HomeMy WebLinkAbout2. Overview
Mount Prospect
INTEROFFICE MEMORANDUM
Village of Mount Prospect
Mount Prospect, Illinois
TO: MICHAEL E. JANONIS, VILLAGE MANAGER
FROM: DIRECTOR OF FINANCE
DATE: APRIL 24, 2009
SUBJECT: MATERIALS FOR APRIL 28, 2009 FINANCIAL PLANNING
WORKSHOP
The attached binder includes materials that will be discussed at the financial
planning workshop scheduled for April 28, 2009. The goal of the workshop is to
provide for the Village Board and Finance Commission an update of the Village's
current fiscal condition and material for preliminary planning of the 2010 budget.
Included in the binder is the website proposal for updating the Village's website, an
end-of-year review for 2008, a 1 st quarter review of 2009 and a revised forecast for
2010, all for the General Fund. In addition there are preliminary summary tables for
the 2010-2014 Capital Improvement Plan. The figures for the CIP are placeholders
containing raw data. Meetings with the departments to discuss funding and priorities
are not scheduled until mid May. Five-year financial forecasts are included for the
major operating and capital funds to show the long-term funding needs for each fund
based on expected revenue and expense growth and the impact resulting from the
proposed capital projects.
Also included in the binder is a proposed Debt Service Policy that has been
prepared to set parameters for issuing and managing debt. The establishment of a
formal debt policy to supplement our existing fund balance policy was one of the
ways we could further solidify our financial controls according to Standard & Poor's,
our current bond rating agency. A formal debt service policy is also a recommended
practice from the Government Finance Officers Association.
At a Village Board Meeting earlier in 2009 the Village Board had requested
information on the management of the Motor Fuel Tax Fund. Include in the binder
are the slides of a PowerPoint presentation that provide information on the sources,
distribution and uses of state motor fuel tax funds.
Materials for April 28, 2009 Financial Planning Workshop
April 24, 2009
Page 2
The final two items in the binder are updates for the Village's pension funds for
police, fire and general employees and a marketing plan update. Staff will be on
hand to make a presentation and facilitate discussion on all the attached materials.
Please contact me if you have any questions. Thanks.
1
/?. ,,~././
. I....~Y'~~.
DAVID O. ERB
DIRECTOR OF FINANCE
DOE/
1:\Budget 2009\Quarterly & Mid-Year Review\Binder Cover Memo - 2009.doc
WEBSITE PROPOSAL
2008 YEAR- END RESULTS
2009 FIRST QUARTER REVIEW
2010 REVISED FORECAST BUDGET
PRELIMINARY CAPITAL
IMPROVEMENT PLAN AND FIVE
YEAR FORECAST-
DEBT SERVICE POLICY
MFT FUND UPDATE
PENSION STATUS UPDATE
MARKETING PLAN UPDATE
NOTES