BACKGROUND

At the end of each year Staff reviews the budget versus actual expenditures for each fund.  This is done as a pre-audit activity to ensure that the budget is at or above expenditures by fund.  This usually does not require any additional action, but as of the end of 2017 the TIF and EAB Fund closures resulted in unbudgeted expenditures.  In addition, there were some Board approved expenditures as well as some higher actual insurance claims experience incurred, but there was no clear Board action to direct Staff to amend the 2017 Budget.  In regard to the EAB Fund, after making the 2017 budgeted transfers to other funds, $109,000 remains in this fund.  Staff recommends that this balance be transferred to the Capital Projects Fund in order to close the EAB Fund.   

2017 Year-End Budget Adjustments: 

RECOMMENDATION

It is recommended that the Village Board approve the transfer of the remaining balance of $109,000 in the EAB Fund to the Capital Projects Fund, and that the 2017 year-end budget adjustments be approved.