Tuesday, 24 May 2016

Sauk Village 2016/2017 Budget Update

Tonight the village board has before them the approval of the 2016 /2017 budget and appropriations ordinance. The proposed 2016/2017 budget is a working, living, breathing document and is a guide which provides departments heads with a goal.

This year's budget has gone through more scrutiny and provided more opportunity for public input than any year prior.

Below is the timeline since the start of the budget process

  • February 2016 – Work began on 2016/2017 Budget
    • Review of prior year’s budget and expenditures
    • Projecting remainder of 2015/2016 budget
    • Requesting department heads needs
    • Review, Changes, Review etc.
    • Meetings with department heads. Some multiple meetings
    • Confirming and reconfirming figures
    • Presenting to finance committee
  • April 2016Finance Committee budget review prior to be presented to village board.

  • April 2016 – Review after Finance Committee review
    • Meeting with Finance committee (one committee member at a time) to answering questions/explaining figures
    • Meeting with department heads over potential changes 
    • Final updates and overview of budget prior to presenting to village board

  • April 20-22, 2016 - Village board budget review. The village board had three nights of budget review where residents were able to hear the corporate authorities review the budget with department heads (line by line) and on the last night there was an opportunity for public questions and comments

  • Updates from modifications made by village board during budget review
    • Overview and reconfirm figures (macros and formulas) to verify only the changes during the village budget review were made

  • April 25, 2016 to present - Proposed budget available for public to view at the village hall, library, and village website. Public had opportunity to ask questions at village hall during business hours or submit questions or comments in writing. In addition, the proposed budget was made available for the public approximately two and half to three times longer than required.

  • April  22, 2016 - Public notice sent out to local newspapers, posted on village website and posted at village hall and Sauk Village Public Library

  • May 14, 2016 - Public had opportunity to ask questions or comments at the Meet the Mayor event

  • May 17, 2016Public Hearing. Public had opportunity to ask questions or comments. Note: There were no questions or open issues from the Trustees concerning the budget at the public hearing.

  • May 18-24, 2016 - Public had opportunity to request a meeting with Finance Director, Village Administrator or Mayor to help clear up any open questions they may have or submit questions or comments in writing. Note: There have been no questions or comments from the public or the board of trustees as of noon on Tuesday, May 24, 2016 and after the budget being available or almost 30 days to the public and longer for the board of trustees.

  • May 24, 2016 - Schedule for approval. Public will again have an opportunity to ask questions or comments prior to the corporate authorities voting.

Municipal Budget Explained

 A public budget is a plan of expected incomes and expenditures for the upcoming fiscal year, which is a twelve-month period that may or may not correspond to the calendar year. The budget is generally composed of an operating budget, which shows expenditures for the current period, and a capital budget, which shows the financial plans for long-term capital improvements, facilities, and equipment. The two budgets may be consolidated in order to indicate the amount of total estimated revenues available for the current period and the amount of new debt to be incurred for projects in the capital budget.

Although the details of the budget process vary significantly from city to city, there are four main sequential stages in the lifecycle of a public budget:

  1. Preparation: the budget involves the development of expenditure estimates for departments in light of available revenues.
  2. Approval: budget estimates are then submitted to a city council or board for review and modification, public meetings. The budget is then legally approved and adopted.
  3. Implementation: the budget is then implemented by municipal departments throughout the year.
  4. Evaluation/Audit: the performance of all governmental units is monitored and measured throughout the fiscal year. Those indicators are evaluated at the year's end to inform the budget process for the following year.
The entity that prepares the budget may be a mayor with independent authority to develop and make recommendations for the budget to the city council. In other cases, a city manager may initiate the process then the mayor may review and comment on the budget for the council. In all cases, the council is solely responsible for approving the budget. Once the proposed budget is approved through a budget ordinance, the newly adopted plan becomes a legally binding document for the mayor or city manager to administer. After the fiscal year has been completed, most state laws and municipal charters require an independent financial audit which is made public. 

Click on the following link if you haven't had the time to review Sauk Village's 2016/2017 proposed budget http://www.saukvillage.org/Financials/2016/2016_2017_SV_ProposedBudget.pdf