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Fire Pension and Police Pension PILOT ("Payment In Lieu of Tax") payments from the Water and <br /> Sewer Utility funds already budgeted will be technically adjusted to run through the City general <br /> fund to increase transparency of the City contribution to the Fire and Police Pension funds. <br /> Olde Towne TIF debt service payment funding will be technically adjusted to the City general fund <br /> with offset in the City planning fund, with cost neutral result to the overall City budget. <br /> Congressional sequestration has resulted in a reduction of the federal interest rebate applicable <br /> to the 2010B bond, resulting in increased interest costs to be incurred by the City. <br /> Additional appropriation for Eastgate TIF contractual developer payments resulting from the <br /> timing of payments versus that envisioned at budget preparation time. No rew monies are <br /> expended. <br /> Appropriations for unexpended encumbrances already approved by City Counci for work scope <br /> completion of the 2010 Bond Construction project (downtown streetscape project), certain Motor <br /> Fuel Tax previously approved projects, and monies already approved by Council for acquisition of <br /> Sewer Vactor equipment. <br /> The net effect to the City Treasury is $45,000, representing that appropriation that is new and not <br /> already available with defined commitments and cash reserves. <br /> POTENTIAL OBJECTION: <br /> There are no known objections to this ordinance request. <br /> INPUT FROM OTHER SOURCES: <br /> No input from other sources. <br /> STAFF REFERENCES: <br /> Gregg D. Zientara, City Treasurer& Director of Finance <br /> Ryan P. McCrady, City Manager <br /> BUDGET/TIME IMPLICATIONS: <br /> State of Illinois statutory requirements for Council approval of the Annual Appropriation require <br /> Council approval before the close of the first quarter of the fiscal year ending July 31, 2013. <br /> council letter[1].doc Page 2 of 2 Page 2 of 2 <br />