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Summary of FY 2013 Budget Amendment

On May 6, 2014, the Village Council approved an amendment to the FY2013 budget for five of its 26 funds. Information related to each of those five funds is provided in the table below. Overall, $11.1 million of the $13.3 million amendment was the result of the Village refinancing existing bonds to take advantage of a low interest rate environment that generated $610,000 of present value savings. The full amount of the refinancing is required to be shown as an expense, triggering the budget amendment for the two related debt service funds.




TIF Debt Service Fund

Library Debt Service Fund



The Village refinanced bonds in 2013 in order to lower its interest costs, resulting in $610,000 of present value savings to taxpayers.  Accounting procedures require the full amount of the refinancing to be shown as an expense, necessitating a budget amendment. 

Stormwater Fund


The opportunity arose in 2013 for the Village to purchased flood-prone properties as part of its overall stormwater management strategy.  The cost of these purchases were not anticipated in the adopted budget.

Transportation Fund


The operations of the Grove Commuter shuttle exceeded budgeted expenses, resulting from high driver turnover and the use of overtime.  These expenses were offset by an increased contribution from PACE.

Risk Management Fund


The Village experienced higher risk claims and workers compensation costs in 2013 than anticipated.