Approve 2023-2024 fourth quarter budget amendment

7, Subsection (a) of the Village’s Charter provides the adoption of an ordinance as the mechanism for supplemental appropriations to be made during any fiscal year. Below is a description of each recommended budget amendment for your consideration: 1. Village Manager & Finance Departments: Additional funding of $24,295 is required for the health insurance line item. The 2024 medical premiums increased by 14.5% and the Village absorbed the increase not covered by the existing stipend and employee contribution. Revenue Source Amount Expenditure Item Description General Funds Reserve $13,675 $10,620 Village Manager Department Health Finance Department Health Health insurance premium increase absorbed by the Village 2. Community Center Department: Additional funding of $154,450 is required to cover the unbudgeted expenditures for contract services offered in the Community Center Department for increased programming. Increases in revenue due to more programs resulted in approximately $325K more revenue than budgeted to offset the increase in expense. Revenue Source Amount Expenditure Item Description Community Center Revenue $71,710 $68,495 $14,245 Contractual Services Contractual Services Classroom Instructors Contractual Services Camp Instructors Increase in contract programs and services provided at the Community Center 3. Sidewalk Fund Projects: A total of $115,760 revenue source from the Sidewalk Collection Fees account will be allocated to various sidewalk projects. The full amount will be a transfer from the General Fund to the Capital Fund to budget for sidewalk pathways in the Village. 1. Revenue Source Amount Expenditure Item Description Sidewalk Collection Fees General Fund $115,760 Capital Funds Improvements Other than Building Village Wide Sidewalk projects 4. Pinecrest Gardens Department: Additional funding of $62,920 is required to cover the unbudgeted expenditures for the retirement contributions line item in the Pinecrest Gardens Department. The 401a retirement account was not set up for Ryan Ruiz as of his hire date of May 11, 2020. The missed contributions of $55,576 and lost earnings of $7,344 were required to make him whole. The Village absorbed his contribution as part of the resolution. Revenue Source Amount Expenditure Item Description General Fund Reserve $62,920 Retirement Contributions Retirement contributions not made for the employee at hire date. Catch-up contributions and lost earnings were required. 5. Transfer of Carryover amounts: The following carryover amount from Fiscal Year 2024 into Fiscal Year 2025 will be transferred from one fund to another fund. The excess amount in one will be reallocated or transferred to another area that has been identified as requiring additional funds. Revenue Source Amount Expenditure Item Description General Fund Police Department Unused Budget Funds $ 300,000 Capital Funds Police Machinery & Equipment Police Vehicles, cloud- based CAD & vehicle printers 6. Village Council: The World Happiness Foundation was contracted for the Cities of Happiness Initiative. Additional funding of $52,630 in the professional services line item is requested for this contract as approved by consensus at the November 16, 2023 Village Council Workshop. Revenue Source Amount Expenditure Item Description General Fund Reserve $52,630 Professional Services, Village Council Cities of Happiness Initiative 7. Information Technology Department: Additional funding of $138,0000 is required to cover the unbudgeted expenditures for salaries & fringes line in the IT Department. Due to increased cyber security threats and increased regulations, the Village hired an Information Security Officer and promoted the IT Manager to a Director. Revenue Source Amount Expenditure Item Description General Fund Reserve $126,000 $12,600 Salaries & Fringes – Information Security Officer Salaries & Fringes – IT Director Promotion New position of Information Security Officer & Promotion of IT Manager to Director 8. Capital Fund: Additional funding is required to cover the over budget amount of $30,540 for bond issuance costs. The Village issued a bond for the purchase of land and capital improvements; however the bond issuance costs were $180,540 and the budget figure was $150,000. The loan was approved by consensus at the October 10, 2023 Council meeting. This amendment will require a general funds transfer to the Capital Fund. Revenue Source Amount Expenditure Item Description General Fund Reserve $30,540 Bond issuance costs Bond issuance costs on bond offering was higher than budgeted. 9. Police Services, 911 Funds: Additional funding is necessary to transfer operating cash from the general fund to one of the 911 accounts, the wireless fund. The county is delayed in remitting funds and will require a transfer to ensure that invoices are paid on a timely fashion. The funds will be returned to the General Fund in the following year when available. Revenue Source Amount Expenditure Item Description General Fund $1,600 Transfer Out to Wireless 911 Fund Transfer of operating cash to wireless 911 fund.