Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Budget topic
No spam. Unsubscribe anytime.
Belvidere holds first reading of FY2027 budget; staff says revenue and ending cash numbers changed after auditor discussion
Summary
At first reading of the FY2027 budget, staff reported an adjustment to Exhibit A that lowered revenue to $25,830,395 and reduced ending cash to $23,638,514, leaving reserves of about one year; council will revisit the ordinance for a second reading in two weeks.
Belvidere City Council received the first reading of Ordinance 753H, the city’s fiscal-year 2027 budget, on March 16. Staff member Sarah told council she removed amounts from an "operating in transfer" line on Exhibit A after discussion with auditors, which altered reported totals.
"It did change the figures ... the revenue come down to the $25,830,395, and then the expenses are the same, which then made our ending cash balance come down to the $23,638,514, which then leaves us with reserves of about close to 1 year," Sarah said. She confirmed the change followed consultation with the city’s auditors.
The first reading does not adopt the budget; Mayor noted the revised Exhibit A will return to council at the next meeting. Staff described no changes to total expenses, only a reclassification that affected the revenue and ending-cash presentation. The council did not take a final vote on the ordinance during the March 16 meeting.
The budget process moves next to the second reading (scheduled in two weeks), where council may adopt the ordinance or propose amendments. The city’s finance staff and auditors will likely provide final documentation at that time.
