S-1447 - 12/08/2015 - BUDGET - Ordinances Supporting Documents ITEM I I .A. 1)
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AGENDAITEM
Regular Board of Trustees Meeting
of
December 8, 2015
SUBJECT: 2016 Municipal Bridget
FROM: Sharon Dangles, AVM/Finance Director
BUDGET SOURCE/BUDGET IMPACT: Ordinance Adopting the 2016 Budget
RECOMMENDED MOTION: I move that the Village Board adopt Ordinance 2015-
BU-EX-S-1447, an Ordinance Adopting the Budget of the Village of Oak Brook for 2016.
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 November 9th and November 17'h to review the
proposed budget and receive feedback. The budget was made available for public inspection on
October 19, 2015. 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 23, 2015.
Changes to the 2016 Proposed Budget are outlined below:
In total, the proposed 2016 budget for the Water Fund revenues of $7,673,500 have been
increased by $695,000, resulting in revised revenues of$8,368,500. This is due to an updated
water rate study having been completed after the draft budget was prepared. The Village Board
approved a 10% increase in water rates compared to a 3% increase that was shown in the 2016
Proposed Budget.
The Hotel/Motel Tax Fund expenditures of$2,205,220 have been reduced by $254,995, resulting
in revised expenditures of $1,950,225. The Board consensus was to not go forward with the
Gateway signage projects as reflected in years 2016—2019.
Exhibit A—This reflects a summary of all funds estimated 2016 revenues and expenditures.
Recommendation:
It is recommended that the Village Board adopt Ordinance 2015-BU-EX-S-1447, an Ordinance
Adopting the Budget of the Village of Oak Brook for 2016.
ORDINANCE 2015-BU-EX-S-1447
AN ORDINANCE ADOPTING THE BUDGET OF THE
VILLAGE OF OAK BROOK FOR 2016
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 2016 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 2016 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, 2016 and
ending December 31, 2016.
Section 3: The Village of Oak Brook hereby approves and adopts the 2016 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 2016 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 8th day of December, 2015.
Gopal G. Lalmalani
Village President
PASSED THIS 8th day of December, 2015.
Ayes:
Nays:
Absent:
Ordinance 2015-BU-EX-S-1447
Adopting 2015 Budget
Page 2 of 2
ATTEST:
Charlotte K. Pruss
Village Clerk
EXHIBIT A
VILLAGE OF OAK BROOK,ILLINOIS
Budget Summaries
Cash and Investments Analysis
Fiscal Year 2016
Projected Budgeted Budgeted 2016 Projected
Cash Balance Revenues Expenditures Changein Cash Balance
12/31/2015 2016 2016 Cash 12/31/2016
General Fund $ 12,797,323 $ 23,096,655 $ 23,084,990 $ 11,665 $ 12,808,988
Special Revenue Funds
Hotel/Motel Tax 4,238,950 1,735,100 1,950,225 (215,125) 4,023,825
Motor Fuel Tax 1,027,603 2,500 950,000 (947,500) 80,103
Capital Project Funds
Infrastructure Fund 4,093,501 7,005,035 7,894,265 (889,230) 3,204,271
Promenade Tax Increment Financing 227,247 427,015 433,800 (6,785) 220,462
Enterprise Funds
Water Works System 1,145,982 8,368,500 7,860,985 507,515 1,653,497
Sports Core 206,040 3,414,165 3,376,745 37,420 243,460
Internal Service Funds
Garage 129,898 700,060 804,795 (104,735) 25,163
Self Insurance 486,260 2,991,035 2,977,500 13,535 499,795
Capital Replacement 2,087,947 655,595 1,459,820 (804,225) 1,283,722
TOTAL ALL FUNDS $ 26,440,751 $ 48,395,660 $ 50,793,125 $ (2,397,465) $ 24,043,286