenditure Increases of $9,200,000). These items adjust fo...

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