S-1373 - 07/09/2013 - BUDGET-SPORTS CORE - OrdinancesORDINANCE 2013- BU -SC -S -1373
AN ORDINANCE DEEMING THE CONSOLIDATED LOAN TO
THE SPORTS CORE FUND A TRANSFER
WHEREAS, in previous years, the revenues generated by the Sports Core have been insufficient
to offset the Village's expenditures from the Sports Core Fund; and
WHEREAS, in order to provide the residents of the Village quality sports facilities, the Village
Board previously determined it was in the best interests of the Village and its residents to provide the
Sports Core Fund money from the Village's General Fund; and
WHEREAS, Ordinance 2012 -BU -S -1358 authorized a consolidated loan consistent with Section
10 of Ordinance 201 1-FI-TX-BU-S-1 318 of not more than $2,362,000 from the General Corporate Fund to
the Sports Core Fund ( "Loans'l in order to fund capital projects and operations of the Sports Core, and
said amount was loaned from the General Corporate Fund to the Sports Core Fund; and
WHEREAS, the Loans did not contain provisions that required the Loans to be repaid with
interest; and
WHEREAS, similar to the benefits received by the Village residents from the provision of police,
fire, public works, and library services, the Village Board, after consultation with the Village's independent
auditor, believes the residents receive significant benefits from the Sports Core that are appropriate to
subsidize from the Village's General Corporate Fund; and
WHEREAS, the Village Board believes that it is now more appropriate to recognize the Loans to
the Sports Core Fund to be "transfers."
NOW, THEREFORE 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: That the preamble hereinabove set forth is hereby adopted as though fully set forth
herein.
Section 2: That the Village Board hereby deems the Loans to be transfers and not outstanding
loans
Section 3: That the Village Finance Director is hereby authorized and directed to make the
appropriate and necessary adjustments to the Village's books and accounts so that the Loans are
recognized in the books and accounts as transfers instead of as loans.
Section 4: Section 10 of Ordinance 2011- FI- TX -BU -S -1318 is hereby amended and shall read as
follows:
It is the policy of the Board that enterprise and utility funds shall be financially self -
supporting. Rates or other charges for services shall be established and maintained at
levels which produce revenues sufficient to defray expenditures within each fund,
including reasonable reimbursements to other funds for services or benefits received
therefrom. Enterprise and utility funds shall not receive transfers from other funds except
in the form of loans made pursuant to Section 15 hereof, or as grants or transfers
authorized by the Board.
Section 5: That all ordinances or resolutions, or parts thereof, in conflict with the provisions of
this ordinance be and are hereby repealed.
ORDINANCE 2013-BU-SC-S-1373
An Ordinance Deeming The Consolidated Loan To
The Sports Core Fund An Equity Contribution
Page 2 of 2
Section 6: That this ordinance shall be in full force and effect from and after passage and
approval pursuant to law.
Ayes:
Nays:
APPROVED THIS g`h of July, 2013.
Gopal G. Lalmalani
Village President
PASSED THIS g`h day of July, 2013.
Trustees Adler, Moy, Wolin, Yusuf
Trustee Manzo
Absent: Trustee Baar
ATTEST ::
Charlotte K. Pruss
Village Clerk