RIVERWALK COMMISSION AGENDA ITEM
ACTION REQUESTED:
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Receive the six-month Naperville Riverwalk financial report
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DEPARTMENT: Transportation, Engineering and Development
SUBMITTED BY: William J Novack, P.E., Director of Transportation, Engineering and Development/City Engineer
BOARD/COMMISSION REVIEW:
NA
BACKGROUND:
The City of Naperville has an annual budget. The City’s budget year is the same as the calendar year. The Riverwalk Commission’s budget includes some smaller operating expenses along with our much larger capital improvement expenses.
Financial reports are provided to the Riverwalk Commission after the six-month and end of year close, usually in September and March.
DISCUSSION:
Attached is the six-month financial report through June 30, 2024. The first page shows both the capital and the operating budgets while the second page shows the individual capital projects.
Overall, we have spent only 4.2% of our budget halfway through the fiscal year. This low amount is being driven by the fact that we have spent only 2.8% of our capital budget, which is over eighty percent of our budget. The reasons for the low capital spending amounts are the rejection of the bids for the Eagle Street Gateway and the construction delays on the fountain repairs. The capital spending will rise a little during the second half of the year, but not significantly due to the much higher cost of the Eagle Street Gateway project.