S-1413 - 12/09/2014 - BUDGET - Ordinances Supporting Documents ITEM 7.F.3)
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AGENDA ENDA ITEM
Regular Board of Trustees Meeting
of
December 9, 2014
SUBJECT: 2015 Municipal Budget
FROM: Sharon Dangles, Finance Director.
BUDGET SOURCE/BUDGET IMPACT: Ordinance Adopting the 2015 Budget
RECOMMENDED MOTION: I move that the Village Board adopt Ordinance 2014-
BU-EX-S-1413, an Ordinance Adopting the Budget of the Village of Oak Brook for 2015.
Background/History:
The Village of Oak Brook operates under the Budget Officer Act as outlined in Chapter 24,
Section 8-2-9 of the Illinois Compiled Statutes, as revised. The Act requires the Village
President and Board of Trustees to adopt the annual budget prior to the beginning of the fiscal
year to which it applies and provides that the budget shall serve as the Village's annual
appropriation ordinance.
The budget workshop was conducted on October 30`1' and November 12`" to review the proposed
budget and receive feedback. The budget was made available for public inspection on October
24, 2014. Notification is required by State Statute to be given at least ten (10) days prior to its
passage by publication in a newspaper of a public hearing which is held before the final action of
the budget to obtain resident comments. The notification was published in the Daily Herald
newspaper on November 24, 2014.
Changes to the 2015 Proposed Budget are outlined below:
Attachment A In total, the proposed 2015 budget for the General Corporate Fund expenditures
of$23,296,780 have been increased by $9,250, resulting in revised expenditures of$23,306,030.
This is due to an increase in the quote for maintenance of the live plants and corrected figures on
benefits in the fire program.
The projected ending cash balance is $1.1,637,944, which is $52,750 more than projected in the
initial 2015 Draft Budget. This is due to the increase in the projected cash balance at December
31, 2014 by moving two Sports Core projects to 2015, whereas, no General Fund subsidy is
needed. The ending cash balance is above the six month operating reserve requirement equal to
6.92 months.
12(5.
Attachment B—The Sports Core Fund revenues reflects an increase in polo revenues of$39,600
and an increase in expenses of$19,410. The exterior staining project for $42,000 and hot water
tank for $20,000 were moved from 2014 to 2015. With the removal of the Bath and Tennis
Recreation Manager position, this helped to offset the project costs. The Bath and Tennis
Recreation Manager position is a reduction of expenses comprising of salary and benefits for
$109,865. An increase in administration hours will result in $15,700 of payroll costs due to the
removal of the Bath and Tennis Manager position. Lastly, an increase in Polo expenses of
$51,575 was accounted for additional event planner services.
Attachment C — This reflects a summary of all funds estimated 2015 revenues and
expenditures.
Recommendation:
It is recommended that the Village Board adopt Ordinance 2014-BU-EX-S-1413, an Ordinance
Adopting the Budget of the Village of Oak Brook for 2015.
• A
VILLAGE OF OAK BROOK
2015 BUDGET CHANGES
GENERAL FUND
PROPOSED CHANGES FROM DRAFT BUDGET
Proposed Final
Proiecte i a ' 12/=31114* 12,269,634 11 331,634
REVENUES
Proposed $ 22,612,340 $ 22,612,340
NO CHANGES
Revised Proposed Revenue 22 612340 -4 g.2,612,340
EXPENDITURES
Proposed $ 23,296,780 $ 23,296,780
Live plant maintenance-quote came in higher than budgeted 2,160
Adjust FICA(Fire Department) (855)
Adjust Health Insurance (Fire Department) 7,945
Revised Proposed Expenditures 23,296,780 23,606416Q
flange in Cash . (684,440) (69 , 90)
Projected cash Balance 12/31/15 11,686394 1.1;,637,944
Cash Reserves 6.9 months 6.92 months
*Projected Cash Balance (Final)for 12/31/14 increased due to moving two Sports Core projects to
2015 (Exterior stain for$42,000 and Hot Water Tank for$20,000). No General Fund subsidy
needed for these projects in 2014.
