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Aurora’s final 2024 budget amendment adjusts bond, TIF and overtime lines after audit
Summary
City staff presented the final 2024 budget amendment, noting adjustments tied to general obligation bond timing, TIF repayments and higher sworn overtime costs in police and fire; the amendment will be placed on the consent agenda.
City finance staff on May 20 presented the final amendment to Aurora’s 2024 budget, a routine year‑end adjustment tied to the annual audit that included transfers for a transformation fund, timing corrections for general obligation bonds and higher overtime costs in public‑safety departments.
Stacy Peterson, director of financial operations, said the amendment (Exhibit A) lists revenue and expenditure adjustments and specific account transfers. She told the finance committee the city moved $16 million from the capital improvement fund to create a “transformation fund” and adjusted TIF and gaming‑tax accounting, including closing TIF 3 and repaying a prior gaming‑tax front‑funding arrangement.
Peterson also explained changes tied to bond issuance timing for casino‑related general obligation bonds connected to TIF 17 (Biller/Farnsworth) and removal of provisional budget entries for GEO bonds projected in 2024 but issued in 2025.
The amendment includes increases for overtime expenses in the police and fire departments. Peterson said the police department’s sworn overtime budget for 2024 had been set at $6,000,000 but actual expenditures rose to about $7.2 million amid staffing churn and retirements; staffing authorizations changed during the period. The fire department’s sworn overtime budget was reduced in 2024 to $1,000,000 but actual overtime ran about $1.8 million; the fire department had approximately 14 retirements or resignations in 2024.
Other items summarized by Finance Committee Chair Alderman Carl Franco included contract awards and purchase resolutions placed on the consent agenda, such as a $5,000,873 contract for citywide street resurfacing and routine fleet and equipment purchases. Peterson said detailed listings and account numbers are in Exhibit A and accompany the audit process.
The committee placed the amendment on the consent agenda for council consideration; the presentation included follow‑up requests from Alderman Bugg and others for supplemental detail on overtime drivers and funding sources, which staff said were provided to relevant aldermen.
