ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE AMENDING the CITY OF PEORIA BUDGET for FISCAL YEAR 2014 RELATING to the STATE OF ILLINOIS - OFFICE OF THE ILLINOIS STATE FIRE MARSHAL SMALL EQUIPMENT GRANT, in the Amount of $25,950.00; a Restricted Donation from the VERNON "BUTCH" GUDAT CHARITABLE FUND, in the Amount of $750.00; a Restricted Donation to the PEORIA FIRE DEPARTMENT - FIRE STATION 3 from the HELEN J. YOUNG TRUST in the Amount of $20,000.00; and the Transfer of $90,000.00 from the CITY OF PEORIA GENERAL FUND to the FIREMEN'S PENSION FUND
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BACKGROUND:
OFFICE OF THE FIRE MARSHAL SMALL EQUIPMENT GRANT - The Small Equipment grant is awarded by the State of Illinois Office of the Fire Marshal. The grant funds are to be used to purchase ten (10) complete sets of NFPA compliant structural firefighting personal protective equipment (Set comprises: 1 pair of boots, 1 pair of pants, 1 pair of gloves, 1 coat, 1 nomex hood, and 1 helmet). The receipt and expenditure of this grant needs to be reflected in the FY2014 General Fund budget in the amount of $25,950.
DONATION - VERNON "BUTCH" GUDAT - The City of Peoria Fire Department received a restricted donation from the Vernon "Butch" Gudat Charitable Fund in the amount of $750. The donation was made to buy educational materials. The receipt and expenditure of this donation needs to be reflected in the FY 2014 General Fund budget in the amount of $750.
DONATION - HELEN J. YOUNG TRUST - The City of Peoria Fire Department received a restricted donation from the Helen J. Young Estate in the amount of $20,000. At the direction of the donor, the funds are for the betterment of Fire Station #3. The receipt and expenditure of this donation needs to be reflected in the FY 2014 Capital Fund budget in the amount of $20,000.
TRANSFER FROM GENERAL FUND TO FIREMEN'S PENSION FUND - During the preparation of the 2014/2015 Biennial Budget, the annual required contribution was incorrectly stated at $6,568,632. The correct annual required contribution determined by the State of Illinois Department of Insurance is $6,658,632; therefore an additional $90,000 needs to be transferred from the General Fund to the Fire Pension Fund to meet the actuarially determined annual required contribution.
FINANCIAL IMPACT: An increase in revenues and expenditures of $46,700 and decrease in General Fund Balance of $90,000 to be transferred to the Firemen's Pension Fund.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: Compliance with the internal fiscal control system and legislative requirement to keep the approved budget in balance.
IMPACT IF DENIED: Failure to recognize increase in revenues and expenditures and decrease in General Fund Balance relating to the FY2014 budget.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
2. Attractive Neighborhoods with Character: Safe and Livable
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
DEPARTMENT: Finance