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FINANCE AND ADMINISTRATION
MEETING MINUTES
Monday, February 27, 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 February 27, 2012. CALL TO ORDER: Time: 5:00 p.m.
ROLL CALL: |
MEMBERS: |
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Chairman Bennett |
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Polites |
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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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Approval Minutes-January 23, 2012 – All Ayes
Item A: FY 2013 Budget- Revenue Projections- Director of Finance presented an overview of the FY 2012/2013 budget. The budget is balanced at $57,629,823. This represents a 4% increase or $1,988,159 over last year. This increase is mostly due to projects being started including the Venita Overpass, Milburn School Road and Seven Hills roundabout.
The General fund reflects an overall 3% increase. The total General Fund revenue projected is $15,020,580. This consists of a 2% increase in Sales tax, $6,568,250 and a 3% increase in Utility Tax, $1,500,000. 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. The 3% increase in expenses is mostly attributable to salaries and associated benefits.
Departmental budgets will be presented during their respective committee meetings for review. Final drafts will be included in the March 30th Council packets for 1st reading on April 2nd, and approval of final budget on April 16th.
ADJOURNMENT: 6:00p.m. PREPARED BY: Dean Rich
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