Council committee advances budget adjustments including $1.7M shift for Village Hall and $763K pension payment

Committee members reviewed and forwarded a package of 2015 budget amendments that change revenue and appropriation lines and shift surplus funds into capital and pension accounts.

Staff described multiple entries in the amendment package: a $19,234 budget decrease tied to refined bike-plan cost estimates; a $1,861,125 net increase that includes transferring $1,700,000 of 2014 surplus to complete Village Hall renovation funding; $75,000 saved in fuel was proposed to move from the Fleet Fund to capital for the Colfax Street project; and a $20,000 RTA grant for a transit-oriented development plan. On pension funding the staff member said the proposal includes transferring $763,000 into pensions "to reduce pension liability, which is a huge step forward." The committee voted to place the budget amendments on the consent agenda for final council action.

The committee also set a schedule for the budget process: a third public hearing on Nov. 16 and final adoption of the budget and companion ordinances slated for Dec. 7.