Amy Hendricks, Finance Director, reported at the Vermilion City Council Meeting on Monday, February 3, 2020 that the initial draft of the 2020 Budget and Certificate of Estimated Resources was provided on January 28 was up for First Reading.
“Key point to note is that the General Fund is presenting a balanced budget at this point that will continue to contribute to our long-term stability,” stated Hendricks. “All funds are budgeted within the Certificate of Estimated Revenue for the year.”
“Medical insurance costs show an increase across the board as self-funded reserves were used to pay the majority of the 2019 premiums due the reduction in rates,” said Hendricks. “The rate increase for 2020 is 9%. New three year collective bargaining agreements took effect for all police department personnel. The terms from these agreements, based on historical trends, has been used to project all personnel costs for 2020 in order to provide an initial budget that is a realistic as possible.”
“The pool operating expenses and revenue have been included in this budget as presented,” continued Hendricks. “Once the final determination is made, half of those costs will be allocated to come from the Parks Operating Levy.”
“The Port Authority budget, like last year, has been reduced to fit within revenue estimates based on continuation of last year's high-water conditions,” said Hendricks. “Adjustments (+/-) will be made as the season progresses. After meeting review with the Mayor and Service Director, a list of capital projects has been prioritized. The initial estimated costs were used to determine what work would be able to be funded but will not be included in the budget until approved by Council and bids obtained.”