B
VILLAGE OF OAK BROOK
2015 BUDGET CHANGES
SPORTS CORE FUND
Proposed Final
Projected Cash Balance 12/31/14 276,973 276,973
REVENUES
Proposed $ 3,949,350 $ 3,949,350
Increase in polo revenues $ 39,600
Revised Proposed Revenues 3,949,350 3,988,950
EXPENSES
Proposed $ 3,966,910 $ 3,966,910
Move 2014 Exterior staining project to 2015 42,000
Move 2014 Hot water tank replacement to 2015 20,000
Remove B &T Recreation manager position (Salary & Benefits) (109,865)
Increase B &T administration part time 8,160
Increase B &T administration seasonal 7,540
Increase in polo expenses 51,575
Revised Proposed Expenses 3,966,910 3,986,320
2015 Change in Cash (17,560) 2,630
Projected Cash Balance 12/31/15 259,413 279,603
Exhibit C
VILLAGE OF OAK BROOK, ILLINOIS
Budget Summaries
Revenue and Expenditures Comparison Summary
Fiscal Year 2015
Budgeted Budgeted Net Fund
Fund Revenues Expenditures Increase/(Decrease)
General Fund $ 22,612,340 $ 23,306,030 $ (693,690)
Special Revenue Funds
Hotel/Motel Tax 2,005,465 3,370,045 (1,364,580)
Motor Fuel Tax 237,500 900,000 (662,500)
Capital Project Fund
Promenade Tax Increment Financing 420,025 449,350 (29,325)
Infrastructure Fund 7,190,575 8,549,765 (1,359,190)
Enterprise Funds
Water Works System 6,986,100 8,140,740 (1,154,640)
Sports Core 3,988,950 3,986,320 2,630
Internal Service Funds
Garage 811,695 843,215 (31,520)
Self Insurance 2,914,915 2,839,400 75,515
Capital Replacement 791,470 718,600 72,870
TOTAL ALL FUNDS $ 47,959,035 $ 53,103,465 $ (5,144,430)
ORDINANCE 2014-BU-EX-S-1413
AN ORDINANCE ADOPTING THE BUDGET OF THE
VILLAGE OF OAK BROOK FOR 2015
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows:
Section 1: Findings:
The President and Board of Trustees find that the tentative annual budget of the Village of Oak
Brook for 2015 has been conveniently available to public inspection for at least ten (10) days prior to its
passage in pamphlet form as prescribed by the corporate authorities. A public hearing has been held
prior to final action on the budget, notice of which hearing was given by publication in a newspaper having
general circulation in the Village of Oak Brook, said notice having been published at least one week prior
to the time of hearing. The hearing on the budget was held not less than one week after the tentative
annual budget was published, by placing it on file with the Village Clerk for public inspection.
Section 2: The sums set forth for the purposes indicated in the 2015 Municipal Budget of the
Village of Oak Brook attached hereto and made a part hereof are hereby budgeted to pay all necessary
expenses and liabilities of the Village of Oak Brook for the fiscal period beginning January 1, 2015 and
ending December 31, 2015.
Section 3: The Village of Oak Brook hereby approves and adopts the 2015 Municipal Budget as
attached hereto.
Section 4: In case of a vacancy in any office specified in this Ordinance, the Appointing Authority
shall not be required to fill such office, if, in his or her judgment or discretion, there is no necessity
therefore.
Section 5: The 2015 Municipal Budget may be amended as provided by law.
Section 6: This ordinance shall be in full force and effect from and after passage and approval
pursuant to law.
APPROVED THIS 9th day of December, 2014.
Gopal G. Lalmalani
Village President
PASSED THIS 9th day of December, 2014.
Ayes:
Nays:
Absent:
Ordinance 2014-BU-EX-S-1413
Adopting 2015 Budget
Page 2 of 2
ATTEST:
Charlotte K. Pruss
Village Clerk