2018 Adopted Annual Operating & Capital Improvement Budget

FINANCIAL POLICIES
Budget Amendments
Expenditures may not exceed the amounts appropriated in any given year. The Village, however, may need to amend
the budget during the course of the year. In order to enact any of the following, the amendment must be publicized and
the resolution/ordinance must be adopted at a public meeting by a majority vote of the City Council.
Carryover Encumbrances and Projects. If a department has open purchase orders or uncompleted projects at
the end of a fiscal year, those appropriations can be carried over to the next year to cover the actual expenses
when they occur. This carryover must be approved by City Council through a budget amendment.
Prior Year Reserves or Uses of Fund Balance. Uses of prior years’ fund balances may be needed to adjust
appropriations due to unanticipated costs which were not budgeted.
Departmental and Inter-Fund Transfers. If necessary, the Village may transfer appropriated monies between
departments, within a fund, or from one fund to another fund.
Contingencies. For emergencies that could not have been reasonably foreseen at the time of the budget adoption,
such as revenue shortfall or unanticipated expenses, the City Council can authorize a portion of the reserve for
contingencies to be spent in that year.
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