Belvidere council holds first reading of FY2027 budget; staff say revenue $25.83M, ending cash $23.64M

The Belvidere City Council conducted the first reading of the fiscal year 2027 budget ordinance on March 16, with city staff reporting an illustrated change in presentation that lowered reported revenue to $25,830,395 and an ending cash balance of $23,638,514.

Sarah, a finance staff member, told the council the change "was after discussion with our auditors" and that she had removed the dollar figures from operating transfers in Exhibit A, which adjusted the presentation of totals without changing the underlying revenues or expenses. "So then it did change the figures on page 7 of the Exhibit A, and this made 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," she said. She added the change left the city with reserves "about close to 1 year."

The mayor and council asked no further questions during the first reading. The ordinance (listed in the agenda as Ordinance 753h) remains at first reading and will return to the council for the next required step in the ordinance process; no budget votes were taken at this meeting. The presentation made clear the figures were a reclassification for presentation purposes and not a change to previously discussed revenue or expense totals.

Because this was a first reading, the council did not adopt the budget at this meeting. The ordinance will be published and scheduled for a subsequent council meeting for second reading and possible adoption, at which time the council may amend or adopt the budget.

Provenance: Council first discussed the FY2027 budget beginning at SEG 321 and through SEG 351, where Sarah described the presentation change and the resulting revenue and ending-cash figures.