Northwell amends fiscal 2024-25 budget, shifts surplus toward water projects and capital
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
The board approved the third budget amendment for fiscal year 2024-25, reallocating a projected $3 million general-fund surplus, moving $1.6 million to the water fund and increasing the capital transfer to $650,000 while maintaining a roughly 65% reserve.
The Northwell Village Board approved the third budget amendment for fiscal year 2024-25 at its Aug. 18 meeting, reallocating surplus funds and addressing overages in several internal funds.
Staff said the village projects about a $3,000,000 general-fund surplus for FY 2024-25. Of that amount, $400,000 had been budgeted to go to the capital projects fund; staff proposed and the board approved increasing the capital transfer by $250,000, bringing total capital transfers to $650,000. Separately, staff said $1,600,000 will be transferred from the general fund to the water fund to help pay for upcoming water improvements. That leaves approximately $750,000 remaining in the general fund to maintain reserves; staff noted the reserve balance is projected to be about 65%.
Staff also reported overages in the liability insurance fund tied to vehicle and other claims, and in the tourism fund, where North Aurora Days expenses and hotel-tax pass-through payments exceeded projections. The budget amendment moved funds internally where allowed and made the transfers that require board approval.
Why this matters: the amendment reallocates surplus funds to capital and utility needs and documents where budget lines exceeded estimates.
What the board did: approved the transfers and adjustments described by staff; the overall general-fund total was not increased, according to the staff presentation.
What remains: staff will implement the transfers and report on the water projects and insurance claim outcomes in future financial reports.