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Finance committee approves FY2026 budget, appropriations ordinance and rolls CD into Illinois Funds
Summary
The Finance Committee approved the FY2026 budget and capital plan, adopted Appropriations Ordinance No. 1558, and voted to reinvest a maturing certificate of deposit into Illinois Funds for liquidity; the committee also agreed to sponsor a team at the Red Bud VFW golf tournament.
The Finance Committee approved the FY2026 budget and capital plan as presented and adopted Appropriations Ordinance No. 1558, the committee chair said during the meeting. The committee also agreed to roll a certificate of deposit that matures May 16 into Illinois Funds to keep the proceeds liquid and let the finance officer select the best local rate.
The action followed a summary of the financial dashboard. "On the revenue side, we are actually ahead by $489,937, and on the expenditure side we are down $3,477,732," the Finance Committee chair reported, framing the recommendation to adopt the budget and ordinance. Members debated reinvestment timing for a maturing CD; the mayor suggested Illinois Funds as a fully liquid option and the committee amended and approved the motion to place the funds there after maturity.
The committee also discussed a sponsorship request from the Red Bud Veterans of Foreign Wars (VFW). Rather than making a straight donation, members favored sponsoring a team (cost quoted at $360) so city officials could participate; the motion to sponsor a team carried by voice vote.
The committee approved the prior month's minutes and adjourned without further public comment. The council will carry any finalized rollovers or budget implementation steps to the next formal council agenda for action.
