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FINANCE AND ADMINISTRATION
MEETING MINUTES
Monday, January 23, 2012
Minutes of a meeting of the Finance and Administration Committee of the City of O’Fallon, held in the Mayor’s Conference Room, City Hall, 255 S. Lincoln, O’Fallon, Illinois on January 23, 2012. CALL TO ORDER: Time: 5:30 p.m.
ROLL CALL |
MEMBERS: |
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Chairman Bennett |
X |
Polites X |
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Albrecht |
X |
McCoskey X |
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J. Drolet |
X |
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STAFF LIASON: |
Dean Rich |
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Alderman True X Alderman Cozad X |
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Walter Denton |
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Alderman Roach X |
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Pam Funk |
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Alderman N.Drolet X |
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Sandy Evans
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Alderman Hagarty X
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Approval Minutes-December 12, 2011 – All Ayes
Item A: FY 2013 Budget- Revenue Projections- Director of Finance presented the preliminary revenue projections for the FY 2013 General Fund Budget. Overall projections show a 2.7% increase in revenues compared to last year. The total General Fund revenue projected is $14,931,890. This consists of a 2.6% increase in Sales tax, $6,608,900 and a 3.2% increase in Utility Tax, $1,500,000. The State Shared Revenue projections are based on the Illinois Municipal League per capita estimates broken down as follows: $15.20 for State Use tax which would generate $434,500 based on the current 2010 Census number of 28,281 plus our appeal of 309 residents (28,590 residents total) and $79.20 for State Income tax, generating $2,264,300. The city is estimating a 6.7%
increase in Food and Beverage due to the opening of 4 new restaurants resulting in $635,000 total revenue. The other revenues are projected to remain unchanged.
Now with the general revenue projections calculated, the department heads will begin submitting their departmental budgets to the finance department for compilation. The Management team will first meet on February 8 to review and begin balancing the budget. Once the management team has reached a consensus, the budget will be presented at committee meetings starting February 27th.
ADJOURNMENT: 6:00p.m. PREPARED BY: Dean Rich
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