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TO: Mayor Richard C. Irvin, Mayor
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
Stacey L. Hamling, Assistant Finance Director
DATE: April 16, 2019
SUBJECT:
An Ordinance Amending the Annual Budget for the Fiscal Year Beginning January 1, 2018 and Ending December 31, 2018 (Amendment #2 for the 2018 Fiscal Year)
PURPOSE:
To obtain the City Council's approval of a proposed amendment to the 2018 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 2018 budget on December 12, 2017 through the passage of Ordinance No. O17-087.
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 2018 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 11: Rivercity, TIF District #3 Fund (Offsetting Revenues and Expenditures Increases Totaling $3,856,500). These items adjust the budget for the refinancing of the 2008B TIF bonds. Refinancing bond issues is only done when interest rate markets are conducive to savings to the City for the refinancing. As such refinancing of bonds is not usually contemplated in an originally adopted budget
Items 2 and 13: East River Area, TIF District #6 Fund (Offsetting Revenues and Expenditures Increases Totaling $4,966,000). These items adjust the budget for the refinancing of the 2008A TIF bonds.
Items 3 and 15 through 16: Capital Improv...
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