Presentation on theme: "Fiscal Year 2013 Budget Amendment May 20, 2013. 2 2013 Budget Amendment Amendments provide further disclosure on the expenditures authorized by the City."— Presentation transcript:
2 2013 Budget Amendment Amendments provide further disclosure on the expenditures authorized by the City Council each year. Amendments do not always mean the expenditure of more tax dollars. This Amendment includes: Additional Capital Improvement Projects. Additional Community/Economic Development Activities. Interfund Expenses that result from the above changes. This Amendment does not include: New Staff Increased Operating Expenses (such as wages) Total Amendment for All Funds is $6,575,379 increasing from $247,359,877 to $253,935,256.
3 2013 Amendment Fund Name 2013 Adopted Budget 2013 Budget Amendments 2013 Amended BudgetFunding Source Emergency Telephone 1,197,280 50,000 1,247,280 Reserves CDBG 1,925,100 159,000 2,084,100 Prior Year Funding Washington National TIF 8,746,726 (50,000) 8,696,726 N/A Capital Improvement 11,269,172 2,306,179 13,575,351 G.O. Bonds Special Assessment 817,660 (139,000) 678,660 N/A Parking 14,423,983 2,796,000 17,219,983 Reserves Water 20,681,479 630,700 21,312,179 G.O. Bonds Sewer 18,443,588 822,500 19,266,088 MWRD All Other Funds 169,854,889 TOTAL 247,359,877 6,575,379 253,935,256
6 2013 Amendment – Davis St. Davis Street Adopted Budget Davis Street Proposed Amendment FundFunding Total DescriptionResponsibleSource FY13 Davis Street Street Streetscape / Repaving - Benson to ChicagoWashington TIFReserves $ 2,325,000 Davis Street Sewer (If No IEPA Loan)Washington TIFReserves $ 180,000 Davis Streetscape / Resurfacing / Bike Lane - Benson to DeweyCapital ImprovementG.O. Bonds $ 97,000 Davis Streetscape / Resurfacing / Bike Lane - Benson to DeweyCapital ImprovementGrant $ 776,000 3,378,000 Amended FundFunding Total DescriptionResponsibleSource FY13 Davis Street Streetscape - Benson to Chicago - Utility ImprovementsWashington TIFReserves $ 1,025,000 Davis Street Streetscape - Benson to Chicago - RepavingWashington TIFReserves $ 1,300,000 Davis Street Sewer (If No IEPA Loan)Washington TIFReserves $ 130,000 Davis Streetscape / Resurfacing / Bike Lane - Benson to DeweyCapital ImprovementG.O. Bonds $ 1,197,000 Davis Street Sewer Improvements - MWRDSewerMWRD $ 822,500 4,474,500
7 2013 Amendment - Debt Original Adopted Budget included $5,872,000 in projects funded through unabated General Obligation (G.O.) Debt. The Amended Budget is proposed to include $8,339,988 in the Amended Capital Improvements Plan. The Unabated G.O. Debt to be paid on 12/1/13 this year will be $8,175,536 The Adopted Budget included $4.0 million in G.O. Debt to refinance Sewer IEPA Loans, and this amount is planned to be reduced by $2.0 million for the 2013 bond issue due to adequate fund balances in the Sewer Fund. The Adopted G.O. Bond Issue was planned at $9,872,000 and the Proposed Amended Bond issue would be at $10,400,000
8 2013 Amendment – Other Funds Emergency Telephone (E911) Fund – The proposed FY 2013 Budget Amendment would increase expenditures in the E911 Fund by $50,000due to higher than anticipated bids for the Emergency Alert System project. Community Development Block Grant (CDBG) Fund – –Carryover of $35,000 of unspent FY 2012 CDBG Funds for the Firemen’s Park Renovations project. –Carryover of $90,000 of unspent FY 2012 CDBG Funds for the Alley Paving project –Carryover of $30,000 of unspent FY 2012 CDBG funds and carryover of $4,000 of unspent FY 2011 CDBG funds for the SNAP Lighting project. Washington National TIF Fund – As part of the FY 2013 Budget Amendment, staff proposes reducing the Washington National TIF Fund budget by $50,000 due to favorable bids received for the Davis Street Sewer project.
9 2013 Amendment – Other Funds Special Assessment Fund – The proposed FY 2013 Budget Amendment would reduce capital expenditures for the Special Assessment Fund by a total of $139,000 due to less than budgeted 50/50 Alley activity.. Parking Fund – The proposed FY 2013 Budget Amendment would increase expenses in the Parking Fund by a total of $2,796,000. The proposed increase would account for two items: –Noyes Cultural Arts Center – The proposed budget amendment includes a loan to the Piven Theatre Group for the build out of the Noyes Cultural Arts Center for $2.2 million to be repaid to the City over a thirty year period at an annual interest rate of 2%. –New World Financial System – The proposed amendment also includes a Parking Fund loan of $596,000 to the Capital Improvement Fund for licensing and implementation costs associated with the New World financial software system Maintenance costs for the current financial system (JD Edwards) will be used to repay the Parking Fund loan at an annual interest rate of 2%.
10 2013 Amendment – Other Funds Water Fund – The proposed FY 2013 Budget Amendment would increase expenses in the Water Fund by a total of $630,700. The proposed amendment includes the issuance of Water Fund general obligation debt for the water main portion of the Davis Street Water Main and Sewer Replacement Project. Sewer Fund – The proposed FY 2013 Budget Amendment would increase expenses in the Sewer Fund by a total of $822,500. The proposed amendment includes grant funds from the Metropolitan Water Reclamation District (MWRD) for Sewer Replacement related to the Davis Street Water Main and Sewer Replacement Project.