(The City Council and Finance Advisory Committee) will be discussing the proposed FY 2014 Budget in two parts this evening. At the regular City Council meeting, we will discuss the proposed modifications from the City Council and Finance Advisory Committee from the budget workshop on May 11. These items have been listed in the budget memo on first reading. Each of these items will be considered individually and voted upon. At this joint Committee of the Whole meeting with the Finance Advisory Committee, we would like to discuss policy regarding the fund balance in the Workers Compensation Fund and considering additional transfers from the General Fund to offset operational deficits in the Airport Fund in future years.
These items were discussed at the budget workshop on May 11 and discussed in more detail on May 20, 2013 with a subcommittee which included Alderman Bob Snow, Alderman Dave Jacobson, Finance Committee member Tom Teresinski, City Manager Mark Biernacki, Assistant City Manager Rudy Espiritu and Finance Director Laura Pisarcik.
The subcommittee is recommending keeping the fund balance in the Workers Compensation Fund to the claim reserve amount plus one year of premium costs ($500,000 – $600,000). This would equate to a fund balance in the Workers Compensation Fund of approximately $815,000. The subcommittee is also recommending budgeting annual transfers of $225,000 from the General Fund to offset operational deficits in the Airport Fund.
Read more from the City of DeKalb City Council Meeting Agendas for Tuesday, May 28, 7pm